Some of the biggest names in Norwegian industry are battling it out for bargains in the nation’s distressed offshore sector. Adding to the mix is shipowner Wilh Wilhelmsen which has just launched a vehicle with Norwegian private equity group Ferd Corporation to look at offshore investments, according to local newspaper Finansavisen.
Wilhelmsen has been keen to diversify its earnings base away from its core shipping and logistics base.
With assets – especially supply related – down by more than 40% in recent months there is a vast amount of cheap, distressed tonnage on offer from Norway.
Among Ferd’s boardmembers is Endre Ording Sund who previously served as group managing director of Wilhelmsen Group.
Norwegian tycoons Kristian Siem, Kjell Inge Rokke and John Fredriksen have all been making moves in the distressed Norwegian offshore markers this year.