GAC Acquires Majority Stake in Norway’s Ole R Olsen AS

Monday, May 21, 2007
The GAC Group has acquired an 80 percent stake in Ole R Olsen AS (ORO) Norway’s oldest shipping agency. This follows a strong and positive half-year strategic alliance between GAC and ORO. GAC purchased the shares of ORO’s retiring President Frank H Toftesund. The remaining 20 per cent shares are held by ORO’s Managing Director, Ahmet Øzsoy, who will continue to head the new entity GAC-ORO.

The merger brings together GAC’s global connections with ORO’s 162 years of maritime experience in Norway and its support for that country’s oil installation in the North Sea. Established in Bergen, Norway in 1845, ORO’s headquarters are in Mongstad, home to the country’s biggest oil, gas and product terminal. Mr Toftesund said the merger had been driven by the recognition that the two companies shared a strong business philosophy bolstered by a common Scandinavian heritage. This, he believed, will remain deeply rooted in the new entity.

GAC Group President Lars Säfverström said he had been impressed with the professionalism, knowledge and competence of ORO’s staff in all its eight offices. Benefits will be evident in improved vessel turnaround time and cost savings for operators in Norway and beyond.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

Maritime Security

US Navy Christens Future USS Detroit

The U.S. Navy christened the future USS Detroit (LCS 7), the fourth Littoral Combat Ship of the Freedom variant, in a ceremony at Marinette Marine Shipyard in Marinette, Wisconsin, Oct.

AMSA Rescues 2 East of Darwin After Boat Sinks

The Australian Maritime Safety Authority (AMSA) coordinated the rescue of two men early this morning East of Darwin. About 4.30am AEDT this morning, AMSA detected

GOST Security System thwarts Break-in

GOST (Global Ocean Security Technologies), announced that its GOST Insight HD GPS Security System was instrumental in foiling the theft of electronics onboard a powerboat in Aventura, Florida.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1438 sec (7 req/sec)