Tor Olav Troim News

Golar LNG announced on Thursday it has appointed appointed Karl Fredrik Staubo as CEO, filling the void left by prior chief executive Iain Ross, who stepped down in April.Staubo has since May 2020 been the chief executive officer of Golar LNG Partners LP, recently sold to New Fortress Energy. Since September 2020 Staubo has also been acting as Golar's chief financial officer.Staubo's broad shipping/energy background includes time with Clarksons Platou Securities (2010-2018) and Magni Partners (2018-2020). He has a MA (Business Studies and Economics) from the University of Edinburgh.Golar has also appointed Eduardo Maranhao to take over Staubo's role as CFO.

Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he told a floating production conference in Oslo. After two-and-half years of oil-price collapse followed by layoffs in the thousands; stacked oil rigs and order freezes for offshore shipping, price insecurity itself is a partial expression of confidence. Beneath some palpable yet halting movements toward recovery in 2017…

Tanker operator Frontline, which announced on Wednesday it planned to list its shares on the New York Stock Exchange, said that there could be room in the tanker market this year for more acquisitions. "There aren't too many (acquisition targets) left," Frontline Financial Director Tor Olav Troim said. "Together with Worldwide and Teekay, I think we've pretty much cleaned up the market. Frontline, which is 40 percent owned by Norwegian shipping magnate John Fredriksen, owns a fleet of 29 Suezmax (million-barrel) tankers and 32 VLCCs. Troim said the focus would remain on the bigger tankers, rather than the small Aframax tankers, which are making impressive earnings this year. "I think we said from the start that we were only in the VLCC and Suezmax markets," he said.

The world's top shipping magnate John Fredriksen is close to solving a dispute with British utility BG Group and could soon see increased earnings for four of his ships, shipping sources said. "Their differences have been resolved and they've reached an agreement, but that still hasn't been finalized," said an LNG industry source. The dispute first became public last month when Norwegian Golar LNG, in which Fredriksen has a half share, said it might be considering legal action against the New York broker that fixed the four Golar ships into the barely profitable deal with BG. Both Golar and BG declined to comment on the rumor of a resolution, but other LNG industry sources said there had been a "re-organization of rates," and the deal could be completed within weeks.

Shipping magnate John Fredriksen is Norway's richest man, his tanker company Frontline is the world's biggest, and now his week-old gas transport venture Golar LNG has already dwarfed all competitors. Golar LNG raised $280 million in a private placement last week to fund the acquistion of six highly-prized Liquefied Natural Gas (LNG) tankers from another Fredriksen company Osprey Maritime. But the acquisitions are not yet over, said Tor Olav Troim, Fredriksen's right-hand-man both at Frontline and Golar. Troim said the money raised last week would also go towards a down-payment on two more LNG tankers to be built at both Daewoo and Hyundai in South Korea, and possibly more at other yards.

Norwegian shipping magnate John Fredriksen's Liquefied Natural Gas (LNG) transport company Golar LNG said on Friday it raised $280 million in a private placement and planned to list in Oslo and later this year in New York. The company, which will become the first pure LNG transport company to be listed, said it had issued 56 million shares at $5 each in the placement and that Fredriksen had taken a 50 percent stake in the firm. "We sold 140 (million dollars worth) externally and John took 140 (million dollars worth)," Golar LNG director Tor Olav Troim said. Oslo investment banks Fearnleys and Orkla managed the placement of the 28 million shares with private investors.

Norwegian shipping magnate John Fredriksen's Liquefied Natural Gas (LNG) transport company, Golar LNG, said it plans to expand beyond the shipping niche to handle the whole LNG logistics chain. "In order to optimize the value of its fleet, Golar will have to extend its presence in the LNG logistical chain," Golar's Tor Olav Troim reportedly said. A company spokesman said on Monday that this meant more than just buying into receiving terminals. "It's not something we can do by Christmas, but we've been looking at both the supply end and the receiving end, and we can do a lot in the way of supply chain management," he said. Tanker analysts said that LNG shipping requirements had traditionally been handled through long-term charters and Golar's approach was currently unheard of.