Storebrand News

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand for drilling rigs at a time when new rigs ordered during the boom years were entering the market, pushing rates down to, or below, operating costs. Borr said it was likely to scrap 21 older jack-up rigs…

Kvaerner, the international engineering and construction group said that the board election committee had reached a decision concerning nominations for a new board to be elected at the extraordinary general meeting in Oslo, Norway, later today. The nominations are as follows: Kjell Inge Rokke, Helge Lund, Anders Eckhoff, Tore Tonne, Reidar Lund, and Yngve Hagensen. The election committee consists of Ragnhild Wilborg (chairman), head of investments for ODIN Forvaltning, Allen Akerstedt, president of Storebrand Kapitalforvaltning, and Kjell Inge Rokke, chairman of Aker RGI. The current board of Kvaerner advised the election committee yesterday that its members were prepared to resign their positions following the announcement of a preliminary agreement between Kvaerner and Aker Maritime.

Sven Bang Ullring has been appointed to the Board of Keppel Corp., effective July 1, 2000. Ullring has extensive experience in the field of engineering, having been involved in building numerous international industrial projects. He is also chairman of the Supervisory Board of Storebrand, a Norwegian insurance company and Norsk Hydro, a global Norwegian company engaged in oil and energy, light metals and fertilizers. A member of the Supervisory Board of ABB, Norway, Ullring also serves on the Board of Directors of Schlumberger Inc. New York.

Norwegian billionaire Kjell Inge Roekke launched a bid last week for full control of industrial holding firm Aker RGI, valuing it at about $1.09 billion. Roekke, who is chairman of Aker RGI and already owns almost two-thirds of the firm after a raid last year, said he wanted to delist Aker RGI from the Oslo bourse if his new bid succeeds. He said he is offering approximately $14 per “A” voting share and $13 per “B” share for Aker, whose interests range from offshore supply company Aker Maritime to an indirect stake in English premier league soccer club Wimbledon. Roekke will buy shares from anyone willing to sell. Under Norwegian law, he can force all minority shareholders to sell to him if he achieves 90 percent control. The offer will run from Aug. 23 to Sept.

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…