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John Fredriksen News

19 Mar 2024

Euronav to Exit Belgium's Blue-chip Index Two Days After Joining

© Björn Wylezich / Adobe Stock

Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index."The Bel 20 rulebook prescribes that should the acquiring party own more than 85% of the shares, the company being acquired will exit the index," Euronext said.Belgium's Euronav announced in October that

09 Oct 2023

Euronav Says Shareholders CMB and Frontline Reach Deal on Acquisition

Credit: Euronav

Belgium's Euronav on Monday said that its two major shareholders CMB and Frontline have reached a deal that would see CMB take control of the oil tanker company and buy its remaining shares.The deal ends uncertainty over Euronav's future, after peer Frontline - controlled by Norwegian-born shipping tycoon John Fredriksen - in January scrapped a $4.2 billion merger plan that would have created the world's largest publicly-listed tanker company.That decision had led Euronav to launch arbitration action against Frontline.

05 Oct 2023

Euronav Says CMB Offers to Buy 26% Stake, Shares Surge

Credit: Euronav

Euronav second shareholder Compagnie Maritime Belge (CMB) is offering to acquire Frontline's 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, the Belgian oil tanker and storage operator said on Thursday.Shares of Euronav, which were suspended earlier in the day after spiking on media reports about the company going private, jumped around 18% as trading reopened at 1330 GMT.The completion of the deal would end the arbitration action started by Euronav against its peer Frontline…

23 Oct 2023

Arbitration Tribunal Delivers Verdict: Hanwha Triumphs in Deepwater Drillship Dispute

Credit: Northern Drilling

An arbitration tribunal has delivered a verdict in a drillship order cancellation case involving offshore drilling contractor Northern Drilling and Daweoo Shipbuilding Marine and Engineering (now known as Hanwha Ocean), ruling in favor of Hanwha.Billionaire John Fredriksen-owned offshore drilling company Northern Drilling canceled the West Aquila and West Libra drillship orders with South Korea's Daewoo Shipbuilding & Marine Engineering in 2021, citing delay of deliveries as well as a repudiatory breach of contract, and said it would seek a refund for installments paid.

25 Dec 2023

Frontline's Fredriksen Appointed to Euronav Supervisory Board

Euronav's FSO Asia serving the Al Shaheen offshore oil field in Qatar - Credit: Euronav

Belgian oil tanker and storage operator Euronav said on Thursday its shareholders had elected John Fredriksen from Frontline, a major investor that pulled out of a merger deal with Euronav this year, to its supervisory board. Euronav said shareholders had also approved the nomination to the supervisory board of Marc Saverys from CMB, the Belgian group's largest shareholder, which opposed the Frontline merger that would have created the world's largest publicly listed tanker company.The…

07 Apr 2022

Oil Tanker Players Euronav, Frontline Plan $4.2B All-stock Merger

©Euronav (File photo)

Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday.The merged company will use the Frontline name and will…

20 Jan 2022

Eagle Bulk CEO Gary Vogel Named CMA Commodore

Gary Vogel, Chief Executive Officer of Eagle Bulk Shipping Inc. (Photo: Eagle Bulk Shipping)

Gary Vogel, chief executive officer of Eagle Bulk Shipping Inc., has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2022.The 2022 Commodore Award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 31, at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and expo, in Stamford, Conn..Vogel has served as CEO and director of Eagle Bulk Shipping Inc. (NASDAQ: EGLE) since September, 2015.

08 Nov 2021

Offshore Wind Vessel Firm Edda Wind Plans Oslo IPO

Credit: Edda Wind

Offshore wind vessel company Edda Wind, owned by Wilhelmsen and Østensjø, on Monday announced plan to launch an offering of shares in the company and to apply for a listing on the Oslo Stock Exchange (the “IPO”).Based in Haugesund, Norway, Edda Wind develops, builds, owns, and operates purpose-built Service Operation Vessels (“SOV”) and Commissioning Service Operation Vessels (“CSOV”) for offshore wind farms.The company owns and operates two purpose-built offshore wind SOVs and…

20 Aug 2021

Transocean and Dolphin Drilling Make New Bid for Seadrill

(Photo: Seadrill)

Offshore drilling rig contractors Transocean Ltd and Dolphin Drilling have made a new offer to buy the assets of stricken rival Seadrill Ltd, Dolphin's chief executive said on Friday.Oslo-listed Seadrill, founded by Norwegian-born tycoon John Fredriksen, is seeking to emerge from U.S. Chapter 11 bankruptcy proceedings under an alternative financial plan filed in court last month."I can confirm that Dolphin and Transocean submitted an updated bid yesterday," Dolphin Chief Executive Bjoernar Iversen told Reuters.Seadrill's Oslo-listed shares traded 5.5% up by 1425 GMT…

18 Aug 2021

Northern Drilling Cancels Drillship Order with DSME. Seeks $90M+ Refund

Billionaire John Fredriksen-owned offshore drilling company Northern Drilling said Tuesday it had canceled a drillship resale contract with the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).In May 2018, Northern Drilling signed agreements with DSME to buy two newbuilding 7th generation DP3 and ultra-deepwater capable drillships DSME known as the West Aquila and the West Libra, for $296 million each with $90 million paid at contract signing and the remainder at delivery. However, Northern Ocean said  Tuesday it had canceled the contract for the West Aquila drillship due to delay of delivery as well as a repudiatory breach of contract.Northern Drilling…

21 Jul 2021

Buyers Reportedly Line-up for a Crack at Seadrill

© Elnur/AdobeStock

Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, people familiar with the matter said on Tuesday.Seadrill is trying to emerge from its second U.S. Chapter 11 bankruptcy in four years: like many in the industry, it expanded its drilling rigs too aggressively in the mid-2010s to withstand a subsequent plunge in energy prices and rig hire rates.

05 Apr 2021

Seadrill Asks Creditors to Write Off More Than 85% of its Debts

A Seadrill drillship - Image Credit: Seadrill

Offshore drilling rig contractor Seadrill has asked creditors to write off more than 85% of its debts in exchange for a 99% stake in the reorganized company, a court filing showed.The Oslo-listed firm controlled by Norwegian-born billionaire John Fredriksen in February filed for Chapter 11 bankruptcy protection in the United States, the second time it has done so in four years.Seadrill has in the past year written off billions of dollars worth of assets due to a bleak outlook for the oil sector…

18 Feb 2021

Golden Ocean to Acquire 18 Modern Dry Bulk Vessels

For illustration only - Credit: mrnai/AdobeStock

Dry bulk shipping company Golden Ocean Group has entered into a Heads of Agreement to acquire 18 modern scrubbers fitted dry bulk vessels from affiliates of John Fredriksen's Hemen Holding, which is Golden Ocean's largest shareholder, for $752 million.Of the 18 vessels, ten are Newcastlemaxes built 2019-21, and eight are Kamsarmaxes built 2020-21 "The transaction will add significant scale to Golden Ocean’s operating fleet, contribute to reducing cash breakeven levels and is in line with the company's fleet renewal strategy…

11 Feb 2021

Seadrill Seeks Bankruptcy Protection—Again

(Photo: Seadrill)

Offshore drilling rig contractor Seadrill has filed for bankruptcy protection at a court in the U.S. state of Texas, it said on Wednesday, the second time in four years the company has entered into so-called Chapter 11 restructuring.The Oslo-listed group controlled by Norwegian-born billionaire John Fredriksen returned to court along with several subsidiaries after failing to win consent from bank lenders to postpone payments on $5.7 billion of debts.Its total debts and liabilities…

07 Oct 2020

Frontline CEO Macleod Steps Down

Oil tanker company Frontline said Wednesday its CEO Robert Hvide Macleod had decided step down from his position. The oil and gas shipping firm said its board had appointed Lars H. Barstad, Frontline's commercial director, to take the role as interim chief executive officer of Frontline Management AS."With his solid background within the industry and his profound understanding of the company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role," Frontline said.The outgoing CEO Macleod will be available for Frontline until April 30, 2021.Billionaire shipping magnate and Frontline chairman John Fredriksen said, "I would like to thank Robert for his contribution to Frontline.

03 Sep 2020

Seatankers Hires Investment Chief, Invites Outside Capital

Seatankers, the powerful holding company of Norwegian-born billionaire John Fredriksen, said on Thursday it had hired a veteran fund manager to broaden the group’s portfolio and bring in outside capital in a new unit.Vegard Soeraunet, until recently an investment director at Norway’s ODIN Fund Management, will be in charge of “long-term and active ownership” outside of Seatankers’s shipping and offshore oil services industries, the company said.“Getting the opportunity to take this to the next level with a new structure under Seatankers, is a great opportunity,” Soeraunet said in a statement.It was the second key appointment at Seatankers in recent days following the August 28 naming of a hedge fund manager as its new chief executive.While Fredriksen initially built his fortune from shippi

28 Aug 2020

Seatankers Names Svelland as New CEO

A Seatankers Ship - Credit: M.L. Jacobs

Norwegian-born billionaire John Fredriksen appointed a hedge fund manager on Friday as next head of his family's key holding company, which controls assets ranging from oil tankers and rigs to real estate, fish farming, and finance.Fredriksen, 76, said Tor Andre Svelland, 53, will become chief executive of Seatankers Group, top shareholder of world number one salmon producer Mowi, tanker firm Frontline and offshore driller Seadrill.Seatankers also controls dry bulk shipper Golden Ocean and real estate firm Norwegian Property…

01 Apr 2020

Solstad Offshore, Creditors Agree on Draft Restructuring Plan

(Photo: Solstad Offshore)

Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding agreement by the end of April, the Oslo-listed firm added in a statement."We are entering a period…

18 Feb 2020

Golden Ocean Warns on Profit, Supply Chains Due to Coronavirus

© masterskuz55 / Adobe Stock

Shipping group Golden Ocean warned on Tuesday its profit would be hit by a slowdown in demand due to the coronavirus outbreak in China, sending its shares down more than 3% in early trade.The world's second-biggest economy has seen business activity curtailed in recent weeks as it battles to combat the spread of the virus, pushing down shipping rates for commodities such as coal and iron ore used in Chinese factories."The market is currently presenting a challenging scenario that will impact our results in the near term…

25 Nov 2019

Gunvor to Charter Flex LNG Newbuild

Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG, is under construction at Korean yard Daewoo Shipbuilding & Marine Engineering."We look forward to taking delivery of one of the most technologically advanced LNG vessels in the world to serve our long term portfolio…

30 Aug 2019

Fredriksen Seeks Investors for Empire

Industrialist John Fredriksen is seeking investors to take larger stakes in his companies and could relinquish control of operations as part of a plan to reduce his workload, the Norwegian-born 75-year-old told two newspapers on Friday.It was the clearest sign to date of a succession plan for Fredriksen, whose net worth has been estimated at more than $12 billion.His self-made business empire includes oil-tanker firm Frontline, dry bulk shipper Golden Ocean and rig owner Seadrill, as well as fish farmer Mowi and other companies."There are several ways this could be done," he told business daily Finansavisen, while adding he did not plan to leave day-to-day operations to his twin daughters."They should not have to live with the work load I've had," he added.Instead, Fredriksen could seek to

23 Aug 2019

Frontline buys 10 Tankers from Trafigura

Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Frontline Chief Executive Robert Hvide Macleod said in a statement.Trafigura will take an 8.5% stake in Frontline, valued at $128 million, and will receive a cash payment of between $538 million and $547 million.The vessels were all built in 2019 and have been fitted with exhaust gas clea

13 Aug 2019

Trafigura in Fuel JV with Frontline, Golden Ocean

File Image: AdobeStock / © Riccardo Arata

Trafigura Group is joining forces with shipping firms Frontline and Golden Ocean to set up a company to supply shipping fuels ahead of a shake up in regulations next year which could disrupt fuel delivery and cause prices to spike.The three companies said on Tuesday that subject to agreement on final terms, the joint venture is expected to start operating in the third quarter.From Jan. 1, International Maritime Organization (IMO) rules will bar many ships from using marine fuel, also called bunker fuel, containing more than 0.5% sulphur in order to help reduce air pollution.