Posted on May 18, 2022
Norwegian investor Christen Sveaas has expanded his offshore portfolio by having purchased a stake in yet another Norwegian offshore vessel owner and operator.
Following a move on the offshore shipping company Siem Offshore earlier this year, Sveaas’s Kistefos Group has bought 4m shares in the Oslo-listed Solstad Offshore, corresponding to a stake of 5.17%.
Solstad Offshore’s largest shareholder is Kjell Inge Røkkes Aker Capital, with an ownership interest of 24.84%. Sveaas is Siem Offshore’s second-largest shareholder with just over 33% and also controls Stockholm-listed Viking Supply Ships, with a fleet of six vessels.
Both Solstad Offshore and Siem Offshore have undergone financial restructuring in recent years. Solstad’s share price skyrocketed over 100% in the last 30 days. The company recently secured a financing deal with the Aker-dominated owner of Jones Act compliant tankers, American Shipping Company (AMSC), for the 2016-built offshore subsea construction vessel, Normand Maximus, whose charter was terminated in 2020.