Christen Sveaas buys into Solstad

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.

Source

It's on us. Share your news here.
Submit Your News Today

Join Our
Newsletter
Click to Subscribe