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NOK96.95 -6.1  -5.9%

Last Trade - 12/05/21

Sector
Energy
Size
Mid Cap
Market Cap £450.4m
Enterprise Value £1.36bn
Revenue £117.0m
Position in Universe 505th / 1830

Billionaire Fredriksen seeks investors for shipping-to-fish empire - media reports

Fri 30th August, 2019 7:03am
OSLO, Aug 30 (Reuters) - 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  FRO.OL , dry bulk shipper Golden Ocean  GOGL.O 
 GOGLT.OL  and rig owner Seadrill  SDRL.OL  SDRL.N , as well as
fish farmer Mowi  MOWI.OL  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 build even larger firms
via mergers, and thus allow other industrial players to become
the top owners of individual companies in his portfolio, he told
TradeWinds, a shipping industry newspaper.
    Another way to transfer power would be to bring outside
investors with sufficient resources and skill into the companies
as they are today, he added.
    Frontline, one of the companies in the group, recently
bought a fleet of oil tankers from Trafigura, making the
Geneva-based trading house the second-largest owner of that firm
with a stake of 8.5%, while Fredriksen holds 42%.  urn:newsml:reuters.com:*:nL5N25J1OM
    Frontline is also seeking further vessel acquisitions, he
added.
    The group was not immediately available for comment when
contacted by Reuters.

 (Reporting by Terje Solsvik; Editing by Stephen Coates)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))
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