Fredriksen Seeking Greater Tanker Market Share with New Frontline

Photo: Frontline Ltd.

  BY Jonas Cho Walsgard and Alaric Nightingale (Bloomberg) -- John Fredriksen, the billionaire who made his fortune investing in crude tankers, is reuniting two businesses he split three years ago to help gain a greater share of the oil-shipping market. Frontline Ltd. will pay about $1.5 billion for Frontline 2012 Ltd., which was split off to control the company’s … [Read more...]

BP Pays Record $18.7 Billion to Settle Gulf Oil Spill Claims

Deepwater Horizon in flames in the Gulf of Mexico, April 21, 2010. U.S. Coast Guard Photo

  By Margaret Cronin Fisk, Laurel Calkins and Del Quentin Wilber (Bloomberg) -- BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as 18 years, according to the preliminary agreement. A record $5.5 billion will cover federal … [Read more...]

Tanker Giant Reborn – Billionaire Fredriksen Merges Tanker Companies Three Years After Split

frontline vlcc tanker

  By Jonas Cho Walsgard (Bloomberg) -- Billionaire John Fredriksen is merging the two oil tanker companies he split up more than three years to create a market leader. Frontline Ltd. will buy Frontline 2012 Ltd. by issuing 584 million shares worth almost 12 billion kroner ($1.5 billion). Shareholders in Frontline 2012 will receive 2.55 Frontline shares for each … [Read more...]

Norway Cuts Det Norske Stake in Giant Johan Sverdrup Oil Field

johan sverdrup field

By Saleha Mohsin and Mikael Holter (Bloomberg) -- Det Norske Oljeselskap ASA, which complained its share of the giant Johan Sverdrup oil field was insufficient, got an even smaller stake after Norway’s government was called in to resolve the dispute. Det Norske fell the most in more than four months in Oslo trading after the government redistributed the stakes on … [Read more...]

Fredriksen Sets Up $2 Billion LNG Powerhouse – EXMAR LNG

EXMAR's Caribbean FLNG, the world's first floating LNG liquefaction and storage (FLNG) facility. Photo: EXMAR

By Mikael Holter (Bloomberg) -- Billionaire John Fredriksen and Exmar NV are transferring liquefied natural gas assets to Flex LNG Ltd. to create a company operating 13 vessels with an enterprise value of $2.3 billion. Antwerp-based Exmar will transfer its assets to Fredriksen- controlled Flex LNG in return for 323.7 million new shares in the company, giving it a 64.6 … [Read more...]

World’s Biggest Shipbuilder Sees Mega Ships Leading Global Demand

MSC Oscar

  By Kyunghee Park (Bloomberg) -- Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping companies seek ways to cut costs. The company and its Hyundai Samho Heavy Industries Co. unit could win orders for as many as 11 vessels in July, said Ka Sam Hyun, a senior executive vice president in charge of … [Read more...]