CMB.TECH to Absorb Golden Ocean in All-Stock Deal

Golden Ocean Group Limited (NASDAQ: GOGL) and CMB.TECH NV (NYSE: CMBT) announced today a merger agreement that will create one of the largest diversified listed maritime groups globally.

The stock-for-stock merger, announced from Hamilton, Bermuda on April 22, 2025, will see CMB.TECH emerge as the surviving entity. Under the terms of the agreement, shareholders will receive 0.95 shares of CMB.TECH for each Golden Ocean share.

The merger has received unanimous approval from Golden Ocean’s Board of Directors and CMB.TECH’s Supervisory Board. DNB Markets has provided a fairness opinion confirming the deal’s financial terms are fair to Golden Ocean’s shareholders.

Upon completion, the combined entity will operate more than 250 vessels across five shipping divisions, with a fleet valued at over $11 billion. CMB.TECH shareholders will own approximately 70% of the combined company, while Golden Ocean shareholders will hold the remaining 30%.

“The proposed merger with CMB.TECH gives Golden Ocean a great opportunity to be part of a large diversified maritime group,” said Peder Simonsen, CEO of Golden Ocean. “Our fleet and CMB.TECH’s dry bulk vessels are very complementary and would create one of the largest and most modern dry bulk fleets in the world.”

The merger follows CMB.TECH’s March 2025 acquisition of a 40.8% stake in Golden Ocean from John Fredriksen’s Hemen Holding Limited. The deal represents a significant consolidation in the maritime sector, bringing together Golden Ocean’s fleet of 91 vessels with CMB.TECH’s diverse portfolio of over 150 seagoing vessels, including crude oil tankers, dry bulk vessels, containerships, chemical tankers, and offshore wind vessels.

Since transforming from Euronav in 2024, CMB.TECH has diversified its operations under CEO Alexander Saverys. This followed Euronav’s $1.15 billion acquisition of CMB.TECH in 2023, which added dry bulk, container ships, chemical tankers, and offshore wind vessels to its fleet. 

“Our focus on decarbonization is starting to generate meaningful long-term contracts, and the recent IMO decisions on limiting greenhouse gas emissions from shipping give us even more wind (and ammonia) in our sails,” commented Alexander Saverys.

Definitive agreements are anticipated to be completed in the second quarter of 2025, with the merger expected to close in the third quarter.

Following the merger’s completion, Golden Ocean will delist from NASDAQ and Euronext Oslo Børs, while CMB.TECH will maintain its listings on the New York Stock Exchange and Euronext Brussels, with plans to pursue a secondary listing on Euronext Oslo Børs.

The merger remains subject to various conditions, including due diligence, regulatory approvals, shareholder approval, and SEC registration requirements.

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