Fredriksen Eyes Flex LNG Takeover

Photo credit: Flex LNG
Photo credit: Flex LNG

Billionaire shipping tycoon John Fredriksen is looking to take control of Oslo-listed Flex LNG following the purchase of 12.7 million shares through his firm Geveran Trading Co. Ltd., bringing his stake in the firm to 43.3 percent, Geveran said on Friday.

“Geveran will make a mandatory offer for the remaining shares in Flex LNG within four weeks,” Geveran said in a statement.

Flex LNG has on order two 174,000 m3 liquefied natural gas carriers at Samsung Heavy Industries due for delivery in Q1 2017. The company has also successfully completed two FEED (Front End Engineering and Design) studies for floating liquefaction units (LNG Producers).