FILE PHOTO: Norwegian-born shipping tycoon John Fredriksen speaks in Oslo, Norway, June 1, 2017. REUTERS/Ints Kalnins/File Photo
OSLO, Sept 3 (Reuters) – Seatankers, the powerful holding company of Norwegian-born billionaire John Fredriksen, said on Thursday it had hired a veteran fund manager to broaden the group’s portfolio and bring in outside capital in a new unit.
Vegard Soeraunet, until recently an investment director at Norway’s ODIN Fund Management, will be in charge of “long-term and active ownership” outside of Seatankers’s shipping and offshore oil services industries, the company said.
“Getting the opportunity to take this to the next level with a new structure under Seatankers, is a great opportunity,” Soeraunet said in a statement.
It was the second key appointment at Seatankers in recent days following the Aug. 28 naming of a hedge fund manager as its new chief executive.
While Fredriksen initially built his fortune from shipping, controlling oil tanker group Frontline and dry bulk operator Golden Ocean, he has since expanded into fish farming, real estate and other businesses.
“Seatankers holds a lot of expertise and gets access to many interesting investment opportunities and even though we always have a lot of free capital available, there are many good opportunities we must let go,” said Kathrine Fredriksen, one of founder John Fredriksen’s two daughters.
“The idea is that we take advantage of this, in the new company, opening up for external capital,” she said.
Seatankers will continue to build its investment team and establish long-term structures until the end of 2020, the company added.
John Fredriksen, 76, last year told Norwegian media he could seek outside investors to take larger stakes in some of his companies and could even relinquish control of some operations.
In addition to Frontline and Golden Ocean, Seatankers is the top shareholder of fish farmer Mowi, real estate group Norwegian Property and oil rig operator Seadrill , among others. (Reporting by Terje Solsvik; Editing by Christopher Cushing)
(c) Copyright Thomson Reuters 2020.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,223 members that receive our newsletter.
Have a news tip? Let us know.
by Captain John Konrad (gCaptain) On a crisp morning that should have promised smooth sailing, Captain Mike Vinik found himself staring at a maze of steel and concrete where open water used...
by Sachin Ravikumar (Reuters) Immigration tops the list of issues that Britons consider most important for the first time since 2016 – when Britain voted to leave the European Union...
New York Maritime College’s new training ship, Empire State VII, is canceling its planned European port visits during its maiden summer cruise and returning to the western Atlantic. The decision...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 109,223 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
