Hemen Holding takes majority control of Northern Ocean in NOK 491M share purchase
What's the deal? Hemen Holding Limited, the investment vehicle associated with shipping magnate John Fredriksen, has agreed to acquire 65,501,756 shares in Northern OceanDealroom has a profile for this one. Try Dealroom → at NOK 7.50 per share, a purchase worth roughly NOK 491 million.
Why it matters. After the acquisition Hemen will hold about 55.9% of Northern Ocean's shares and votes on a standalone basis, and around 70.9% consolidated with its close associate Grosvenor Holding Limited. Crossing the 50% threshold triggers a mandatory bid for the remaining shares under Chapter 6 of the Norwegian Securities Trading Act, which Hemen plans to launch within four weeks.
What it means. Northern Ocean is a Bermuda-based offshore drilling contractor operating the Deepsea Mira semi-submersible rig for oil and gas exploration in harsh environments. The move consolidates Fredriksen-linked control over the company as it manages its rig contracts and balance sheet.
Read more: MarketScreener
