Hemen Holding takes majority control of Northern Ocean in US$59.4M 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 US$0.91 per share, a purchase worth roughly US$59.4M.
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.
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