When John Fredriksens market risks the Holding and Kjell Inge Røkke Aker establishes Norway’s by far largest offshorerederi, climb against the world’s elite.
For Fredriksens Deep Sea Supply and mr Røkke’s Solstad Offshore, with the owners help ingest Farstad Shipping establishes the world’s third-largest shipping company after the american Tidewater Group and the French Bourbons.
Superb in Norway
They are no matter the best and largest Norwegian shipping company with over 4.000 employees, 154 ships and a total 2016-turnover of nok 6.2 billion. But they also have fierce 32 billion in debt.
John Fredriksens close collaborator Harald Thorstein looks a little unhappy when E24 mentions that it is a piece of up to be the world’s largest player in the industry.,
– We are the third largest operator measured in number of ships and if you look at the quality of the ships as we are the best company, ” says Sunderland to E24.
Farstad-the plan puts the jobs in the game: The mayor proposes to Røkke and Fredriksen
Park supply-families
But a consequence of the refinancing of the Farstad Shipping and these with the Deep Sea Supply and Solstad Offshore is that two families that historically have been central in the Norwegian supplybransjen being “degraded”.
MET the PRESS: John Fredriksens employee Harald Thorstein and ceo Øyvind Eriksen in Kjell Inge Røkke Aker presented the trepartsfusjonen Monday.
Farstad family, which has controlled Farstad Shipping in generations, the only sitting with around 1.5 per cent of the shares, even after having contributed with new equity.
And Solstad Offshore hovedeiere in the Solstad family becomes the only sitting 7.2 per cent, while Fredriksen will own between 15,8 and 17,9 per cent, while Aker is sitting with between 19,8 and 21.8 per cent.
– How do you see the now playing maktmessig tredjefiolin and was it it you then for you when you initiated cooperation with Aker in the early summer of last year?
– If we go back 18 months then we have in Solstad spoke touched on the need for a consolidation. It has been on the cards all the way that we could be a minor owner in a percentage, but we have been more concerned about the value behind each share. This is not deleted Solstad-the family’s way out of offshore-supply vessels, ” said Lars Peder Solstad on the E24s questions during a press conference Monday.
analysis supervisor about storfusjonen: – Good for all the rest of the industry
Violins and skills
Anders is chosen to be the president and ceo of the new company, which was probably the Aker ceo Øyvind Eriksen had in mind when he supplemented:
– Who plays the first violin often has correlation with skill instead of body weight.
– this Means that you and the Fredriksen-system does not contribute with more than just money?
– We hope to be able to be supportive and drifting shareholders. But our role is to be the shareholders, rather than to drive this company, ” says Eriksen to E24.
– The last few weeks
According to Eriksen, it is only in the last few weeks that the Fredriksen-system and Aker has started the cooperation on the restructuring of the supplybransjen.
” We have had a good dialogue with the Fredriksen group in many years. There has been a dialogue over time that was specified the last few weeks, when we realized that companies would be better served to work together than to proceed separately, ” says Eriksen.
They presented as the solution for the banks, pursuant to which it has been negotiated closely and intensively, especially the last couple of weeks.
– Has Fredriksen and mr. Røkke personally been involved?
– In all the larger transactions in Aker so it is a seamless collaboration between Kjell Inge and the administration, ” says Eriksen.
John has in the highest degree, been involved, laugh at Sunderland.
– the two personally negotiated?
– It is well so that they delegate the actual negotiations to the administrations, ” says Sunderland now almost laughing a little bit.
– the “All-in” for the first time
It is known that Aker both last fall and earlier has been in dialogue with Farstad Shipping. But last fall selected Farstad to go in exclusive negotiations with Siem Offshore the main shareholder Kristian Siem.
Sunderland says that the Fredriksen-system and Deep Sea Supply until now only has been and that they have not been involved in the processes that could be ended with mergers and acquisitions.
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– We have the last two years wanted to get to the consolidation. We have been, but this is the first situation where we’ve sat around the table and gone “all-in”, says Sunderland.
When Eriksen introduced during the press conference he said that the new company will be open for further mergers and acquisitions in the future.
today, it is very important for us to carry out the transactions that are presented, But we expect that it still will offer up new opportunities for further restructuring in an industry that is still fragmented, ” says Eriksen.
– The merged company is already a strong global player. For the company, the board and management it will be important to further develop the company outside of Norway, ” adds Eriksen.
cut costs
According to the børsmeldingen about the refinancing and the merger that was sent out Monday morning, it appears that the parties expect that the merger will trigger the cost and inntektssynergier of between 400 and 650 million annually.
But it is so far not provided any concrete plans for how these savings will be achieved.
At the press conference, however, was mentioned as a concrete example, that the companies have offices side by side in many places in the world.
But no numbers for a potential downsizing, they would not go out with Monday.
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