OSM takes over Fredriksen’s shipmanagement business
Frontline and Golden Ocean, the current owners of SeaTeam, anticipate benefits from the sale
OSM expects to acquire the Singapore-based SeaTeam Management within the next 30 days. This adds 51 vessels to its fleet, a move that will strengthen OSM’s presence in Asia
OSM, the Norwegian shipmanager, has agreed to acquire SeaTeam Management, the shipmanagement unit owned by John Fredriksen-backed firms.
In a statement, OSM said the acquisition from tanker owner Frontline and bulker owner Golden Ocean is expected to be completed in the next 30 days, subject to “definitive documentation”.
At present, Singapore-headquartered SeaTeam manages 51 vessels and has 2,000 employees, while OSM manages about 600 ships and has 15,000 employees, making it one of the largest shipmanagement firms in the world.
“The acquisition of SeaTeam will further reinforce OSM’s position in Asia, where more than 100 vessels will be managed out of Singapore,” OSM chief executive Bjoern Sprotee said.
“OSM will thereby have two equal and highly competent management organisations in northern Europe and Singapore respectively, servicing its customers in these regions.”
No details on the terms of the acquisition were released.
OSM did not immediately respond to requests for comment.
Frontline chief executive Rober Hvide Macleod said the company has a trusting relationship with OSM and is comfortable handing over its vessels’ management to it.
“This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organisation without diminishing the earning capability of our tanker fleet,” he said.
Golden Ocean said the deal would allow it to consolidate its shipmanagement services and focus on its core business “of owning and managing modern large-sized dry bulk vessels,” according to chief executive Ulrik Anderson.