The BW Group's 14.68 million share DHT Holdings sell off was a move to "balance its portfolio," Andreas Sohmen-Pao said Thursday.
New York-listed DHT announced after the bell Thursday that the deal had closed and that BW-appointed director Anders Onarheim will depart pursuant to the investor rights agreement between the two companies.
It netted Singapore-based BW $101.3m.
"BW Group merged its VLCC fleet with DHT in 2017 with a view to supporting consolidation and building a stronger VLCC platform," Sohmen-Pao said in a statment.
"Having since made significant additional investments across the tanker, gas, and upstream sectors, BW Group divested some of its shares of DHT common stock in order to balance its portfolio. We also believe this will improve free float and liquidity for other shareholders in DHT.
"DHT is a well-managed company with a clear strategy and strong capital discipline at a time of positive fundamentals in the shipping cycle. We believe the company is well positioned and we will still be a large and supportive shareholder following this transaction."
After the sale, BW remains DHT's lead shareholder, with 34.1 million shares or 23.3% of the company.
The move comes alongside other BW trades, with the company opening a 560,000-share position in Flex LNG and a sale of 1 million shares of Dorian LPG.
DHT shares closed up $0.15, or 2%, to $7.45.
BW sold the shares at $6.90 each.
