The Rasmussen group of Kristiansand is selling its shares in Tor Olav Troim-led Borr Drilling having made a handsome profit on the investment.
The group bought a 3.2% stake in Borr last year and is now selling the shares for in excess of NOK 600m ($75m).
This means Rasmussen is logging a profit of more than NOK 75m on the investment.
The group felt it had a sufficient exposure to offshore shipping as it last year set up the seismic company Shearwater GeoServices, a geophysical venture with GC Rieber Shipping. Rasmussen has a 50% stake in the venture.
Shearwater is expanding and has struck a $600m deal to buy US giant Schlumberger’s seismic assets and operations, including its 12-ship fleet.
Troim, chairman of the drilling company, is buying 750,000 of Rasmussen’s Borr shares and will now control a 8.34% stake.
The Rasmussen group posted a record result for 2017, a year when it sold out of conventional shipping.
The Norwegian company logged a pre-tax profit of NOK 1.19bn against a NOK 648m profit in 2016.
The earnings meant that Rasmussen had a value adjusted equity of more than NOK 15bn.
In December last year, the Dag Rasmussen-led company sold its 11.5% stake in Danish bulker and tanker owner Norden for NOK 738m.
Rasmussen started as a pure shipping company in 1936 and sold its last vessel, the 150,000-dwt bulker Polystar (built 1994) for $45m.
In 2016 the group sold its 5,4% stake in US-listed tanker owner DHT Holdings.
Most of its profit now come from financial investments and real estate.
