Andreas Ove Ugland, a Norwegian shipowner and Nordic American Tankers (NAT) vice chairman who was known for his non-traditional profile, has died at the age of 64.
Based in the Cayman Islands, he died unexpectedly after a short illness.
The former shipowner and investor died shortly before turning 65.
His cousin, Herman Bergshaven, who is also based in the Cayman Islands, said Ugland's death is incredibly sad.
"Just a week ago , we discussed how to celebrate his upcoming birthday," he told Norwegian newspaper Agderposten. "He then appeared to be on good form and happy. Now, he is gone."
Ugland's death comes less than a year after his father, Andreas KL Ugland, died at the age of 93.
In the mid 1990s, the elder Ugland transferred the assets of his Andreas Ugland group to his three sons. Knut Axel Ugland runs Knut Axel Ugland Holding and Johan Benad Ugland controls JB Ugland. They are both based in Grimstad, Norway.
Norwegian financial magazine Kapital has estimated that Andreas Ove Ugland was worth NOK 900m ($94.7m).
Born in Grimstad on 8 March 1955, he was not a very traditional shipowner. A graduate of Newcastle University in the UK, he was also a banker and a real estate investor.
For years, Ugland made headlines as a successful powerboat pilot, competing in World Offshore Championship. He raced in the UIM Class 1 and ProVee classes, winning both the Beaverbrook Challenge Trophy and Needles Trophy, according to Powerboat Racing World magazine.
Ugland joined the board of Herbjorn Hansson’s NAT from 1997, although he was not a major shareholder. At the time of his death, he was the company’s vice chairman.
"He was our friend for decades," said Hansson. "He was a highly respected international business man, living most of his life outside Norway. ... He will be deeply missed."
Previously, Ugland was also chairman of Ugland International Holding, which had been listed on the London Stock Exchange.
He was also at various points chairman of Swan Reefer, Queensgate Bank & Trust, his brother's Knut Axel Holding, Hoegh Ugland Autoliners, Buld Associates and Ugland Nordic Shipping, according to a Wall Street Journal executive profile.
In the Cayman Islands, he and his second wife, Natalie, were known as founders of the Cayman Motor Museum, an auto showroom that features his own car collection.
It includes several vehicles that were used in film and television, including a 1960s Batmobile.
Ugland and his first wife, Inger, had three children: Andreas Narten, Inger Alexandra and Nicolay. Nicolay, who lives in the Cayman Islands, is expected to be involved in his father's business going forward.
Ugland and Natalie also adopted a daughter, Natalie.
Eric Martin contributed to this story
