John Fredriksen is getting a seat on International Seaways’ board.
The New York tanker giant announced two nominations to its board of directors on Wednesday, one of which — Kristian Johansen — was the result of negotiations with Fredriksen’s Seatankers Group.
“Kristian will bring extensive board and executive level experience from the global energy markets that are critical to [International Seaways],” board chairman Douglas Wheat said in a statement.
“Kristian’s nomination reflects collaborative discussions with representatives of Seatankers and our ongoing commitment to refreshing our board with additional skills and expertise that complement those of our existing directors.”
Currently the chief executive of Oslo-listed energy data provider TGS, Johansen had been previously tapped by Fredriksen to sit on the board at Valaris after his Famatown Finance took a 5% stake in the US offshore drilling contractor in 2021.
According to US Security and Exchange Commission filings, Seatankers affiliate Famatown Finance still owns 7.2% of Valaris and Johansen remains a non-executive member of the board.
“I am excited to have the opportunity to join the board and its highly qualified directors,” Johansen said in a statement.
“I look forward to working alongside my colleagues on the board and the management team to position the company for continued success.”
There has been occasional speculation as to what Fredriksen might do with his stake in International Seaways, which amounts to just over 16% of the company.
The Norwegian tycoon opened the account shortly after he announced a $4.2bn merger deal with Euronav, which failed but resulted in his Frontline snagging two dozen VLCCs from its Brussels-listed rival.
In regard to International Seaways, Fredriksen said it paid executives too much and chose to abstain from voting from board members last year.
He also opposed a poison pill provision the company ultimately adopted that would trigger a dilution of shares should his position exceed 17.5%.
The second nomination is Darron Anderson, the current chief executive at Stallion Oilfield Holdings after having held the same position at Ranger Energy Services.
Both are oilfield services companies.
He began his career as a drilling engineer for Chevron.
Both Johansen and Anderson will be voted on at International Seaways’ annual general meeting, which the company said it expects to hold in June.
