Norwegian shipowner Arne Blystad has strengthened ties with compatriot Kristian Siem through an increased investment in Siem Offshore.

A filing reveals Blystad’s Songa Capital has struck a deal to buy 10.9m shares in the offshore vessel owner on 13 May.

The investment company’s stake will increase from 1.47% to 6% as a result.

The stake will be worth NOK 174m ($18m) after Oslo-listed Siem Offshore’s stock jumped 21% to NOK 12.18 on Wednesday.

The move follows a tie-up last year between Blystad’s wind farm vessel and heavy lift operation OHT with the renewables arm of Kristian Siem’s Subsea 7 oil and gas contracting and shipowning company.

This resulted in the formation of Seaway 7, which retained OHT’s listing.

Kristian Siem’s Siem Sustainable Energy (SSE) remains the biggest shareholder in Siem Offshore on 33.6%, with another Norwegian shipping investor, Christen Sveaas, on 33.32% through his Kistefos company.

Sveaas bought his stake in March from Stoperigata Holding, a wholly-owned subsidiary of Norway’s Guarantee Institute for Export Credit (GIEK).

This deal came days after Kristian Siem launched an offer to buy out all other investors in Siem Offshore as he positions the shipowner more towards renewables.

Siem Offshore said in a filing that Siem Renewables would carry out the bid.

This is a shell company owned by Siem Industries that will change its name to SSE if it succeeds in bringing in Siem Offshore as a subsidiary.

Delisting planned

The intention is to list SSE on the Oslo Stock Exchange and delist Siem Offshore.

No updates on this deal have been provided since.

Both Siem Offshore and Songa Capital have been contacted for comment.

Arne Blystad also has a stake of 4% in MPC Container Ships.

Last September, Songa Capital reportedly reduced its holding after acquiring a 6.5% stake in June 2021 when his Songa Container sold its 11 boxships to MPCC for $210.5m in cash and stock.

In addition, Blystad has his own container ship fleet through Songa Box, plus two newbuildings on order.

And the Arne Blystad AS holding company also owns a fleet of crude and product tankers, plus two tugs.