One of Norway's most storied shipping and oil family firms, Smedvig, saw profits leap last year on the back of its property and financial investments.
Stavanger-based Smedvig generated pre-tax profit of NOK 656m ($65.6m) in 2019 up from NOK 98m in 2018.
Today, Smedvig is a leading property developer in Norway alongside fund investments and its London-based private equity arm.
Smedvig sold out of shipping 1995 and sold its offshore business to John Fredriksen in 2006 to reinvest its capital in other markets.
Maritime investments
Its private equity arm Smedvig Capital holds a stake in Xeneta, the freight rate data analysis company, while the group's early stage investment division has a stake in Navtor, a Norwegian digital navigation provider.
Operating revenue was NOK 1.65bn in 2019 up from NOK 706m in a year earlier.
Smedvig is now led by London-based Anna Margaret Smedvig as executive chairman.
The 36-year-old took over leadership of the company from her father Peter T Smedvig five years ago. She is now regarded as one of Norway's richest women with control of 78% of the company's shares.
Peter T Smedvig continues to head Smedvig’s advisory panel. He is also based in London.
High value
Smedvig had book equity of NOK 4.57bn at the end of 2019, but its value adjusted equity is significantly higher. Anna Margaret Smedvig did not comment on the results.
The family-owned company was set up in 1915 and was active in deep sea shipping until 1995 when it sold a majority stake in Oslo-listed Smedvig Tankships to the Hoegh company Bona Shipholding along with its fleet of 11 tankers, mostly aframaxes.
Anna Margaret’s grandfather, Thorolf played an instrumental role in making Stavanger the oil capital of Norway. Some 26 years after his death in 2003 the city built a fountain in his honour.
Smedvig remained active in offshore until 2006, when it was acquired by Fredriksen who renamed and developed the company as Seadrill.
