DNB’s global head of ocean industries, Kristin Holth, is to leave the Norwegian bank after more than 30 years for a role in the corporate sector, opening a new chapter in her career.
The influential financier who runs the bank’s shipping and offshore portfolio is to step down at the end of this month, and stand for election to become a director of Maersk Drilling at its annual general meeting on April 2.
The Danish offshore company was spun-off from A.P. Moller-Maersk in 2018 and in April 2019 became the largest newly-listed company on the Copenhagen stock exchange in recent history.
Industry insight
Maersk Drilling said Holth was being made a board member “because of her significant analytic insight in the offshore oil and gas industries, strong focus on ESG matters and significant experience in capital markets and funding.”
Holth told TradeWinds on Wednesday that she would consider other board positions and industry roles to use her extensive knowledge of the global shipping and offshore industries.
“I’ve been thinking about it for a while and decided this was the right moment to move on,” said Holth, who helped create DNB’s ocean industries division from its shipping, offshore and aquaculture activities.
“It’s absolutely not retirement!” she asserted.
In the last year Holth has played a role with Michael Parker of Citigroup and Societe Generale’s Paul Taylor to develop the Poseidon Principles to align banks and other lenders’ shipping portfolios with global carbon emission reduction targets.
Maersk Drilling is headed by chairman Claus Hemmingsen and chief executive Jorn Madsen. Moller family member Robert Uggla is among the other directors. The company owns four drillships, four semi-submersible rigs and 14 jack-up rigs. It has 2,850 staff.
It generated EBITDA of $415m in 2019 on revenue of $1.2bn.
As Norway’s largest financial institution, DNB has been major lender to shipping and offshore markets over recent decades but was forced to shrink its lending portfolio in the last 10 years in the face of repeated crises the sectors.
Innovative merger
In response, DNB merged its former shipping, offshore and logistics division, with its oil and gas, oilfield services and seafood operations to create an ocean industries unit in 2017.
Holth, who became a high-profile industry figure as DNB’s head of shipping and offshore, said she was proud of the impact of the innovative merged operation
“I’m very proud that the team has built the oceans operation into something very special, and am happy to sign off with a high degree of optimism,” she said.
Holth joined DNB as a trainee in 1984.
“I think one of the most important things we have achieved is for DNB to successfully transform from a lender to a full financial advisor to the companies it serves, showing creativity and long-term commitment.”
She broke the news of her departure to colleagues earlier this week, before Maersk Drilling made a regulatory announcement on Wednesday.
DNB has not announced a successor. DNB’s current head of shipping is Christos Tsakonas.
