Media-shy Norwegian investor Edvin Austbo has built a significant stake in takeover target Green Energy Group (GEG), a filing shows.
Austbo’s Alden company told the Oslo Stock Exchange that it now owns 5.52% of the listed seismic survey shipowner, formerly Seabird Exploration.
Alden had 4.99% previously but has since crossed over the 5% threshold for a mandatory declaration of its interest.
The holding is worth NOK 11.21m ($1.1m) based on Cyprus-headquartered GEG’s market capitalisation.
GEG owns one research vessel and two survey units.
In July, a takeover of the shipowner that valued it at $53m was suspended.
The company had said in April it signed a letter of intent with a potential buyer to conduct due diligence on the company.
But “due to events outside of both parties’ control” the negotiated deal was put on hold.
Since then, GEG has signed a memorandum of understanding with UK energy solutions company Oil States Industries to collaborate on the development of a harsh-environment deep sea mining system, backed by a long-term contract for exclusive use in Norwegian waters.
Oil States Industries will take a 4.3% ownership stake in GEG’s subsidiary Green Minerals.
Austbo is not a stranger to shipping.
Seismic investment
In 2021, he snapped up some of the shares in seismic survey firm Axxis Geo Solutions sold by investor Arne Fredly, a backer of VLCC owner Hunter Group.
Austbo is known for neither speaking to the media nor being photographed.
“I am not commenting on anything. That is my profile,” the investor previously told TradeWinds sister newspaper DN.
Austbo previously worked as head of analysis at the brokerage house Carnegie, a role he left in the 1990s.
He has gradually become one of the country’s most experienced and successful private investors.
According to Kapital’s list of Norway’s 400 richest people in 2020, he has a net worth of NOK 1.3bn.
His portfolio includes stakes in oil producer Panoro, Kjell Inge Rokke’s oil service company Akastor, sensor company Idex Biometrics and the solar energy operation EAM Solar.
