Investor Trond Mohn has bought Norway's Umoe Gas Carriers in a deal that sees Jens Ulltveit-Moe exit his LNG carrier partnership with Trygve Seglem.
Mohn’s company Meteva has agreed to pay $63m for the company, which holds minority stakes in four LNG carriers controlled by Seglem's Knutsen OAS Shipping.
The ships are on long-term time charter to oil major Shell, with three set to run until 2030.
"I have always liked Trygve Seglem,” Mohn told Norwegian newspaper Finasavisen.
Umoe Gas Carriers, which had been a subsidiary of Ulltveit-Moe's Umoe conglomerate, has been renamed Norspan Gas Carriers.
Umoe has suffered huge losses on renewable business, investments in Brazil and restaurants in Norway, but Ulltveit-Moe has maintained that his shipping business was unaffected.
The shipowner told TradeWinds in February last year that the group’s shipping business was a financial element in the group.
Ulltveit-Moe has gradually reduced his shipping portfolio, but he said a year ago he still considered himself a shipowner. “I have been that since 1973,” he said.
He was once president of Norwegian Shipowners Association.
The deal with Mohn means Ulltveit-Moe is completely out of ownership stakes in the Knutsen OAS fleet after a 36-year long-partnership. The deal also means that Umoe becomes debt free.
Seglem controls Knutsen OAS, which has a fleet of 14 LNG carriers and 11 newbuildings that all have long term employment. The company also has a fleet of shuttle tankers.
