Christen Sveaas’ new offshore outfit is taking control of vessels from his old one.
Stockholm-listed Viking Supply Ships said on Tuesday that it was handing management of its six anchor-handling tug supply vessels over to Norwegian sibling company Sea1 Offshore.
Sveaas has an 80% stake in Viking Supply Ships and a 51.8% stake in Sea1.
“The initiative is expected to result in substantial cost savings effective from 1Q 2025 to the benefit of all shareholders,“ the company said.
“Viking Supply Ships will retain its world-class ice-competence and the shares of the company will remain listed on Nasdaq First North. The outsourcing is intended to be completed during the course of October 2024 and is subject to final documentation and required third-party consents.”
Sveaas has long controlled Viking Supply Ships through his Kistefos investment company.
Sea1 Offshore is a fresh addition, having wrested the company from compatriot Kristian Siem earlier this year before dropping the original Siem Offshore name.
Sveaas had been an investor in Siem Offshore since March 2022, but, according to an exit statement from Siem, the two had different “values, culture and objectives” for the company moving forward.
In the split, Siem took nine ships in exchange for his then-leading 35% stake in the company.
Those vessels remain under Sea1 Offshore management.
The company owns, in whole or in part, 17 vessels and manages 18 including the six Viking Supply Ships AHTS vessels.
