John Fredriksen's Hemen Holding has disposed of nearly all of its shares in Norway's Solstad Offshore.
Oslo-listed offshore vessel owner Solstad said the tycoon’s private Hemen Holding transferred 6.9m shares in settlement of a share lending arrangement on Monday.
Hemen now holds 106,040 shares in Solstad, equating to a 0.14% stake.
The deal followed one in December that saw Hemen sell 65,000 shares to reduce its holding to 9.99%.
Solstad's market cap of NOK 432.5m means the Hemen stake had been worth NOK 389m ($43.7m).
The shipping company has been contacted for further comment.
Fredriksen acquired his Solstad shares in 2017 as part of a series of mergers that saw his Deep Sea Supply become part of Solstad together with Rem Offshore and Farstad Shipping.
Kjell Inge Rokke's Aker group remains the biggest shareholder on 24.8% and Solstad chief executive Lars Peder Solstad is next on 4.12%.
Fredriksen has made investments totalling more than $300m in Belgian tanker owner Euronav and drillship company Valaris in recent months.
Another ship sold
Meanwhile, Solstad continues to sell non-core vessels.
The 16,823-bhp very large anchor-handling tug supply ship Far Scout (built 2001) is the latest to go.
No buyer was named for a unit VesselsValue assesses as worth $3.5m.
But the valuation platform now lists the ship as under the control of Brazil's Oceanica Engenharia.
Solstad has now sold 25 of 37 ships classified as non-strategic.
The Norwegian owner is targeting a 50% global fleet emission reduction by 2030.
Over the next three years the company will be investing more than NOK 300m in battery hybrid conversion projects linked to a grant award of NOK 87m from Innovation Norway.
A total of 11 vessels will be upgraded, leading to an annual reduction of 12,000 tonnes of CO2.
