Shareholders led by Herr Investment Group (HIG) of the US have become the third-largest owner in Solstad Offshore as the offshore support vessel (OSV) recovery continues.
In a filing to the Oslo Stock Exchange, Daniel Herr-owned HIG said the group of investors had added 300,000 shares on 2 December to reach 5.18% ownership, with 4m shares in the Norwegian company.
This slice is worth NOK 125m ($12.8m).
Investment manager HIG said Pointillist Capital Management co-founder and partner Jorey Chernett took part in the stock buys, as did CK Investments and Hintz Family Partners.
Other investors involved were Michael Dubin Trust, Daniel Herr and Lauren Rimoin Living Trust and trusts controlled by Jesse C Laflamme.
Solstad's share price has risen more than 430% this year in much more positive OSV markets.
The biggest investor remains Kjell Inge Rokke’s Aker with 24.6%, followed by John Fredriksen on 9.8%.
The shipowner's chief executive Lars Peder Solstad has 4%.
Solstad's shares were trading at NOK 31.45, up 5%, on Monday.
CEO Solstad said in the company’s third quarter report that OSV markets had been challenging since 2015, and commercial terms have on most occasions been below sustainable levels.
“Now, finally, this is improving. Terms on new contracts are improving and clients are willing to commit longer on healthier levels,” he added.
“There is also a flip side to this, as the cost level also goes up and interest rates are increasing, but all in all, it looks like we are about to start on a period that could be positive to our industry,” the CEO said.
Revenue of NOK 1.9bn and Ebitda of NOK 721m were all-time highs for the company in the three months to 30 September.
