Herbjorn and Alexander Hansson are dissolving the family’s investment company, High Seas, after significant losses.
High Seas owns the family’s shares in tanker company Nordic American Tankers and the offshore company Hermitage Offshore Services, where the share prices have fallen sharply on the New York Stock Exchange.
Over the three years, the family company has booked losses of close to NOK 450m ($86m).
At the end of December last year the book equity of High Seas was just NOK 5m.
“My son, Alexander, lives abroad and does not want to own shares in a Norwegian limited company. Additionally this gives us simpler structure for parts of our private activities,” Hansson told the Norwegian daily Finansavisen.
Hansson denied that there is anything dramatic in the decision to dissolve High Seas.
“We are keeping the shares, but they do not lie in High Seas any more,” he told the paper. The values go up and down, Hansson said.
Monaco-based Alexander Hansson, 37, owns 60% of High Seas and 71-year-old Herbjorn Hansson the other 40%.
