US private equity giant Kohlberg Kravis Roberts (KKR) has formed a new smaller board at Norwegian shipowner Ocean Yield following its takeover.
The sale and leaseback specialist was acquired last month and delisted in Oslo on 20 December.
Registration of the company's conversion to a private limited company has now been completed.
The name has been changed to Ocean Yield AS and the board has been slimmed down to just two directors, Vincent Policard and Bernardo Nogueira.
Experienced investment bankers
Policard, the new chairman, joined KKR in 2012 and is a partner and co-head of European infrastructure.
The finance man had previously spent a decade at Morgan Stanley.
Bernardo Nogueira joined KKR in 2017 and is a principal of the European infrastructure team, with a background working for Goldman Sachs in Madrid and London, focusing on mergers, acquisitions and financing.
The previous board comprised former majority owner Kjell Inge Rokke, plus Frank Reite, Annicken Gann Kildahl, Anne-Christin Dovigen and Exmar's executive director for shipping Jens Ismar.
Ocean Yield's management team led by chief executive Lars Solbakken remains in place.
KKR completed its NOK 7.2bn ($829.5m) takeover on 1 December, reaching 94% of the share capital and then launching a compulsory offer for the rest.
Ocean Yield has a fleet including tankers, bulkers and container ships, with charter parties such as Navig8, Scorpio Tankers and Okeanis Eco Tankers, as well as a small stake in offshore vessel owner Solstad Offshore.
KKR already has many shipping investments, including Chembulk Tankers and Borealis Finance, which it controls, and a 37% stake in ship repairer Hyundai Global Service, plus holdings in finance provider Australis Maritime and Embarcadero Maritime, which invests in distressed shipping assets.
The private equity company also revealed a 5% stake in tanker giant Euronav in 2020 and backs Pillarstone, the owner of Italian tanker company Premuda.
