Norwegian investment firm Smedvig has reported a jump in annual profits with the help of its sale of maritime software provider Navtor.
The diversified company posted a pre-tax profit of NOK 863m ($102m) for 2020, compared to NOK 656m in the prior year. Revenue dropped to NOK 1.606bn from NOK 1.653bn.
An important element in the profits last year was the sale of Egersund-based Navtor, which was purchased by technology focused private equity firm Accel-KKR.
Smedvig did not quantify the gain from the sale but said its direct investments made the biggest contribution to profits in 2020.
The company, whose biggest investments are in real estate, has low debt levels.
Navtor produces e-navigation solutions for the maritime industry.
A former shipowner, Smedvig is focused on property, private equity and other investments.
Majority owner and chairman Anna Margaret Smedvig appears to have no plans of returning the company to its shipping roots. Regarded as one of Norway's richest women, the Norway-based executive took over from her father Peter T Smedvig six years ago.
The family-owned company was established as a traditional shipowner in 1915. Anna Margaret's grandfather, Thorolf Smedvig, played an instrumental role in turning Stavanger into Norway's oil capital, where a fountain was constructed in his honour.
Smedvig sold its controlling stake in Oslo-listed Smedvig Tankships, which had an 11-ship fleet made up mostly of aframaxes, to Bona Shipholding in 1995.
Peter T Smedvig's sister Hjordis Kluge Smedvig and her daughter, Julie Smedvig Hagland, have a more than 20% stake in the company.
Smedvig had a value adjusted equity of close to NOK 16bn at the end of last year.
