Former J. Lauritzen CFO joins Prosafe board

Birgit Aagaard-Svendsen, former CFO at carrier J.Lauritzen, will join the board of directors of Prosafe, which leases accommodation vessels. The executive has previously served on the board at competitor Axis Offshore, which Prosafe has now purchased.

The former J. Lauritzen CFO, Birgit Aagaard-Svendsen, is joining the board of directors of Prosafe, which leases out accommodation vessels, known as 'flotels', to the offshore industry.

The news emerged in the notice of an extraordinary general meeting on March 22, where Aagaard-Svensen and Kristian Johansen will be appointed to the board of directors of the Cyprus-based company.

Aagaard Svendsen spent 18 years as CFO at J. Lauritzen before stepping down last year. She is also a former board member at competitor Axis Offshore, which Prosafe acquired from Lauritzen Fonden and a capital fund around New Year.

Another Dane is also accompanying the executive to the Prosafe board. From March 1, Jesper K. Andresen is serving as CEO of the company, which despite being headquartered in Cyprus has a strong connection to Norway.

Andresen is a former CEO in Axis Offshore, and he also has a past at J. Lauritzen, where he has been responsible for the carrier's business in Singapore.

During Aagaard-Svendsen and Andresen's time as executives in Axis Offshore, the company carried out a restructuring which sparked criticism from the Oslo Stock Exchange due to a bond sale to Lauritzen Fonden. This occurred prior to the sale to Prosafe.

Prosafe, which enjoys a fleet of 10 flotels in total, has also been through a restructuring.

Debt worth over USD 1 billion has been reduced or postponed, while new equity has also been allocated from new and existing shareholders. The restructuring means that the company is now ready to develop its business, stated Chairman Glen Rødland in February.

English Edit: Lena Rutkowski

This is why bondholders are angry with J. Lauritzen

J. Lauritzen suffers new full-year deficit in 2016

J. Lauritzen's Norwegian loan now significantly more expensive

Frontpage right now

Torm and Ardmore: Oil peak will arrive late

The demand for oil will undoubtedly peak. The question is when and who will feel it first. ShippingWatch has interviewed the CEOs of Torm and Ardmore about the situation for product tanker carriers.

Confusion at Lavaretus after mass resignation of Copenhagen staff

It came as a complete surprise to the founders of Lavaretus when the entire Copenhagen office recently resigned to instead join a competing firm. According to ShippingWatch's sources, there is no immediate clarification about the office's future. Maersk, a key customer, remains calm.

Container market uncertainty puts pressure on share prices

A share such as Hapag-Lloyd's ought to have surged in the wake of the positive quarterly result recently published, writes Drewry. The analysts find that several factors are impeding the stock's potential, one of which affects the industry as a whole.

Deutsche Bank: Sulfur directive could change shipping

A big part of the global commercial fleet is wholly unprepared for the new environmental requirements set to come into force in 2020, and this could be a game changer in the sector, says Deutsche Bank after meetings with the sector.

Latest Offshore

Related articles

Latest news


See all

See all