ShippingWatch

Kristian Siem could become major shareholder in Farstad

Farstad Shipping will raise NOK 1 billion (USD 116 million) in capital with a move which will make Kristian Siem majority shareholder in the Norwegian offshore carrier. Banks, bondholders, and other creditors must now approve the plan.

Photo: Farstad Shipping

Farstad Shipping has entered into a deal with billionaire Kristian Siem, who guarantees to raise capital of NOK 1 billion (USD 116 million) via his company Siem Oilservice Invest Holdings, writes the Norwegian offshore carrier in a statement Thursday.

The raising of capital will take place by Farstad issuing a minimum of 702 million regular shares for a price of NOK 1.4245.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Oil shipping states get loophole in EU's new Russia sanctions

In a new sanctions package against Russia, the EU cracks down on exporting the warring nation’s crude to third countries – despite protest from countries like Greece and Malta. Although several states are given leeway in new sanction demands the EU Commission otherwise considers ”water-tight”.

Further reading

Related articles

Latest news

See all jobs