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.

by NIKLAS KRIGSLUND

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.

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