OSM Maritime has announced it is in final negotiations to acquire SeaTeam Management from John Fredriksen’s Frontline Ltd and Golden Ocean Group Limited
Established in 1989, OSM Maritime employs 15,000 people involved in the day-to-day management and operation of 600 vessels worldwide. The acquisition of Singapore-based SeaTeam would add 2,000 personnel, including 1,900 seafarers.
The OSM Maritime acquisition of SeaTeam Management, which is subject to definitive documentation, is expected to be completed within the next 30 days. The acquisition is expected to further strengthen OSM Maritime’s position as a leading provider of international ship management services and ensure the continued safe and efficient operation of 51 ships for which SeaTeam currently provides ship management.
“We look forward to finalising our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said OSM Maritime executive chairman Tommy Olofsen. “OSM’s leading market position will be further enhanced by the addition of SeaTeam’s highly qualified personnel, and we are pleased to strengthen our relationship with one of the world’s largest shipping groups in the process.”
“This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organisation without diminishing the earning capability of our tanker fleet,” said Frontline chief executive officer Robert Hvide Macleod, “We have a strong, trusting relationship with OSM and are very comfortable putting the ship management of our fleet in their capable hands. The addition of SeaTeam’s personnel to OSM will also ensure the transition is seamless to us.”
“With OSM taking over our inhouse ship management, this allows us to consolidate our ship management services which support our low-cost operating model and continue to deliver on our strategy of focusing on our core business of owning and managing modern large-sized dry bulk vessels,” said Golden Ocean chief executive officer Ulrik Anderson.
“The acquisition of SeaTeam will further reinforce OSM’s position in Asia, where more than 100 vessels will be managed out of Singapore. OSM will thereby have two equal and highly competent management organisations in northern Europe and Singapore respectively, servicing its customers in these regions,” said OSM Maritime chief executive Bjoern Sprotte.
The news of the impending takeover of the shipmanagement team at SeaTeam comes only weeks after OSM Maritime announced an agreement to take over fleet management of GC Rieber Shipping in Bergen.
The agreement included a transfer of business from GC Rieber Shipping to OSM of all technical, crewing and support functions in Bergen. OSM will establish a new ship management company within the offshore segment in Bergen, which will be owned 100% by OSM and be located together with OSM Bergen.
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