OSM Nears Deal to Acquire SeaTeam
Norway-based ship management company OSM Maritime said Monday that it is nearing a deal to acquire Singapore-headquartered competitor SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited.
The acquisition, which is in final negotiations and remains subject to definitive documentation, is expected to be completed within the next 30 days, OSM said.
“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” said Tommy Olofsen, chair of OSM Maritime. “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.”
SeaTeam currently provides ship management to a fleet of 51 ships.
“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 Bjoern Sprotte, CEO of OSM Maritime.
“This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organization without diminishing the earning capability of our tanker fleet,” said Robert Hvide Macleod, CEO of Frontline. “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 the SeaTeam’s personnel to OSM will also ensure the transition is seamless to us.”
“With OSM taking over our in-house 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 Ulrik Anderson, CEO of Golden Ocean.