OSM to acquire SeaTeam from Frontline, Golden Ocean
Norwegian maritime services provider OSM Maritime (OSM) revealed that it is in final negotiations to acquire SeaTeam Management from shipping companies Frontline and Golden Ocean Group Limited after reaching a preliminary agreement.
The acquisition, which is subject to definitive documentation, is expected to be completed within the next thirty days.
As explained, the acquisition is expected to further strengthen OSM’s position as a 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 finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” Tommy Olofsen, chair of OSM Maritime, commented.
“This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organization without diminishing the earning capability of our tanker fleet,” Robert Hvide Macleod, CEO of Frontline, noted.
“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,” Ulrik Anderson, CEO of Golden Ocean, said.
“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 … management organisations in northern Europe and Singapore respectively,” Bjoern Sprotte, CEO of OSM Maritime, added.
Established in 2009, SeaTeam provides ship management services to international shipowners. Headquartered in Singapore with offices in India and the Philippines, SeaTeam employs some 2,000 personnel, including 1,900 seafarers.