VV: Norway’s Biggest Spenders over the Last Year

Compared to a few years ago, Norway 2019 is a very different place as many of the nation’s shipping and offshore industries achieved sustained growth through some of the most turbulent times ever faced.

Since the last Nor-Shipping in 2017, the number of Norwegian companies owning vessels has increased from 205 to 238. The Norwegian owned fleet has grown by 119 vessels, standing at 2,055 ships, and in turn the gross tonnage of the fleet has increased to 47.74 million GT, according to data provided by VesselsValue.

These new vessels have boosted the total fleet value of the Norwegian owned fleet by USD 3.5 billion, bringing their total fleet value to USD 44 billion, ranking fifth most valuable in the world.

VesselsValue mentioned Borr Drilling, Solstad and 2020 Bulkers as some of the most notable Norwegian companies.

Borr Drilling, the brainchild of John Fredriksen’s former right hand man, Tor Olav Troim, has rocked the market since emerging in late 2016. As of today, Borr has 36 high specification jack-up rigs, as its fleet value stands at USD 3.5 billion.

The offshore market conditions over the last few years have taken their toll on Norwegian supply boat owners, and none more so than OSV giant Solstad. In January 2019, Finanstilsynet required Solstad to revalue its entire fleet; in doing so, the total value was reduced by NOK 850 million (USD 99 million).

“Solstad has long maintained its fleet valuation figures, so this reduction shows not only Solstad’s acceptance of the continued poor market conditions, but also the resultant asset prices which is a major step forward,” VesselsValue said.

And last, but not the least, 2020 Bulkers. Another Troim owned company, 2020 Bulkers has ordered eight newbuild Capesize bulkers at New Times Shipbuilding since late 2017, totalling around USD 350 million. The VV value of these vessels surged to USD 453 million today.

However, the money keeps coming in for Tor Olav Troim. In January, 2020 Bulkers confirmed it had secured a long term bank loan running to USD 240 million for its Newcastlemax newbuilding programme. As of this month, 2020 Bulkers has made the move to become listed on the Oslo stock exchange. This move will also be used to fund its newbuild orders to New Times Shipbuilding, showing its continued growth strategy plans for 2019 and beyond, VesselsValue explained.

Image Courtesy: VesselsValue