Norway- based ship monitoring business OSM Maritime claimed Monday that it is nearing an offer to get Singapore- headquartered rival SeaTeam Management from Frontline Ltd and also Golden Ocean Group Limited.
The purchase, which remains in last settlements and also stays based on clear-cut documents, is anticipated to be finished within the following one month, OSM claimed.
“We look forward to finalizing our agreement with Frontline and Golden Ocean, after engaging in a very constructive dialogue,” claimed Tommy Olofsen, chair of OSMMaritime “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 presently offers ship monitoring 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,” claimed Bjoern Sprotte, Chief Executive Officer of OSM Maritime.
“This transaction demonstrates Frontline’s ongoing commitment to maintaining a lean organization without diminishing the earning capability of our tanker fleet,” claimed Robert Hvide Macleod, Chief Executive Officer 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,” claimed Ulrik Anderson, Chief Executive Officer of Golden Ocean.