Bloomberg News

Fred. Olsen Energy Falls as Major Holders Cut Stake: Oslo Mover

September 05, 2012

Fred. Olsen Energy ASA (FOE), a Norwegian offshore drilling company, fell the most in three months in Oslo trading after major shareholders Ganger Rolf ASA (GRO) and Bonheur ASA (BON) sold part of their stakes.

Shares declined as much as 5.1 percent, the most since June 1, and traded down 4.6 percent at 236.5 kroner as of 2:19 p.m., making it the biggest mover on the OBX index.

Ganger Rolf and Bonheur, each sold 500,000 shares of their equal 27 percent stakes at a 235 kroner apiece, representing a 5 percent discount to yesterday’s closing price, the companies said in a statement today.

The sale equaled half the two million share limit that the two owners put on the private placement, according to a statement yesterday. Fred. Olsen Energy has risen 24 percent so far this year.

Fred Olsen Energy owns and operates a fleet of two deepwater drilling rigs and six semi-submersible vessels, as well as one accommodation unit. The Oslo-based company has two units under construction, an ultra deepwater drillship due for delivery in the third quarter of 2013, and an ultra deepwater semi submersible vessel scheduled for delivery in the first quarter of 2015.

To contact the reporter on this story: Stephen Treloar in Oslo at streloar1@bloomberg.net

To contact the editor responsible for this story: Toby Alder at talder@bloomberg.net


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