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John Fredriksen

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John Fredriksen
Fredriksen (centre) and Stelios Haji-Ioannou (far left) at a meeting in 1989.
Born (1944-05-10) 10 May 1944 (age 80)
Oslo, Norway
NationalityCyprus
OccupationBusiness magnate
Known forMajor ownership in companies engaged in shipping, offshore drilling and seafood business

John Fredriksen (born 10 May 1944) is a Norwegian-born oil tanker and shipping magnate, who owns the world's largest oil tanker fleet. He also has major interests in the offshore driller Seadrill, the fish farming company Marine Harvest, the dry bulk company Golden Ocean Group, and the supply vessel company Deep Sea Supply. Through his investment companies Hemen Holdings and Meisha, Fredriksen controls the companies Frontline and Golar LNG. In 2010–2011, Frontline owned 9.6 percent of another large tanker company, Overseas Shipholding Group.[2] North Atlantic Drilling, Sevan Drilling, and Asia Offshore Drilling are partly owned by Seadrill.[3]

Born in Oslo, Norway, Fredriksen is a Cypriot citizen who resides in London.[4][5] Before abandoning his Norwegian citizenship, he was Norway's richest man.[6] Norwegian magazine Kapital listed Fredriksen in 2013 with a net worth of NOK 69,75 billion ($11.9 billion USD).[1][7] In 2012, he was included in the 50 Most Influential list of Bloomberg Markets Magazine. He was named in the top 10 most influential people in the shipping industry according to Lloyds List 2014.[8]

Biography

Family

Fredriksen was born on 10 May 1944 to a welder and his wife, and grew up in Etterstad in the eastern half of Oslo.

Fredriksen is a widower and has two daughters: Cecilie (born 1983) and Kathrine Astrup Fredriksen (born 1983). Fredriksen's former wife, dentist Inger Astrup Fredriksen (died 2006), originally belonged to one of the Astrup families in Norway. Her father was a professor of psychiatry, and her grand uncle was the painter Nikolai Astrup.

Business

Fredriksen made his fortune during the Iran-Iraq wars in the 1980s, when his tankers picked up oil at great risk and huge profits. As described by his biographer, "he was the lifeline to the Ayatollah." Fredriksen would later become the world's largest tanker owner, with more than seventy oil tankers and major interests in oil rigs and fish farming. His fleet is dominated by costly double-hulled, environmentally safer tankers.[9]

In 2006, Seadrill bought more than 50 percent of Smedvig, gaining control of the company (51.24 percent of the votes and 52.27 percent of the capital). Smedvig is Fredriksen's biggest ever deal. Noble Corp sold its stake to Seadrill in 2009, leaving Seadrill with full control.[10] Fredriksen has been the majority owner of Vålerenga I.F. for many years.[citation needed]

Fortune

The Sunday Times Rich List has ranked Fredriksen's wealth as £475m (2003), £1.050b (2004) and £1.887b (2005). In 2012, Fredriksen and his family were listed as the 9th richest in Britain with a combined wealth of £6.6bn.[11] Fredriksen owns houses in London, Oslo, Cyprus, and Marbella, Spain. He is a collector of classic Norwegian art.[12]

Philanthropy

Fredriksen supports research projects at Radium Hospital[13] and has donated several hundreds of millions of Norwegian kroner to medical research at hospitals in Norway.[14]

Gard case

In 1985, the Norwegian insurance company Gard became suspicious about losses of cargo from Fredriksen's tankers. A private investigation was initiated, and a system for the use of heavy oil as bunker fuel was revealed.[15] The case was turned over to the Norwegian police and in June 1986 Fredriksen's offices in Oslo were searched and several of his nearest associates, and after a while also Fredriksen, were placed in detention while the case was investigated.[16]

After several years of arguments between the various lawyers, the case was settled out of court. Fredriksen had to pay a fine of 2 million NOK[17] for risking his crew's life, and in addition had to pay the insurance company Gard an amount of over $800,000 USD.[18]

References

  1. ^ a b "John Fredriksen". Forbes.
  2. ^ Bjørn Haugan, Johann D. Sundberg, Lars Magne Sunnanå: Flytter for døtrene (E24. 11 May 2006) [1]
  3. ^ http://seekingalpha.com/article/2852576-understanding-seadrills-complicated-financial-structure-the-asset-side?auth_param=10rf:1acen5e:5a48e21493fc93671a63d0154564ea50&uprof=45
  4. ^ The Guardian: The super-rich who have made Cyprus their home
  5. ^ Business Insider: The Richest Person In Cyprus Is Actually Norwegian
  6. ^ De Lange, Grete. Norway's richest man no longer (Aftenposten. 11 May 2006)
  7. ^ "Kapital 400". Retrieved 3 May 2013.
  8. ^ http://www.lloydslist.com/ll/news/top100/article452967.ece
  9. ^ http://www.forbes.com/sites/christopherhelman/2012/03/21/how-shipping-king-john-fredriksen-found-a-port-in-the-storm/
  10. ^ Nina Berglund Smedvig now fully under Fredriksen's control Aftenposten; 3 April 2006
  11. ^ "Sunday Times Rich List shows UK's wealthiest defy recession". BBC News Online. 28 April 2012. Retrieved 28 April 2012.
  12. ^ http://www.bornrich.com/john-fredriksen.html
  13. ^ http://ous-research.no/dgo/
  14. ^ http://www.tradewindsnews.com/weekly/337168/messenger-boy-who-became-a-shipping-billionaire
  15. ^ «For Oslo-advokatene ble Gisvolds reise slutten på den hemmelige etterforskningen. Man hadde nok, og dessuten var det nå bare et tidsspørsmål før Fredriksen fikk kjennskap til granskningen. Følgelig torde man ikke holde på lenger. Juristene anbefalte Gard å gå til politiet med sine mistanker.», fra Storeulv, side 106
  16. ^ «Samme morgen ble de seks arresterte fremstilt for Oslo forhørsrett. Siktelsen var grove oljetyverier og forsikringssvindel for cirka en million kroner.», fra Storeulv, side 125
  17. ^ «John Fredriksen måtte i 1990 godta en bot på to millioner kroner for å ha satt mannskapenes liv i fare ved å bruke olje fra lasten som drivstoff.», fra Storeulv, side 168
  18. ^ «Fredriksen aksepterte å betale Gard 800,000-dollar, pluss halvparten av den Marine Management-konto de hadde tatt beslag i.», fra Storeulv, side 160

Literature

  • Hauge, Odd Harald and Gunnar Stavrum. Storeulv, en uautorisert biografi om John Fredriksen. Oslo: Gyldendal, 2005. ISBN 978-82-05-35346-6. Print.
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