Christen Sveeas’ investment company Kistefos has filed a class action lawsuit against the board and chief executive of Solstad Offshore and Kjell Inge Røkke-controlled Aker Capital. Sveeas has for some time been in conflict with Solstad Offshore and Røkke over the restructuring plan from October last year that splits the offshore shipping player into old Solstad and Solstad Maritime which ends up with a majority of the fleet. The Norwegian tycoon came out strong against the scheme saying it involved gross discrimination of shareholders and enriched Aker at the expense of the shareholder community, describing it as “one of the riskiest transactions seen on the Oslo Stock Exchange”. In December, Kistefos, as one of the largest shareholders in Solstad Offshore, demanded an extraordinary general meeting to consider legal action against the board of Solstad Offshore, and chairmen and general managers of Aker Capital and AMSC, but that was withdrawn in January this year. The conflict in Solstad took another turn in March when Sveaas revealed lawsuit plans in order to claim compensation for the alleged loss incurred, targeting several players who were involved in the restructuring company. The class action filed before Ringerike, Asker and Bærum District Court could open the door for other Solstad shareholders to join. Solstad board and CEO Lars Peder Solstad together with Aker Capital said in separate stock exchange filings that they maintain that the claims are “without merit”. The restructuring gave Aker, together with the Røkke group, about 60% of the new Solstad, where 35 of Solstad Offshore’s 43 ships were transferred. The existing Solstad Offshore retained around 27% ownership of the new company. The financial clean-up at Solstad Offshore is nearing the end with the NOK750m private placement corresponding to around 13.6% stake in Solstad Maritime left for the remaining shareholders. Sveaas first took a chunk of Solstad in 2022 and then gradually increased his holding. He also recently took the reins at another Norwegian OSV player, Siem Offshore, and changed its name to Sea1 Offshore. His other OSV investments include Sweden’s Viking Supply Ships. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsNorway