John Fredriksen

John Fredriksen, (born 10 May 1944) is an oil tanker and shipping tycoon, owner of the world's largest oil tanker fleet, and was Norway's richest man until he chose to abandon his Norwegian citizenship and take up a Cypriot passport. [De Lange, Grete. [http://www.aftenposten.no/english/business/article1314163.ece Norway's richest man no longer] . "Aftenposten", May 11, 2006.] Norwegian magazine "Kapital" listed Fredriksen in 2007 with a net worth of NOK 55.5 billion ($11 billion USD). Through his investment companies Hemen Holdings and Meisha, Fredriksen controls the companies Frontline and Golar LNG from his £100 million Chelsea home in London. He also has major interests in the oil rig operator SeaDrill, the fish farming company Marine Harvest and the dry bulk company Golden Ocean Group. Fredriksen also recently announced that Frontline through acquisitions and options and secured 9,6% of the worlds largest shipholding company Overseas Shipholding Group.

Biography

Born on Oslo's east side, Etterstad, the son of a welder, Fredriksen began as a trainee in a shipbrokering company. At the age of 27 he started working for himself. 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." He is now 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.

Back in December 2005 rumours circulated of Fredriksen-controlled firm SeaDrill bidding for Stavanger based rig company Smedvig, and since has been in a bidding war with U.S. company Noble Corporation. But it was announced in late January 2006 that SeaDrill had bought more than 50 percent of Smedvig, and therefore gained control of the company (51.24 percent of the votes and 52.27 percent of the capital). Smedvig is valued at NOK 15 billion, and is Fredriksen's biggest ever deal. SeaDrill are now expected to buy Noble's 39.5 percent of Smedvig's A-shares.

On June 7, 2007 the British newspaper the "Daily Mail" reported that Fredriksen was interested in buying the Premiership football club Tottenham Hotspur. Prior to this Fredriksen has been majority owner of Vålerenga I.F. for many years.

Fortune

He is widowed with 3 children, Christian and twins Kathrine and Cecilie, collects classic Norwegian art, and reportedly turned down an offer of $200m (£100m) from Chelsea Football Club owner Roman Abramovich for his Chelsea home. He also owns houses in Oslo, Cyprus and Marbella. In 2006 John Fredriksen chose to abandon his Norwegian citizenship and is now a citizen of Cyprus.

The "Sunday Times Rich List" 2003 (published every April) ranked Fredriksen 66th (in Britain) with a worth of £475m, in their 2004 list he ranked 30th with £1,050m, and in 2005 ranked 16th with a fortune of £1,887m. Whilst in 2005 Forbes ranked Fredriksen 160th in the world with $3,400m. And in the newly released 2008 list he has tied for 113th with $8 billion.

James Winchester, a veteran shipping analyst at Lazard Frères has said of him, "He's a modern-day Onassis. The tanker king. He landed squarely in the sweet spot of the tanker cycle, with the largest fleet of ships." In 2001 an article on Forbes.com described him as having "a tanker fleet bigger than anything Aristotle Onassis ever had."

Personal

*John Frederiksen is a Tranmere Rovers fan. Possibly a Spurs fan to. [Wallasey News. [https://www.nottingham.ac.uk/-sczsteve/WirralNews_16Nov05.jpgRover's fan on rich list] ]

Notes

References

* [http://www.timesonline.co.uk/richlist/person/0,,33628,00.html Sunday Times]
* [http://www.forbes.com/static/bill2005/LIR5E12.html?passListId=10&passYear=2005&passListType=Person&uniqueId=5E12&datatype=Person Forbes]
* [http://www.aftenposten.no/english/business/article1120938.ece Aftenposten.no]

External links

* [http://www.frontline.bm/ Frontline]
* [http://www.seadrill.bm/ SeaDrill]
* [http://www.goldenocean.bm/ Golden Ocean Group]
* [http://www.marineharvest.com/ Marine Harvest]
* [http://www.golargas.com/ Golar LNG]
* [http://www.deepseasupply.no/ Deep Sea Supply]
* [http://www.aktivkapital.no/ Aktiv Kapital]
* [http://www.akerdrill.com/ Aker Drilling]