Under the terms of the merger all common shares in Golden
Ocean will be cancelled an exchanged for 0.95 shares in the newly enlarged
CMB.Tech.
CMB.Tech shareholders will own around 70% of the merged
company, and Golden Ocean shareholders will have a roughly 30% stake.
The deal will see Golden Ocean’s fleet of 90 bulk carriers,
comprising 59 Capesizes and 31 Panamaxes, with a capacity of 13.7
million tons, join CMB.Tech’s diversified fleet of 160 vessels. CMB.Tech
operates a range of crude oil tankers, dry bulk vessels, container
ships, chemical tankers, offshore wind vessels and workboats.
The merged company will have a combined fleet of 250 vessels
estimated to be worth US$11 billion.
The merger will see Golden Ocean delisted from the NASDAQ
and Euronext Oslo Børs, while CMB.Tech adds a secondary listing on Euronext
Oslo Børs in addition to its NYSE and Euronext Brussels listings.
The merger followed CMB.Tech acquiring John Fredriksen’s
Hemen Holdings 40.8% stake in Golden Ocean for US$1.18 billion in March this
year. It was a move that was to see Fredriksen selling most of his dry bulk
shipping assets.
Antwerp-headquartered CMB.Tech is controlled by the Savery’s
family. The listed-company formerly known as Euronav acquired 106 vessels
from the Savery’s owned CMB in 2024.
The move was part of a strategy to diversify the business of
the former Euronav from tankers into dry bulk, container ships and offshore
wind, with a focus on green ships and renewable energy.
