GAC buys 80% of NorwayÆs ORO
Dubai-based shipping, logistics and marine services provider GAC Group has acquired an 80 percent stake in Norway's oldest shipping agency Ole R Olsen AS (ORO) from retiring President Frank H Toftesund. Financial details were not disclosed.
The remaining 20 percent shares are held by Ahmet 'zsoy, ORO's managing director, who will head the new entity GAC-ORO.
Established in Bergen in 1845, ORO's headquarters are in Mongstad, home to the country's biggest oil, gas and product terminal. Its traditional core business was providing shipping services to North Sea liner vessels and coasters carrying dry cargo. Since 1988, the company extended its offerings to include liquid cargoes as well as support at all Norwegian oil and gas terminals.
'The combination of ORO's Norwegian and North Sea expertise and GAC's global strength in ship agency, logistics and offshore support significantly expands our service offering,' said 'zsoy. 'This will benefit not only ships calling at Norwegian ports, but also Norwegian vessels sailing to ports around the world.'
GAC buys 80% of Norway’s ORO
