The Dubai-based GAC Group has announced that it has acquired an 80 percent stake in Ole R Olsen AS (ORO) Norway’s oldest shipping agency. This follows a strong and positive half-year strategic alliance between GAC and ORO.
GAC purchased the shares of ORO’s retiring President Frank H Toftesund. The remaining 20% shares are held by ORO’s Managing Director, Ahmet Øzsoy, who will continue to head the new entity GAC-ORO.
The merger brings together GAC’s global connections with ORO’s 162 years of maritime experience in Norway and its support for that country’s oil installation in the North Sea. Established in Bergen, Norway in 1845, ORO’s headquarters are in Mongstad, home to the country’s biggest oil, gas and product terminal.
Mr Toftesund said the merger had been driven by the recognition that the two companies shared a strong business philosophy bolstered by a common Scandinavian heritage. This, he believed, will remain deeply rooted in the new entity.
“Our partnership with GAC over the past six months has convinced us that closer ties will add strength to ORO’s operations and our long-term personal relationships with customers,” he said. “The continuing leadership of Ahmet Øzsoy will also ensure stability in the new company and ongoing guidance for our staff.”
GAC Group President Lars Säfverström said he had been impressed with the professionalism, knowledge and competence of ORO’s staff in all its eight offices. “I am in complete agreement with Frank H Toftesund that there is an ideal fit between GAC and ORO. The compatibility will support the integration of this Norwegian shipping icon with the GAC global network to the benefit of all our customers,” he said.
Benefits will be evident in improved vessel turnaround time and cost savings for operators in Norway and beyond.
“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,” says GAC-ORO Managing Director Mr Øzsoy. “This will benefit not only ships calling at Norwegian ports, but also Norwegian vessels sailing to ports around the world.”
“Equally, our staff will benefit from being part of a global business with all the professional development and training it entails,” he added.
About the GAC Group
The GAC Group (GAC) is the world’s largest independent shipping, logistics and marine services provider, with over 250 offices worldwide.
Estabished in 1956, GAC’s core business covers four key areas – shipping, logistics, marine services and Solutions. The GAC brand reflects value for money, quality, continuity, innovation and global reach.
GAC employs more than 7,000 people worldwide. The GAC Group corporate head office is in Dubai, in the United Arab Emirates.
For more information about GAC, visit www.gacworld.com
About Ole R Olsen AS
Established in Bergen, Norway in 1845, ORO is the oldest Norwegian shipping agency. Over the years, ORO has continuously expanded its portfolio to further enhance its services to the shipping community. Its traditional core business was providing shipping services to North Sea liner vessels and coasters carrying dry cargo. Since 1988, it extended its offerings to include liquid cargoes as well as support at all Norwegian oil and gas terminals.
ORO handles over 1,000 port calls of crude oil, LPG, product and methanol vessels every year. It also provides services for vessel lay-ups; broad ship agency cover extending from the Norwegian ports of Kirkenes in the North, to Kristiandsand in the South, and Oslo in the east; 24-hour ship agency support; and ISO 9001:2000 quality assured services. More information on www.oro.no
