John Fredriksen
John Fredriksen | |
|---|---|
| Born | May 10, 1944 Oslo, Norway |
| Occupation(s) | Shipping magnate, oil tanker industry |
| Known for | Owner of largest fleet of oil tankers globally; major holdings in Seadrill, Mowi, Golden Ocean Group, Frontline Ltd. |
John Fredriksen (born 10 May 1944) is a billionaire in the shipping and oil tanker industry, originally from Norway but now a Cypriot citizen, residing in London. He commands the largest fleet of oil tankers globally and holds significant ownership in offshore drilling company Seadrill, aquaculture business Mowi, and dry bulk shipping enterprise Golden Ocean Group. Via his investment entities Hemen Holdings and Meisha, Fredriksen controls Frontline Ltd, Avance Gas Holding Ltd., and Flex LNG Ltd. Between 2010 and 2011, Frontline possessed a 9.6% share in the tanker company Overseas Shipholding Group.
Fredriksen was born in Oslo, Norway, and later acquired Cypriot citizenship. Prior to relinquishing his Norwegian nationality, he was recognized as the wealthiest individual in Norway. In 2013, the Norwegian publication Kapital estimated his fortune at NOK 253 billion (approximately US$23.3 billion). He appeared on Bloomberg Markets' list of the 50 Most Influential in 2012 and was named among Lloyd's List top ten most powerful personalities in shipping in 2014.
Early and personal life
Born on 10 May 1944 to a welder and his spouse, Fredriksen was raised in the eastern Oslo district of Etterstad.
He is a widower with twin daughters born in 1983: Cecilie and Kathrine Astrup Fredriksen. His late spouse, dentist Inger Astrup Fredriksen (deceased 2006), belonged to the distinguished Astrup family of Norway; her father was a professor of psychiatry, and her great-uncle was the painter Nikolai Astrup.
Business
Fredriksen started his career trading oil during the 1960s from Beirut, Lebanon, before purchasing his initial tankers in the following decade. He amassed considerable wealth throughout the 1980s Iran–Iraq War by transporting oil under dangerous conditions for high returns. Subsequently, he emerged as the largest tanker owner worldwide, commanding over seventy vessels along with substantial investments in oil drilling platforms and aquaculture. His fleet is known for utilizing expensive double-hulled tankers designed for enhanced environmental protection.
In 2006, Seadrill acquired a controlling interest exceeding 50% in Smedvig, obtaining 51.24% of voting rights and 52.27% of capital, marking Fredriksen's most significant transaction to date. By 2009, after Noble Corp divested its holdings, Seadrill achieved full ownership. Additionally, Fredriksen has held majority ownership of Vålerenga I.F. for numerous years.
Fortune
The Sunday Times Rich List documented Fredriksen's net worth as £475 million (2003), £1.05 billion (2004), £1.89 billion (2005), and £8.31 billion (2023). In 2012, he and his family ranked as Britain's ninth wealthiest with a combined fortune of £6.6 billion. His real estate holdings include properties across London, Oslo, Cyprus, and Marbella, Spain. His London home at The Old Rectory carries an estimated value near US$172 million. Furthermore, he is an avid collector of classic Norwegian artwork.
Philanthropy
Fredriksen has contributed substantial funds to medical research in Norway, including donations amounting to several hundred million Norwegian kroner to support studies at The Radium Hospital.
Gard case
In 1985, the Norwegian insurance company Gard raised concerns about cargo losses involving Fredriksen's tankers, which led to a private inquiry revealing the use of heavy oil as bunker fuel. The investigation was subsequently transferred to Norwegian law enforcement, resulting in a 1986 raid on Fredriksen's offices in Oslo and the temporary detention of Fredriksen and his associates.
Following prolonged legal proceedings, the dispute was resolved through an out-of-court agreement. Fredriksen agreed to pay a fine of 2 million NOK for risking the safety of crew members and provided Gard with compensation exceeding US$800,000.