The Nasdaq-listed company said it had started a sale of 27.82m shares owned by chairman Fredriksen’s private World Shipholding company.
This would reduce his stake from 36.2% to 6.4%, or 1.9% if underwriters take up an option to buy 4.17m more shares.
The company expects Fredriksen to leave the board of directors depending on the result of the sale, with former BG chief executive Sir Frank Chapman lined up as a replacement.
The
