Saga Tankers Announces Organizational Changes

Leadership changes announced today as part of the company’s plans to scale down activities.

Oslo based oil tanker operator, Saga Tankers ASA, announced in early November that they would be winding down the company’s activities. The market value of its tankers had fallen and was continuing to fall, leading to the company to collect several breach of clauses in loan agreements. Without cash to make up for the loss in value, Saga sold four VLCC’s for $101 million.

Today the company announced that as part of their “plan to scale down” activities, the current CEO Mr. Jon Christian Syvertsen had resigned and would being leaving his position in 6 months on June 30, 2012. Mr. Fredrik Platou, the company’s current CFO, would take over the role of both CEO and CFO.

Mr. Platou is a former member of Arne Blystad AS and the Blystad Group, where he was an investment manager, board member and responsible for shipping investments.
In addition to the organizational changes, the company plans to limit outsourcing agreements in the first two quarters of 2012 to reflect the reduced activities and to cut overhead costs.

According to the company’s site, the current fleet consists of only the SAGA AGNES a 299,088 dwt. Tanker.