Solstad Maritime’s stock surged by more than 50% this month. On Friday, investor Celina Midelfart confirmed she has raised her ownership stake in the company. Her investment firm now holds a 4.9% share in Solstad, up from 3.2% last quarter. The move follows a strong performance in Solstad’s shares, which have benefited from rising demand in the offshore vessel market.
Midelfart’s investment vehicle, Midelfart Capital, disclosed the purchase in a filing to the Oslo Stock Exchange on Friday evening. The acquisition was made at prices between 42 and 44 Norwegian kroner per share. Solstad’s stock closed at 45.8 kroner on Friday, after peaking at 47 kroner earlier in the week.
The offshore sector has seen a recovery this year as oil companies increase spending on exploration and production. Solstad operates a fleet of specialized vessels, including subsea construction ships and anchor handlers. The company reported a net profit of 1.2 billion kroner in the first half of 2024, compared to a loss of 800 million kroner in the same period last year.
Midelfart, known for her long-term investments in Norwegian industry, has previously held stakes in companies like Telenor and Aker Solutions. Her latest move in Solstad signals confidence in the offshore sector’s outlook. Analysts at DNB Markets called the investment a vote of trust in Solstad’s management and strategy.
The stock’s recent gains have made Solstad one of the best performers on the Oslo Børs this year. The company’s order book stands at 14 billion kroner, with contracts extending into 2027. Midelfart’s increased position now makes her one of the top individual shareholders in Solstad.
Source: e24.no