Neste Oil's restructuring of its shipping business now essentially completed

Neste Oil's restructuring of its shipping business now essentially completed

Neste Oil has completed the arrangements to sell its key vessels to companies owned by Finland’s National Emergency Supply Agency and Ilmarinen and outsource its ship management functions to OSM Ship Management Finland Oy. Neste Shipping’s chartering operations will continue as part of the Neste Oil organization.
The ownership of the five tankers and the three tugs in question transferred to the new owners on 29 April. Neste Oil has chartered the ships back on long-term contracts. A new company, Navidom Oy – jointly owned by Neste Oil, the National Emergency Supply Agency, and Ilmarinen – has been set up to manage and administer the vessel assets.
As part of the restructuring of the business, Neste Oil has outsourced the ship management functions of all its ships to OSM Ship Management Finland Oy, a Finnish subsidiary of OSM Group AS of Norway. A total of 302 sea- and land-based Neste Shipping personnel transferred to the subsidiary as existing employees on 29 April under the outsourcing transaction.
Neste Oil plans to sell the Tempera, Purha, Jurmo, and Stena Arctica at a later date.
The restructuring of Neste Shipping’s operations is based on Neste Oil’s desire to reinforce its focus on developing its core cleaner traffic solutions-related business. The decision to restructure the shipping business was announced in detail in a Stock Exchange Release issued on 19 September 2013.
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Source: Neste Oil Corporation

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