died while on business in Tokyo, Lloyd's List reported on Tuesday.

Mr. Smadal, 56, oversaw the spin-off of Bona from parent company Leif Hoegh, and later engineered the takeover of fellow Bermuda company Smedvig Tankships.

Bona is expected to hold a board meeting next week to look into the question of a successor.

Mr. Smadal oversaw Bona's stock market flotation in 1993, which raised $99 milion and was used to purchase vessels, including new ships.

In 1995, Bona launched its "midnight takeover'' of Smedvig. In the nine months to the end of October, the company made $60.1 million, up from $36.2 million in 1995.