relinquishing his holdings in Bermuda-registered Naess Maritime (Overseas) Ltd., the company's vice president confirmed yesterday.

Naess Maritime, a privately-held company managed by Bermuda company Consolidated Management Ltd., is now a subsidiary of 2000 Corp., a Swiss company controlled by the Herrod family, said Mr. John Epps.

2000 Corp., which prior to the offer held 63.75 percent of Naess Maritime, made a tender offer on September 18 for the outstanding 36.25 percent of the company.

The offer was officially accepted by Mr. Naess on October 9, Mr. Epps said.

Mr. Naess held a majority of the 36.25 percent while other minority shareholders followed Mr. Naess' acceptance, he said.

Financial details of the offer were not released.

"The offer was successful. Mr. Naess led the acceptance by tendering the shares he controlled,'' Mr. Epps, who is also the president of Consolidated Management, said.

Consolidated Management's offices are at located at 14 Par-La-Ville Road in Hamilton.

The movement in share holdings was "harmonious'', he added.

Following his acceptance of the offer, Mr. Naess resigned as company chairman, a position he held since the company was formed in 1989, but he remains a director and will act as consultant to the board of Naess Maritime to ensure a "smooth transition,'' said Mr. Epps.

Mr. Brian Stevenson, current president and CEO of Naess Maritime, now assumes the chairmanship.

The Herrod family, which owns and operates cruise ships, perhaps the best known the Marco Polo which travels the Mediterranean and to Antarctic waters, has moved to diversify its ship holdings, said Mr. Epps.

Naess Maritime, through joint ventures, operates three chemical carriers, one VLCC and a product carrier.

Mr. Naess, whose shipping career spans several years, is the husband of singer Ms Diana Ross.

Bermuda-resident Mr. Michael Naess, a cousin of Mr. Arne Naess, is the chairman of shipping company Arethusa (Off-Shore) Ltd.

Mr. Naess said yesterday there have been no new developments in connection with a recent announcement that the company was looking at future options, one of which is selling the oil rig service and shipping company.