several other Norwegian shipping entities by setting up a Bermuda-based company.

The family-owned business, after recently setting up 85-percent-owned Rosshavet, transferred its three suezmax tankers Jane Stove , Johs Stove and Mary Stove to the new company.

Bona Shipholding, First Olsen Tankers and Smedvig Tankships are other Norwegian businesses that have set up companies in Bermuda, said Lloyd's List.

Setting up the company in Bermuda will give the group flexibility if it chooses to sell or expand its interests, said Lorentzen president Mr. Aage Thon.