Svein Moxnes Harfjeld and Trygve P. Munthe co-ceos of NYSE-listed VLCC owner have moved from Oslo to Singapore.
Explaining the change in location DHT said: “The relocation follows changes in the tax law in Norway from 2019 for tax residency of companies formed outside of Norway. The new legislation takes into account the place of daily management as well as the place of management and control on board level.”
The company’s tax residency will remain in Bermuda.
Harjfeld is no stranger to living and working Singapore having previously held the post of ceo of BW Offshore and senior management positions at Andhika Maritime.
The company said Singapore would hold senior management, chartering, operations, newbuilding supervision and technical management while its office in Norway would retain functions within finance, accounting, investor relations, chartering and operation. All but three of DHT’s vessels are managed by Singapore-based Goodwood Shipmanagement, a company it holds a 50% stake in.
Singapore-headquartered BW Group is the largest shareholder in DHT.