Maritime Industry Briefing: Hafnia Deepens Torm Stake, PTSC Wins Qatar Redevelopment Contract

## Hafnia Cements Position as Torm's Largest Shareholder BW Group-backed tanker owner Hafnia has significantly strengthened its foothold in Danish product tanker giant Torm, agreeing to acquire an additional 4.5 million shares for $145.1 million, according to Splash247. The transaction, priced at $32.25 per Torm A share, mirrors the price at which Oaktree-linked OCM Njord Holdings recently divested its stake — suggesting Hafnia moved swiftly to absorb the available supply and consolidate its influence. The deal lifts Hafnia's total holding in Torm to 18.22%, cementing its status as the company's single largest shareholder. The move is strategically significant in a product tanker sector that has seen considerable consolidation pressure in recent years. With both Hafnia and Torm operating large fleets of medium range (MR) and long range (LR) tankers, the deepening cross-ownership raises questions about the longer-term trajectory of the relationship between the two operators — whether as strategic partners, or as a precursor to a more formal combination. For Hafnia, the investment represents a substantial capital commitment at a time when product tanker earnings have moderated from their post-pandemic highs, signalling confidence in the sector's medium-term fundamentals. --- ## PTSC Awarded EPIC Contract for Qatar's Maydan Mahzam Redevelopment PetroVietnam Technical Services Corporation (PTSC) has secured a significant offshore engineering contract from QatarEnergy, with the award going to its wholly owned subsidiary PTSC Marine Mechanical Services, Splash247 reports. The letter of award covers an EPIC (Engineering, Procurement, Installation and Construction) package for the Maydan Mahzam field redevelopment — a large-scale project in Qatari waters that forms part of QatarEnergy's broader programme to sustain and expand production from its mature offshore fields. The scope of work includes design, procurement, and installation activities, though full contract value details have not been disclosed. The win represents a notable international milestone for PTSC, a Vietnamese state-linked technical services group that has been actively expanding its offshore project portfolio beyond Southeast Asia. Securing work directly from QatarEnergy — one of the world's most prolific upstream operators — underscores the growing competitiveness of Asian engineering and marine services contractors in the Middle East offshore market. The Maydan Mahzam field, located in the Arabian Gulf, has been in production for decades and its redevelopment is expected to extend field life and optimise recovery rates as part of Qatar's long-term energy strategy.