Bermuda-listed and Oslo-headquartered shipping firm the Bergesen World Wide Group has secured a 10 percent stake in Norway-based offshore turret-loading expert, APL, in exchange for Bergesen stakes, it was understood Monday.

As Monday morning progessed, the two were said to be in merger talks.

Less than a year after buying a lion’s equity share in offshore production outfit, Prosafe, Bergesen has grown its Offshore brand into a floating production, liquefied natural gas and now shipborne loading offering.

Last week, Bergesen shipping rival Frontline was hurriedly incoporating its floating production storage and offloading vessels into a new Sea Production Ltd., with Seadrill’s FPSO Crystal Ocean appearing ready for sale and transfer to the new enity.

Earnings in FPSOs will "increase rapidly in the years to come", Bergesen chief exec, Svein Moxnes Harfjeld, told shareholders.