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Frederik Mohn, Chairman of Songa Offshore

Songa Offshore has been fined $167.4 million by Norway’s Okokrim financial crime unit for a breach of insider trading rules in connection the sale of a rig to Seadrill.

Major Songa shareholder Frederik Mohn is alleged to have been informed of talks with Seadrill to sell the Songa Eclipse, an ultra-deepwater semi-submersible, four days before a public statement was was made in October 2012.

After the public statement, share price rose for Songa, and Oslo listed company.

Seadrill completed the $590 million rig acquisition in early 2013.

Mohn holds a 49.37% stake in Songa