Business: The Norse Raider

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While becoming one of Norway's richest men, self-made Shipping Magnate Hilmar Reksten, 75, made more than his share of business enemies. Even two of his children sued him in disputes over money. He was luckier in his two marriages to rich women, who helped to tide him over in tough times. Reksten amassed a fleet of 15 ships, 2.3 million deadweight tons, and the recent boom in tanker rates has greatly enhanced his multimillion-dollar fortune. At times, he can even let his ships lie idle while waiting for rates to go still higher.

Lately the Norseman has hit American shores. He began by maneuvering to buy Zapata Naess, the shipping branch of Houston's big, diversified Zapata Corp.−and management resisted. Then Reksten offered to buy control of the entire corporation from shareholders; to prevent that, Zapata management caved in and agreed to sell the shipping branch. Last week a Reksten-dominated company joined with London's P & O Steam Navigation Co. to buy Zapata Naess for $208 million in cash and notes.

Zapata Corp.'s shipping operations netted half of its $29.5 million gross profit last year. The deal gives Reksten many more ships to move around on the high seas; Zapata Naess has 37 ships−mostly tankers and bulk carriers−totaling 2.3 million deadweight tons. With demand rising for oil−and the tankers that carry it−the old Norseman stands to make a new fortune.