Arcadia, the energy trader owned by billionaire John Fredriksen, is shutting its offices in Dubai and Switzerland, said three people with knowledge of the plans.
Some staff from the Swiss office in Nyon will be relocated to London and Singapore, according to the people, who asked not to be identified because they aren’t authorized to speak to the media. Arcadia has appointed Paul Adams as chief executive officer, replacing Peter Bosworth, the people said. Reuters reported Bosworth’s departure on March 28. Nobody responded to four phone calls and three e-mails to Arcadia’s London office or three calls to officials in Singapore.
Arcadia also has offices in London, Brisbane, Cyprus and Rancho Santa Fe, California, according to its website. The group trades and markets crude and oil products.
Arcadia was bought by Farahead Holdings Ltd. in 2006 from Japan’s Mitsui & Co., according to the company’s website. Farahead is indirectly controlled by trusts set up by Fredriksen.