We are Umoe

Umoe’s growth is built on a countercyclical model of investment and development of companies over the long term. It is our aim to capitalize on shifts in economic structure, and we are not afraid to take risks in this context.

The Umoe Culture

We believe strongly in individual responsibility and consequently operate a lean, agile and responsive organization. We accept that in an aggressive organization mistakes will occur, although we will not tolerate poor performance resulting from decisions based on emotions, as opposed to facts. Equally, we share profits with those who create them and reward performance well. Although we are a privately owned company, we believe that the discipline of a high quality board is essential to effective management.

Umoe, including its subsidiaries and employees, will always act in an ethical, sustainable and socially responsible manner. Our Business Ethics Standards set out ethical guidelines for employees and partners considering human rights, employee rights and social conditions. Click to download Umoe’s Business Ethics Standards.


Board of Directors

  • Jens Ulltveit-Moe portrait

    Jens Ulltveit-Moe

    Jens Ulltveit-Moe is the group's founder and Chairman of the board. On completing his education he was a consultant with McKinsey in New York and London, before developing the oil tanker division of the SHV group in the Netherlands. He headed the turnaround of the shipping company Knut Knutsen OAS from 1980. In 1984 he established Umoe AS, and has since expanded the group to create one of Norway's largest privately owned companies. He plays an active role in Norwegian society and is a former president of both the Norwegian Shipowners' Association and the Confederation of Norwegian Enterprise. He is elected Chairman of the Board of Cicero and serves as a member of the Board of Directors of Environmental Defense Fund Ltd. Europe.

    He holds a Master's degree in Business and Economics from the Norwegian School of Economics and Business Administration (NHH) and a Master's degree in International Affairs from Colombia University.

    Jens Ulltveit-Moe is Chariman of the board.

  • Harald Norvik portrait

    Harald Norvik

    Harald Norvik has contributed widely to Norwegian society and industry, and has a strong background in politics and public enterprises. He was CEO of Statoil 1987-1999 and before that CFO of the Aker Group, after serving as state secretary to the Norwegian prime minister. He has served as chairman of Telenor and as a member of the board of the publisher Aschehoug. In addition to his membership of the Umoe board, he currently serves at the main board of Conoco Phillips and the seismic company PGS.

    He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business Administration (NHH).

  • Johan Fr. Odfjell portrait

    Johan Fr. Odfjell

    Johan Fr. Odfjell is a senior executive in both industry and finance. He has been a senior manager at Skandia, the leading insurance company in Scandinavia, CEO of Vesta and chairman of numerous companies including Orkla, Norges Handels of Sjøfartstidende, NERA as, Amersham Nycomed; IF skadeforsikring og Star Shippingvice, chairman of Det Norske Veritas, and member of the boards of The National Theater and the Center for Economic Research at NHH. He was elected to the board of UMOE in 2000 and was chairman from 2003 to 2019

    He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business Administration (NHH) and an MBA from Harvard Business School.

  • Christian Rynning-Tønnesen portrait

    Christian Rynning-Tønnesen

    Christian Rynning-Tønnesen, born 1959, has been CEO of Statkraft since 2010. Previously, he was CEO of Norske Skog from 2006 to 2010, and Executive Vice President of Finance and Economics of Norske Skog 2005-2006. Rynning-Tønnesen held a number of senior positions in Statkraft from 1992 to 2005. Prior to that he was a consultant and energy specialist in McKinsey Norway 1989-1992, as well as an analyst and product coordinator in Esso Norway 1985-1989, and researcher at SINTEF 1984-1985.

    Rynning-Tønnesen graduated with a degree in civil engineering from the Norwegian University of Science and Technology (NTNU).

  • ​Erik Sauar portrait

    ​Erik Sauar

    Erik Sauar is an experienced international executive and company founder with a long track record in taking products and innovation from the initial concept phase through technology development, organizational development and to the market. He was founder of a distributed solar company that later merged with others to form REC. He was thereafter CTO of REC from 2001-2012, taking part in growing the company from scratch to nearly 2 bn $ revenue. He has thereafter been actively investing in and contributing to developing several successful start-ups, primarily in the clean technology space. Erik Sauar serves as a Board member of Zero, Differ, Cenate, Fosera and Radionor and also serves/has served on the board of two of the world’s leading solar research institutions.

    Sauar holds a MSc. in Chemical Engineering, an MA in Anthropology and a Dr.techn degree in Physical Chemistry and is the inventor of more than 35 patents.

  • Ragnhild Kierulf Ulltveit-Moe portrait

    Ragnhild Kierulf Ulltveit-Moe

    Ragnhild Ulltveit-Moe was elected to the board in 2001. She has worked for the United Nations Development Programme in China, for Umoe Bioenergy from 2009 to 2011 and for Umoe Restaurants, from 2012 to 2013.

    She holds a Bachelor’s degree from the University of Bergen and the Norwegian School of Economics and Business Administration (NHH), and a Master’s degree from the London School of Economics (LSE).


  • Jarle Roth portrait

    Jarle Roth

    CEO Umoe Gruppen AS.
    Previous experience: CEO Arendals Fossekompani ASA, CEO Export Credit Norway, CEO Unitor ASA

    Current positions: Chairman of Umoe Bio Energy, Umoe Restaurants Group, Nomination Committee and Corporate Assembly Equinor, Board member Basecamp Explorer Spitsbergen

    Former Chairman of the Board Norske Skog ASA, Enova SF, Glamox AS, Powel AS, EFD Induction AS. Former board member of i.a. Kongsberg Gruppen ASA, Ekornes ASA, Multiconsult AS, Kverneland ASA, Awilco Offshore ASA, Grieg Shipping AS, Aibel AS

    Key competence: active ownership in various ownership situations, restructuring and M&A, turnarounds, strategy and portfolio development, international experience.

    Jarle Roth holds a graduate degree from Norwegian School of Economics & Business Administration.

  • ​Thomas Moe Børseth portrait

    ​Thomas Moe Børseth

    Thomas Moe Børseth is Executive Vice President. He works primarily with renewables and clean tech, serving as chairman of Umoe Advanced Composites, and as a board member of Ocean Sun. He also sits on the board of Burger King Scandinavia. Before joining Umoe in 2013, he was a management consultant at McKinsey & Company from 2006 to 2012.

    He holds a PhD in physics from the University of Oslo and a Master of Science in applied physics from INSA Toulouse.

  • Knud Dalaker portrait

    Knud Dalaker

    Knud Dalaker is Chief Accountant at Umoe. He joined Umoe in 2000 and has held various positions in the company's finance and accounting department. Before joining Umoe, he worked as controller in Color Air/Color Group, from 1998 to 2000, and as auditor in Arthur Andersen & Co, from 1992 to 1998. He is on the board of the majority of Umoe's real-estate companies, as well as the Kagra Group.

    Professional qualifications include Handelhøyskolen BI and Certified Public Auditor from the Norwegian School of Economics and Business Administration (NHH).

  • Rasmus C. Evrin portrait

    Rasmus C. Evrin

    Rasmus C. Evrin is the Finance Director at Umoe AS and CEO of Umoe Wind. Prior to joining the Umoe Group in 2013 he was founder and CEO of Sharpe Investment Partners, the holding company of Forvaltningshuset – a spin-off from Formuesforvaltning. Evrin has also served as Finance Manager within the IT and e-backed venture industry.

    Evrin holds a Master’s degree in Business and Economics from the Norwegian School of Management.

  • Jørgen Fjeldstad  portrait

    Jørgen Fjeldstad

    Jørgen Fjeldstad is the group Chief Legal Counsel. He holds board positions in a number of the Umoe Group subsidiaries. Prior to joining the Umoe Group in 2008 he was a senior lawyer at BAHR. He has also worked as a lawyer for Thommessen, and advisor at the Ministry of Petroleum and Energy and as an assistant judge for Larvik District Court. He holds a Cand. Jur. degree from the University of Oslo and is a licensed lawyer.

  • Ole Jacob Ræstad portrait

    Ole Jacob Ræstad

    Ole Jacob Ræstad is CEO of Umoe Gas Carriers and CFO of Knutsen OAS Shipping. He also holds board positions in a number of the Knutsen Group subsidiaries, including posts in Japan and Australia. Previous positions include Leif Høegh & Co and Harding Safety. He has since worked as CFO of shipping interests for Umoe and Knutsen. In his capacity as CFO of the Knutsen Group he has financed close to 50 vessels with a total value of more than 5 billion USD.

    He holds a Master’s degree in Business and Economics from the Norwegian School of Economics and Business Administration.