In 1976, the founder Sigval Bergesen d.y. retired at 83 years of age. Management was handed over to his two grandchildren, Petter C.G. Sundt and Morten Sig. Bergesen. When Sigval Bergesen d.y. passed away on 7 May 1980, a long and brilliant shipping career had come to an end. Bergesen entered a new business segment in 1978; the transportation of gas. Another Norwegian shipowner, Fearnley & Eger, had ordered six LPG (liquefied petroleum gases) vessels of 75,000 cbm. Fearnley & Eger had to cancel the contracts due to financial difficulties, and Bergesen took the opportunity to take over the vessels. These transactions created the basis for Bergesen's strong position in the gas market today. Early in 1984, Bergesen bought a 65 per cent interest in two large LPG carriers, Berge Arrow and Berge Eagle, and took over their management. The sister vessel Berge Sword was purchased in 1988. While low oil prices led to higher volumes being sold, thus increasing the demand for tonnage, freight rates hardly covered the operational costs. The LPG market, however, was much more interesting. Shipments from the Arabian Gulf to the USA grew, causing the rates to increase as well. Thus, the company was in a strong position to fix a number of vessels for long periods at favourable rates. By the end of the 1980s, Bergesen had become a major operator of large LPG carriers. More tonnage was acquired, sold and contracted, and in 1996 Bergesen merged with the gas carrier company Havtor ASA, a medium-sized carrier company with roots in the 1960's. With this additional tonnage the Bergesen fleet counted more than 100 vessels. The company was now a dominant player in the markets for both crude oil and gas transportation.
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