John Fredriksen has a succession plan ready, but don't expect an imminent retirement.

The shipping tycoon told Reuters that the hand-over of his multibillion empire depends on "many things".

"Like health. It may take 10 or 15 years. I have not made up my mind (on when)," he said.

His two daughters are already involved with his companies and in February he told the Financial Times he would not retire for at least three to five years.