Billionaire Roekke Forces New Merger in Norway Oil Industry

Solstad Offshore ASA, a supply vessel company controlled by Kjell Inge Roekke, will merge with rival Rem Offshore ASA in the latest deal orchestrated by the Norwegian billionaire to take advantage of the collapse in crude prices.

Aker ASA, Roekke’s holding company, last week blocked a Rem restructuring plan through a stake in the company’s bonds. Aker, which in June decided to invest 500 million kroner ($59 million) in Solstad’s refinancing, said on July 19 that Rem needs to participate in industry consolidation and that it would seek a solution for it together with Solstad.

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