Offshore Activity

Solstad Farstad goes live as trio finalizes merger

Norway on Thursday got a new OSV player after Solstad Offshore, Farstad Shipping and Deep Sea Supply merged into one new company named Solstad Farstad. 

With the completion of the merger transactions announced on February 6, Wednesday marked the effective conception of the world’s largest offshore service vessel (OSV) company, Solstad Farstad.

The new company has a fleet of 152 OSVs of which 33 are CSVs, 64 PSVs and 55 AHTS. It is active in all key offshore regions and will operate out of Skudeneshavn, Norway, with offices in Australia, Brazil, Singapore, Philippines, Scotland, Cyprus and Ukraine.

As reported earlier this week, the new company started trading on the Oslo Stock Exchange on Thursday, June 22.

The transactions which have been completed on Wednesday include the mergers between Farstad Shipping and Solship Invest 2 with the latter as the surviving entity and with settlement in shares in Solstad Offshore (SOFF, now renamed Solstad Farstad); Deep Sea Supply and Solship Sub with the latter as the surviving entity; and Solship Sub and Solship Invest 3 with the latter as the surviving entity.

Lars Peder Solstad, CEO of Solstad Farstad, said: “We operate in a tough market. As a merged company, we are stronger and better positioned to meet the challenges and opportunities that the market offers. With the merger, we can exploit economies of scale. We can take advantage of synergies through a larger fleet, our combined expertise and experience and ensure profitable operations in the future.”

The new company has appointed Anders Hall Jomaas to the position of chief financial officer. Jomaas comes from the position as CFO in Deep Sea Supply, a position he has held since 2010.

Offshore Energy Today Staff

Categories: Offshore Activity

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