Offshore vessel owners REM, Solstad complete merger

The previously announced merger between offshore vessel owners REM Offshore and Solstad’s Solship Invest has been completed.

The merger between the two Norwegian companies was registered in the Norwegian Register of Business Enterprises on Friday, December 9, 2016.

The merged company will have a fleet of 61 offshore vessels, consisting of construction support vessels, anchor handlers, and platform suppliers. At the end of the third quarter 2016, REM Offshore had 18 vessels in its fleet: six CSVs, 11 PSVs and one OCV.

According to Solstad, the merger will contribute to the “much needed” consolidation of the fragmented OSV industry.

“Since the announcement of the merger the OSV market has continued to be weak strengthening the rationale for creating larger and more robust entities,” says Lars Peder Solstad, CEO of Solstad Offshore.

Under the deal, the assets, rights and liabilities of REM are transferred in full to Solship, and REM will be dissolved and removed from listing on Oslo Axess.

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