OSV trio merger plans approved

Merger plans for the Norwegian offshore supply vessel trio, Solstad Offshore, Farstad Shipping and Deep Sea Supply, have been approved by the companies’ respective boards. 

The merger that will create Solstad Farstad, a new OSV player in Norway with a fleet of 154 vessels, was first announced on February 6, 2017.

Earlier in March, the companies said the merger was on track to be completed during the first half of this year.

On Friday, the trio said in a joint statement on the Oslo Stock Exchange that the statutory plans have been approved and signed by the boards of the three companies and relevant subsidiaries, into which Farstad and Deep Sea Supply will be merged.

According to the statement, Aker Capital AS, a subsidiary of Aker ASA, will hold shares representing 20.1 % of the shares and votes, and Ocean Yield, a subsidiary of Aker, will hold shares representing 3 % of the shares and votes. The total holding of Aker and Ocean Yield will therefore represent 23.1 % of the shares and votes.

Further, Hemen Holding Limited will hold shares representing 16.1 % of the shares and votes and the Solstad family will, through its related companies SOFF Invest AS and Ivan II AS, hold shares representing approximately 7.2 % of the shares and votes.

On a consolidated basis, the Farstad family will hold a total of shares representing a consolidated holding of 1.5 % of the shares and votes.

Ellen Solstad and Lars Peder Solstad of the Solstad family, who through their related companies hold shares in Solstad Offshore, are a member of the board of directors and the Chief Executive Officer, respectively, of Solstad Offshore.

Lars Peder Solstad said: “Now we will focus on the important work with the integration process.”

Frank Ove Reite, CFO of Aker ASA, is a member of the board of directors of Solstad Offshore. Audun Stensvold, Investment Director of Aker ASA, is a member of the board of directors of Farstad Shipping.

Offshore Energy Today Staff

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