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    Solstad Offshore takes control of NOR Offshore

    Company News // April 7, 2011

    Solstad Offshore (SOFF) has entered into agreement with NOR Offshore’s other shareholder, Nortrans Invest Pte Ltd, to acquire their 40.9 per cent ownership share in NOR.

    After the transaction, Solstad will own all of the share capital in NOR.

    The transaction is expected to be completed April 14th 2011, with settlement in cash (40 per cent of purchase price) and shares in SOFF (60 per cent of purchase price).

    The purchase price is being determined through negotiations between the two parities in addition to an independent third party valuation. 

    NOR currently operates seven AHTSs and two CSVs. Two of the AHTS vessels are chartered in on bareboat contracts, with purchase options. The main marked for the NOR fleet is Asia and Australia, where six of the nine vessels currently operate.

    NOR also owns a Derrick Lay Barge (DLB) which recently was completed at Keppel in Singapore. The DLB is now on sea-trials.

    Solstad said it views the future market prospects in Asia and Australia as "good with increasing offshore activity in the coming years."

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