Aker comes onboard as Solstad Offshore completes refinancing planNews // June 8, 2016
Solstad Offshore has completed what it describes a 'comprehensive new financing plan' and has, together with Aker ASA and with support from its banks and bondholders, developed a plan to strengthen the company’s balance sheet. “The new plan will enable Solstad to withstand the downturn in the market and to contribute to the consolidation of the fragmented offshore service vessel industry,” said the company.
Solstad chief executive Lars Peder Solstad said: “The combination of Solstad’s operational experience, high quality fleet and global network together with Aker’s industrial expertise, business development focus and financial strength will provide a powerful platform for further development of the company.”
Aker will, through an injection of NKr250 million (US$30.5 million) in new equity become a significant shareholder in the company. It will also provide an additional NKr250 million in the form of a subordinated convertible loan that can be converted into new shares in Solstad. The other shareholders in the company will be invited to participate in an offering of new equity of up to NKr75 million in which the Solstad family (comprising Solstad Invest AS, Soff Holding AS and Ivan II AS) has committed to participate with its pro rata share.
Under the terms of the deal, Aker may form a new entity with Solstad and, if it does so, the new entity "will participate in the consolidation of the offshore service vessel industry."