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    Solstad/Rem merger completed

    Company News // December 9, 2016

    The merger between Rem Offshore and Solship Invest 1 AS, a wholly-owned subsidiary of Solstad Offshore, was completed on 9 December.

    In a statement, the companies said the deal "contributes to the much needed consolidation" of the offshore support vessel (OSV) industry. It creates a modern, high-end fleet of 61 vessels including 26 construction support vessels, 16 anchor handlers and 19 PSVs and will enable cost synergies to be realised, they said.

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

    The merger was approved by the shareholders in REM, Solship Invest and Solstad Offshore on 10 October 2016.

    With the registration of the merger, the resolution to elect Inger-Marie Sperre as a new member of the Board of Directors of Solstad Offshore has been effected. The Board of Directors of Solstad Offshore now consists of: Terje Vareberg (chairman), Toril Eidesvik, Anders Onarheim, Ellen Solstad, Frank O Reite and Inger-Marie Sperre. Mr Reite is Aker ASA’s chief financial officer. Ellen Solstad is a member of the Solstad family who, through her related companies, holds shares in Solstad Offshore.

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