Norwegian supply ship merger completedNews // June 22, 2017
Today (22 June 2017) marks the completion of the merger of Farstad, Solstad and Deep Sea Supply.
The new entity, Solstad Farstad, has a fleet of 152 OSVs of which 33 are construction support vessels, 64 PSVs and 55 AHTS. The company is active in all key offshore regions and will operate out of Skudeneshavn, Norway.
"Today marks the beginning of a new company based on the proud heritage of three leading OSV companies. Over the last few months, the three organizations have worked together on the closing process and prepared the important integration process. I want to use the opportunity to thank everyone who has been involved and put in a lot of effort over the last months. Now, the real work starts as we need to extract the cost and revenue synergies identified", said Lars Peder Solstad, CEO of Solstad Farstad.
The transactions which have now been completed include mergers between: Farstad Shipping and Solship Invest 2 AS with the latter as the surviving entity and with settlement in shares in Solstad Offshore (now renamed Solstad Farstad); Deep Sea Supply Plc and Solship Sub AS with the latter as the surviving entity; and Solship Sub AS and Solship Invest 3 AS with the latter as the surviving entity and with settlement in Solstad Offshore shares.
Completion of the mergers was registered in the Norwegian Register of Business Enterprises after close of trading on the Oslo Stock Exchange on 21 June 2017.