Deep Sea Supply, Farstad Shipping and Solstad Offshore plan to close merger in first half of 2017

By Curious

A proposed merger between three Norwegian offshore supply vessel providers, Deep Sea Supply, Farstad Shipping, and Solstad Offshore, is on track to be completed during the first half of this year.

Deep Sea Supply, Farstad Shipping and Solstad Offshore plan to close merger in first half of 2017

Offshore Tug/Supply Ship Sea Tiger - Image courtesy of Deep Sea Supply

According to a joint statement on Monday by the three companies, they are finalizing the proposal for the merger and plan that their board of directors will resolve on the merger proposal and the statutory merger plan by the end of March 2017.

Subject to agreement on final transaction documentation and other closing conditions, the proposed combination is expected to be completed during the first half of 2017, the statement further said.

The new combined company will have a fleet of 154 vessels which will include 33 CSV, 66 PSVs, and 55 AHTS vessels.

Together with the plan for the merger in early February, Farstad’s stakeholders also agreed a plan for the company’s financial restructuring, which was not dependent on the combination being complete. Conditions for completion of Farstad’s restructuring were fulfilled and the restructuring was completed on March 9.

Source: Offshore Energy Today