Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger
Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017.
The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged.
Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration.
Each of Solstad, Farstad and DESSC will immediately after this release also issue a separate release which will contain the relevant technical details on the mergers.
Ellen Solstad and Lars Peder Solstad of the Solstad family, who through their related companies hold shares in Solstad Offshore ASA, are a member of the board of directors and the Chief Executive Officer, respectively, of Solstad Offshore ASA.
Ove Reite, CFO of Aker ASA, is a member of the board of directors of Solstad Offshore ASA. Audun Stensvold, Investment Director of Aker ASA, is a member of the board of directors of Farstad Shipping ASA.