The three OSV companies first announced the proposed merger plan in early February this year, with the merged entity now claiming to be the world’s largest OSV firm with a combined fleet of 152 OSVs of which 33 are construction support vessels, 64 are PSVs and 55 AHTS vessels.
“Over the last few months, the three organizations have worked together on the closing process and prepared the important integration process. Now, the real work starts as we need to extract the cost and revenue synergies identified,” said Lars Peder Solstad, ceo of Solstad Farstad, which will operate out of Skudeneshavn, Norway.
As a result of the completion of the merger, Farstad Shipping and Deep Sea Supply have been dissolved and removed from listing on the Oslo Stock Exchange, while the former Solstad Offshore which became the parent firm and renamed to Solstad Farstad will see its first day of trading of the new shares on 22 June.
The merger came amid the ongoing severe downturn of the offshore marine sector marked by excessive tonnage supply and lacklustre demand on the back of reduced offshore oil and gas production and exploration activities.
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