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Norwegian offshore trio to complete merger in first half of 2017

Norwegian offshore trio to complete merger in first half of 2017
The merger of three Norwegian OSV owners Deep Sea Supply, Farstad Shipping and Solstad Offshore is expected to be completed during the first half of this year.

The three OSV companies first announced the proposed merger plan in February this year.

“The companies are finalizing the proposal for the merger and plan that their board of directors shall 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 companies said in a joint statement.

The plan is for Solstad Offshore to be the parent company with Deep Sea Supply and Farstad to be merged as individual subsidiaries. The consolidated group will have support of Aker Capital, wholly-owned by Aker ASA, and Hemen Holding, indirectly controlled by trusts established by shipping magnate John Fredriksen.

The combined entity will create the largest company in the high-end global OSV industry with a fleet of 154 vessels, comprising of 66 PSVs, 55 AHTS vessels and 33 construction support vessels.

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