Solstad Farstad Sells 2010-Built AHTS to DOF

Offshore service vessel giant Solstad Farstad has sold off its first vessel since its formation last month following the mega-merger of three leading OSV companies in Norway.

The vessel, the 2010-built Far Shogun, an anchor handling tug (AHTS), was sold by Farstad Supply AS, a wholly owned subsidiary of Solstad Farstad ASA, to a DOF Group. Delivery of the vessel to its new owner took place on Thursday, at which point it was renamed Skandi Bergen.

“This agreement reflects the challenging market conditions, but we see it again as a vote of confidence in our global organization to be asked to manage and operate this vessel,” said DOF CEO Mons S. Aase.

Solstad Farstad said the sale of the vessel will result in an immaterial accounting effect for 3Q 2017. 
 
Solstad Farstad was formed on June 21, 2017 through the merger of Norwegian companies Farstad Shipping, Deep Sea Supply and Solstad Offshore. With a fleet of 152 OSVs, the new company is the world’s largest high-end offshore service vessel company.

On Friday, Solstad Farstad also announced that Hemen Holding Limited, the holding company indirectly controlled by trusts established by billionaire shipping magnate John Fredriksen for the benefit of his immediate family, up its stake in Solstad Farstad to 17.2 % of the shares and votes. Upon completion of the merger in June, Hemen Holding held 16.1% of shares.