Norwegian OSV Mega-Merger Completed

The world's largest high-end offshore service vessel company was created Wednesday with the completion of the mergers involving former Norwegian offshore shipping companies Farstad Shipping, Deep Sea Supply and Solstad Offshore, with the latter being the surviving entity. The new company, named Solstad Farstad ASA, will operate out of Skudeneshavn, Norway with a fleet of 152 … [Read more...]

Norway’s Farstad, Solstad, and Deep Sea Supply to Merge, Creating Offshore Supply Vessel Giant

By Gwladys Fouche and Jonathan Saul OSLO/LONDON, Feb 6 (Reuters) - The pace of consolidation in the crisis-hit shipping industry accelerated on Monday after three of Norway's biggest offshore oil industry service vessel (OSV) operators announced plans to merge to create one of the biggest fleets in the sector. Shipping tycoon John Fredriksen and Norwegian billionaire … [Read more...]

Deep Sea Supply: 10 Vessels Laid Up and More to Come

Deep Sea Supply, the Norwegian PSV and AHTS owner controlled by billionaire John Fredriksen, says it now has 10 vessels in lay-up and more are expected with still no signs of market recovery in the short to mid-term. The lay-ups were announced in the company's third quarter financials report released Friday. In 3Q 2015, the company reported consolidated revenues of US$33.6 … [Read more...]

Deep Sea Supply Wins Long Term PSV Charters

Norwegian offshore supply vessel operator Deep Sea Supply reports today two of their 2014-built platform supply vessels,  Sea Tortuga and Sea Triumph, have signed long term bareboat charter contracts with an undisclosed oil major. The ships will be operating in Australian waters for at least 18 months with an 18 month extension option beginning in late March 2015. The Sea … [Read more...]

Deep Sea Supply Considers Order for 10 New PSVs

Deep Sea Supply, a Cyprus-based offshore supply vessel operator, announced in an exchange filing today plans to potentially order up to 10 new platform supply vessels. They note that discussions surrounding the deal are currently underway with PSV Holding Inc, a company affiliated with Hemen Holding. For Deep Sea Supply, they appear ripe for expansion considering a very … [Read more...]