Norwegian Billionaires Head for Showdown With Supply Creditors

By Mikael Holter (Bloomberg) -- Billionaires Kjell Inge Rokke and John Fredriksen used the oil-market downturn to force a series of mergers on Norway’s struggling offshore supply industry. Now, they’re heading for a final showdown with creditors. Solstad Offshore ASA, the company resulting from deals orchestrated by Rokke and Fredriksen, said on Monday it would start … [Read more...]

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...]

Solstad Construction Vessels Find Offshore Wind Work

Norwegian supply vessel company Solstad Offshore has entered into a contract with Dutch energy company Dong Energy Wind Power for charter of Soltad's multipurpose construction vessel (CSV) Rem Installer and a second CSV down the road. Solstad Offshore announced Friday that the contract for the Rem Installer covers a firm period of 23 months with a six-month options. A second … [Read more...]

Solstad Results Shed Light on Weak Offshore Service Market

Oil services firm Solstad Offshore, which has a fleet of 44 wholly owned or partly owned vessels, reported a drop in operating profit to NOK 98 million in Q2 compared to NOK 219 million a year ago as low oil prices continue to keep exploration and development activity in the oil and gas sector at a low level, the company reported Friday. A few highlights from their financial … [Read more...]