The consolidation of Norwegian OSV giants Deep Sea Supply, Farstad Shipping and Solstad Shipping is expected to be completed during the first half of 2017.
According to an announcement made by the companies, the proposal for the merger is being finalised and each board of directors shall resolve on the merger proposal and the statutory merger plan by the end of March.
Amid the challenging market situation in the OSV sector, the three companies reached consensus in February on a restructuring plan, which would create one of the offshore fleets with Solstad Shipping as the lead stakeholder. The new company will be called Solstad Farstad.
A successful completion of the combination would create the largest company in the high-end global OSV sector with a fleet of 154 vessels.
