Aker, a firm run by Kjell Inge Rokke, has come to the rescue of Solstad Offshore, pumping in $62m to the OSV player and becoming a substantial shareholder in the process.
The move would “contribute to the consolidation of the fragmented offshore service vessel industry,” Solstad said in a release today.
Aker is giving Solstad NOK250m ($31m) in new equity as well as proving an additional NOK250m in the form of a subordinated convertible loan that can be converted into new shares in the company. The other shareholders of the company will be invited to participate in a subsequent offering of new equity of up to NOK75m in which the Solstad family has committed to participate with its pro rata share. Aker is set to own 31% of Solstad once all the transactions go through.
Lars Peder Solstad, CEO of Solstad, commented: “The combination of Solstad’s operational experience, high quality fleet and global network together with Aker’s industrial expertise, business development focus and financial strength will provide a powerful platform for further development of the company.”
