Lars Peder Solstad, the head of the newly combined fleets of Norwegian OSV firms Solstad, Farstad and Deep Sea Supply, has stressed the hard work starts today to ensure synergies are realised. Overnight the three companies merged to create Solstad Farstad, an OSV giant with 152 ships.
The new CEO of Solstad Farstad said in a release today: “Now, the real work starts as we need to extract the cost and revenue synergies identified.”
The nation’s biggest maritime magnates first announced this dramatic merger in February this year.
Aker tycoon Kjell Inge Røkke and John Fredriksen agreed a restructuring plan of beleaguered Farstad Shipping as well as inking plans to merge their own OSV entities with Farstad to create one of the biggest fleets in the sector with Røkke’s Solstad as the lead stakeholder.
The new merged entity is headquartered out of Skudeneshavn to the northwest of Stavenger.