Remøy takes Forland duo, eyes more offshore distressed assets

Remøy takes Forland duo, eyes more offshore distressed assets

Åge Remøy has wasted little time in rebuilding an offshore fleet in the wake of seeing his REM Offshore merged with Solstad last year. In the merry-go-round that is the Norwegian OSV scene, Remøy along with two other Scandianvian investors, has moved to take over Forland Subsea and two ships, the Forland Inspector and the Fugro Saltire, taking Remøy’s fleet to six vessels.

Foreland Shipping’s CEO Frode Bjørn Forland told local media site Sysla: “It’s hard to sell, but with today’s market situation, we see it as a good solution.”

Remøy has revealed he has a further NOK500m warchest to spend on distressed offshore assets as he looks to be part of the consolidation process sweeping across Norway’s offshore sector. The offshore veteran set up In Nord Vest, along with investors Magnus Roth of Sweden and Thorsteinn Mar Baldvinsson of Iceland, to buy into local offshore companies during the downturn.

He recently spent NOK60m taking a 60% stake in Vestland Offshore and its four supply ships.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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