Kjell Inge Røkke has completed his takeover of REM Offshore via his firm Solstad Offshore.
REM is now dissolved and will be removed from listing on Oslo Axess.
Røkke, who heads up Norwegian industrial concern Aker, took on a major shareholding in Solstad Offshore in June, and then forced REM Offshore to merge with Solstad to create a 62-strong fleet.
Aker, as a major bondholder, had blocked REM’s restructuring plans earlier thus paving the way for the merger whereby REM will be subsumed into Solstad.
Another Norwegian tycoon, Åge Remøy, the lead shareholder in REM, has since set about forming a new OSV company. Alongside former fishing industry investors Magnus Roth and Thorsteinn March Baldvinsson, Remøy has created a new investment company in Fosnavåg that will invest up to NOK 500m ($61.5m) in the new venture.
