Arne Blystad’s Songa Bulk is merging with Houston-based seismic ship operator Axxis Geo Solutions (AGS) whereby AGS will take Songa Bulk’s place on the Oslo Axess. Blystad sold all Songa Bulk’s 15 ships last July to Star Bulk.
Under the proposed deal the shareholders of AGS will receive 1.4 shares of Songa Bulk per one share in AGS.
After the merger is complete, expected in a couple of months’ time, Songa Bulk will change name to Axxis Geo Solutions.