Shareholders have approved the merger of Rem Offshore with Solstad Offshore at an extraordinary meeting held in Oslo today.
REM will be merged into Solship Invest 1 AS, against issuance of consideration shares in Solstad Offshore, according to the merger plan.
The business combination is expected to become effective on or about November 24.
The meeting also approved the issuance of a board authorisation to issue shares in a contemplated repair offering of up to NOK 20m ($2.5m), which will be directed towards those who hold shares in REM as of October 10, but excluding companies controlled by Åge Remøy, Rem’s founder and CEO.
The merger was agreed in July after Aker boss Kjell Inge Røkke took on a major shareholding in Solstad and forced the company to merger with Solstad to create a 62-strong fleet.