Kristian Siem will take over Farstad Shipping in the latest wave of consolidation sweeping the Norwegian OSV scene.
Under the terms of the agreement, Farstad will issue a minimum of 702m ordinary shares for a total subscription of minimum NOK1bn ($117m) at a price per share of approximately NOK1.4245. Siem will underwrite NOK1bn of the cash issue, and subscribe for and be allocated a minimum number of new shares so that Siem owns 50.1% of the shares in Farstad, post restructuring.
Farstad’s head office will remain in Ålesund.
Kristian Siem has been one of Norway’s leading champion consolidators in the offshore scene in the past 18 months.