Norwegian OSV operator Solstad Offshore has received approval for its proposed restructuring at an extraordinary general meeting on Tuesday.
The approval comes after the company, formed by the merger of Solstad Offshore, Deep Sea Supply and Farstad, finalised an agreement with key stakeholders for the financial restructuring to the group.
The restructuring includes a debt to equity conversion of approximately NOK9.7bn ($1.05bn) with creditors and investors.
“The resolutions from today’s general meeting mark a new beginning for Solstad Offshore,” said the company’s CEO Lars Peder Solstad.
“Solstad Offshore is now significantly stronger and may continue to be a reliable partner for our clients, suppliers and employees. With a fleet of about 100 vessels involved with the oil & gas sector as well as offshore wind activities world-wide, and more than 3,500 highly skilled employees, both on- and offshore, Solstad Offshore will remain one of the main players in the offshore vessel industry going forward,” Solstad added.
