Solstad Offshore restructuring approved

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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