Øystein Stray Spetalen-backed Standard Supply has made an offer to shareholders in Northern Supply to acquire shares in the company with the ambition of increasing its ownership up to 51%.
According to VesselsValue, Northern Supply has five platform supply vessels in its fleet, worth around $24.7m.
Standard Supply has offered two alternative settlements for Northern Supply shares; a cash offer of NOK 280.90 ($28.6) per share; and an offer with settlement in shares at an exchange rate of 62.95 shares in Standard Supply for every share in Northern Supply, or a combination of both alternatives.
Spetalen’s investment vehicle S.D. Standard ETC, through its wholly owned Norwegian subsidiary Wanax, currently controls directly and indirectly the five PSVs with 28% ownership, in addition to two 100% owned large PSVs. Fletcher Shipping is acting as commercial and technical manager for the vessels.
Standard Supply recently raised NOK150m ($16m) through a private placement to finance further growth within the offshore support vessel segment. The company’s initial listing is expected on Euronext OTC around June 16, while the Euronext Growth listing could take place during July.