Fredriksen and Røkke create new offshore giant

Farstad ShippingPhoto: Farstad Shipping

Sunnmøre shipping company, Farstad Shipping, will join forces with Solstad Offshore and Deep Sea Supply. The new offshore giant will have a fleet of 154 ships.

Farstad Shipping writes in a stock exchange announcement on Monday that it has entered into a restructuring agreement and the company will merge with John Fredriksen’s Deep Sea Supply and Solstad Offshore where Kjell Inge Røkke is the majority shareholder.

The merger will create cost and revenue synergies of between NOK 400 and 650 million a year, writes Sysla.

– For over a year we have emphasized the importance of consolidation in the offshore service vessel sector and now we are one step closer to becoming the world’s leading offshore service shipping company says Solstad CEO Lars Peder Solstad.

 

Source: NTB scanpix / Norway Today

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