Giant fusion approved, all systems are go for shipping company Solstad Farstad

Farstad ShippingPhoto: Farstad Shipping

The Competition Authority approves the merger of Farstad Shipping, Solstad and Deep Sea Supply. The shipping company will be one of the largest in the world.

Farstad Shipping ceases to exist on June 9th, according to Sysla.

The company merges with John Fredriksen’s Deep Sea Supply and Solstad offshore, controlled by Kjell Inge Røkke.

The name of the new group will be Solstad Farstad and will be based in the quaint town of Skudeneshavn in Rogaland.

– We have considered whether the merger will significantly hinder effective competition.

We do not find that it does, says Acting Director of the Competition Authority, Eivind Campbell Lillesveen.

The merged shipping company will be Norway’s largest and even one of the largest in the world. The company owns a fleet of 154 vessels, over twice as many as the shipping company that has been pushed into second place, namely DOF.

Negotiations are now underway about how Solstad Farstad is going to be operated. The discussions are, among other things, about which departments will operate what kind of ship, who will be responsible for what – even when it comes to various offices in the world.

 

Source: NTB scanpix / Norway Today

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