A merger between three companies: Solstad Offshore, Farstad Shipping and Deep Sea Supply, have formed the new company SolstadFarstad, creating an offshore service vessel giant (OSV).

“We are operating in a tough market. As a merged company, we are better equipped to meet the challenges and the possibilities that will arise,” says SolstadFarstad CEO Lars Peder Solstad. “With the merger, we may benefit from synergies through operation of a larger fleet, our collective competence and experience, and hence ensure profitable operations in the future.”

SolstadFarstad owns a fleet of approximately 150 vessels, and has offices in Norway, Australia, Brazil, Singapore, the Philippines, Scotland, Cyprus and the Ukraine. In addition to the offshore activity, the company holds significant activity within the renewable energy segment and aqua culture.

The company DESS Aquaculture Shipping was established in June 2016 as a joint venture between Marine Harvest and Deep Sea Supply. The company has two well vessels and one harvest vessel under construction, all with long-term contracts with Marine Harvest.

Though SolstadFarstad emerges as one company, it will be ”business as usual” until further notice, says Solstad.

“We are now entering as phase of implementation of management and systems, mapping and establishment of a new organization, as well as starting the process of streamlining the operations in accordance with the new operational model. The new organization model, will be set in September,” says Solstad.

The headquarters of SolstadFarstad is in Skudeneshavn, Norway, and the intention is to maintain operations from the offices in Ålesund, Fosnavåg and Grimstad.

“Internationally, we will maintain presence in the countries we already are established, by having one office in each country,” says Solstad.

Sven Stakkestad will serve as the company’s deputy CEO; Ander Hall Jomaas will serve as the CFO, Tor Inge Dale as the COO, Hans Knut Skar as the executive VP of subsea construction; Kenneth Lande as executive VP of strategic region AHTS/PSV; and Jon Are Gummedal as EVP of international AHTS/PSV.

Source: www.reuters.com