Three companies merge to form new OSV firm SolstadFarstad
A merger between Solstad Offshore, Farstad Shipping and Deep Sea Supply has formed a new combined company SolstadFarstad, which is set to focus on the high-end market for offshore service vessels (OSV).
SolstadFarstad will own a fleet of nearly 150 vessels with offices in Norway, Australia, Brazil, Singapore, the Philippines, Cyprus, Scotland and Ukraine.
The combined company also has significant activities on renewable energy segment and aqua culture, in addition to various offshore developments.
SolstadFarstad CEO Lars Peder Solstad said: “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.
“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.”
Though SolstadFarstad has formed one company, the involved parties will reportedly continue operations as usual until further notice.
Solstad further added: “We are now entering as phase of implementation of management and systems, mapping and establishment of a new organisation, as well as starting the process of streamlining the operations in accordance with the new operational model.
“The new organisation model, will be set in September.”
The new company will be headquartered in Skudeneshavn, Norway, and also plans to maintain its operations from its offices situated at Ålesund, Fosnavåg and Grimstad.
SolstadFarstad will feature a new graphic profile, however the vessels will continue to keep their respective names, funnel marks and colours.
Sven Stakkestad will assume the responsibility of the new company’s deputy CEO, while Ander Hall Jomaas will serve as the CFO with Tor Inge Dale as the COO.