Competition authorities nod for Norwegian OSV trio merger
- Business & Finance
A merger between three Norwegian offshore supply vessel providers, Solstad Offshore, Farstad Shipping, and Deep Sea Supply, has been cleared by all relevant competition authorities.
The merger that will create Solstad Farstad, a new OSV player in Norway with a fleet of 154 vessels, was first announced on February 6, 2017.
The statutory plans were approved and signed by the boards of the three companies and relevant subsidiaries, into which Farstad and Deep Sea Supply will be merged, in March.
In a joint statement on the Oslo Stock Exchange on Tuesday, the trio said the merger decisions will be filed with the Norwegian Register of Business Enterprises on Tuesday and will also be filed with the relevant authorities in Cyprus.
Furthermore, the companies on Tuesday received confirmation from the Norwegian Competition Authority confirming that the matter has been closed, meaning that the mergers have been cleared.
They have also previously received clearance from the competition authorities in Brazil, and the mergers are therefore now cleared by the relevant competition authorities.
It is expected that the mergers will become effective on or about June 9, 2017, with delivery of consideration shares to the shareholders of Farstad and Deep Sea Supply in VPS on or about June 14, 2017.
Offshore Energy Today Staff