Solstad Offshore, Farstad Shipping and Deep Sea Supply have merged to become SolstadFarstad, providing offshore service vessels, the newly formed company said in a June 22 news release.
“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,” SolstadFarstad CEO Lars Peder Solstad said in the release. “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.”
The Skudeneshavn, Norway-headquartered company, which also has activity in the renewable energy sector, has a fleet of about 150 vessels. Currently, two well vessels and a harvest vessel are under construction.
RELATED: Three Norwegian Shippers Will Merge Into One Offshore Oil Supply Vessel Firm
Solstad added the company has begun a management and systems implementation phase as it streamlines operations in line with the company’s new operational model, which will be set in September.
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