Green Light for Norwegian OSV Mega Merger

Solstad, Farstad, Deep Sea Supply (DESSC) and Solstad’s relevant subsidiaries have approved and signed statutory merger plans into which Farstad and DESSC will be merged.

As reported earlier, Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration.

Following merger completion, Aker Capital, a subsidiary of Aker ASA, will hold 20.1 % of the shares and votes, and Ocean Yield, a subsidiary of Aker, will hold 3.0 % of the shares and votes. Hemen Holding will hold 16.1 % of the shares and votes. The Solstad family will hold approximately 7.2 % of the shares and votes. On a consolidated basis, the Farstad family will hold 1.5 % of the shares and votes.

Technical details on the mergers will be issued separately by the three companies.

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