News that a mega-OSV company, or 'grand coalition' as it has been dubbed, was to be created in Norway from Solstad - which recently absorbed Rem Offshore - plus Farstad and Deep Sea Supply broke just before the 2017 Annual Offshore Support Journal Conference, Awards & Exhibition got underway in London early in February. Farstad Shipping, Aker Capital AS, Hemen Holding Ltd and Farstad Shipping's senior lenders, some but not all bondholders and F-Shiplease AS (a subsidiary of Ocean Yield ASA) entered into an agreement for a fully funded financial restructuring of Farstad Shipping. At the same time, the parties to the agreement together with Soff Invest AS and Ivan il AS and Tyrholm & Farstad AS have agreed to work for a combination of Solstad Offshore, Farstad Shipping and Deep Sea Supply Pic following completion of the Farstad restructuring.
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