REM/SOLSTAD DEAL COULD BE THE FIRST OF SEVERAL

摘要

Following completion of the merger in December, the new company formed by Solstad Offshore and Rem Offshore will have a fleet of 62 vessels. Some of those vessels are the largest, most expensive and sophisticated currently operating in the North Sea, making the combined company a major force to be reckoned with. The merger move comes as the duo attempt to navigate their way through one of the most challenging market periods on record. Following the news, Solstad CEO Lars Peder Solstad said, "The offshore service vessel (OSV) industry is undergoing a period of great uncertainty. Reduced spending across the upstream value chain has contributed to the current overcapacity, adversely impacting day rates and utilisation. The OSV industry's fragmented structure is further compounding these negative effects. Solstad and Rem both see the need to create larger entities with financial and operational strength to weather the downturn. The combination of Solstad and Rem is one step in the right direction, but there remains a strong rationale for further consolidation."