Solstad Offshore takes the plunge in South East Asia
Solstad Offshore (SOFF) has entered an agreement to purchase the remaining shares in Nor Offshore, their joint venture company in South East Asia, further expanding the offshore vessel giants worldwide foot print.
Nor Offshore is a Singapore-incorporated company that provides a range of marine support services to offshore industries, in particular oil and gas. Its services include anchor handling and towing; loading, transport and discharge of supplies; field and maintenance support; stand by rescue and fire-fighting and remotely operated vehicle (ROV) support services. Nor Offshore’s extensive modern fleet includes the Nor Star, Nor Supporter, Nor Sun, Nor Captain, Nor Chief, Nor Tigerfish, Nor Sky, Nor Spring, Nor Australis and Nor Sea.
The agreement will see the acquisition of the remaining 40.9 percent of Nor Offshore currently owned by the Singapore based investment holding company Nortrans Invest Pte Ltd. The transaction that is expected to be completed on April 14th 2011 will allow the Norwegian based company to expand into the Asia Pacific and Australasian markets where six of the company’s nine vessels currently operate.
Solstad is already a leading offshore vessel supplier, however this transaction still proves to be exciting news as it will expand their fleet of over fifty vessels in magnitude, both physically and geographically.