OCEANICASUB XV

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Latest news

Unemployed offshore ships sold to undisclosed buyer

The Solstad Maritime has continued clearing its unemployed anchor-handling tug supply units and sold the 'Far Sound' along with the 'Far Scimitar' for a net gain of about $7m. Both ships, which had been laid up in Asia for many years, have been delivered to an undisclosed buyer. The company also disposed of the 'Nor Spring' in Nov 2023, netting around $4.8m.

Siem takes over Farstad Shipping

Kristian Siem will take over Farstad Shipping in the latest wave of consolidation sweeping the Norwegian OSV scene. Under the terms of the agreement, Farstad will issue a minimum of 702m ordinary shares for a total subscription of minimum NKr1bn ($117m) at a price per share of approximately NKr1.4245. Siem will underwrite NKr1bn of the cash issue, and subscribe for and be allocated a minimum number of new shares so that Siem owns 50.1% of the shares in Farstad, post restructuring. Farstad’s head office will remain in Ålesund. Kristian Siem has been one of Norway’s leading champion consolidators in the offshore scene in the past 18 months. http://splash247.com/siem-takes-farstad-shipping/