Solstad Offshore ASA has together with Aker ASA and with indicative support from their bankers and bondholders developed a plan strengthen the balance sheet.
The financing plan will according to an announcement made by the company do Solstad able to stand in against a challenging market and position the company to take part in the consolidation of the fragmented offshore service market.
– the combination of Solstads operational expertise, high-quality fleet and global network together with Aker industrial expertise, focusing on business and financial strength will creating a strong platform for further development of the company, says CEO Lars Peder Solstad comments.
Aker will conduct a private placement of 250 million become a significant shareholder in the company. Further, Aker will contribute another 250 million in the form of a subordinated convertible loan that can be converted into new shares in the company.
Aker receive 20,000,000 new shares at a subscription price of 12.50 per share, and will after the transaction own 31 percent of the company.
– Solstad has a long and proud history as a family owned company with solid operating performance, an attractive fleet and a global network, says CEO Øyvind Eriksen.
Existing shareholders will be invited to participate in a subsequent issue of up to 75 million, where Solstad family (consisting of Solstad Invest AS, Soff Holding AS and Ivan II AS) has committed itself to its pro rata share.
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