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Farstad Shipping has entered into a restruktureringsavtale with the company’s lenders and bondholders in addition to the John Fredriksen company’s market risks the Holding and Kjell Inge Røkke, Aker.
It informs the company in an announcement Monday.
In the message states that the company will merge Solstad Offshore, Farstad and Deep Sea Supply. The proposed merger will, according to the company create the world’s fourth largest offshore supply vessels company with 154 vessels in the fleet.
The new company will according to the message operate 33 vessels of the type CSV, 66 of the type PSV and 55 of the type AHTS.
Solstad Offshore is the great børsvinneren in the wake of the announcement Monday. Company A – and B-shares are up, respectively, 27 and 47 per cent just after at 10 on Monday. Farstad is up approximately 13 per cent. Deep Sea Supply is up over 5 percent.
Points to Fredriksen the winner
But even if the new company can become a global giant, it can be far left to be a investerbart company, believes analyst Kim Other Uggedal in Fearnley Securities.
the capital structure of the new company looks not necessarily really good, ” he says.
the Analyst believes the consolidation will get little or no effect on the market it operates in, which is characterized by vessels in the circulation and low rates.
I believe in the principle that we are stronger together. But it is not a given that if you merge three bad company to one company that the merged company is good, ” he says.
The Norwegian milliardærene John Fredriksen and Kjell Inge Røkke are both on the team.
– There are strong owners who have the muscles to support this company further, ” says Uggedal and pointing at Fredriksen as the biggest winner in the deal. Fredriksen is the largest shareholder in Deep Sea Supply through his investment company market risks the Holding.
– Deep Sea Supply was not sustainable on its own, so on by eye see market risks the Holding out as a relative winner in this agreement. The company may have better balance, but from a flåteperspektiv, the company is the worst, ” says Uggedal.
Surprised milliardærduo
It has long been a desire acquisitions to meet the downturn in the market, and in børsmeldingen on the proposal says toppsjefen in Solstad Offshore, Lars Peder Solstad, that they are over a year have been strong advocates for consolidation in the sector.
– This is the greatest that has happened in this industry for very many years, ” says analyst Stig Erik Kyrkjeeide in Swedbank.
You have requested consolidation a long time given the current downturn in the market. The time is very ripe now to implement this, as historically difficult, ” he says and adds that he is not surprised that there occurs a merger, but that it is milliardærduoen Fredriksen and mr. Røkke who is behind.
– It is somewhat surprising that they find a solution where both are, ” he says.
Kyrkjeeide goes on to say that there are large synergy effects for the companies as now proposed to be merged, and that they complement each other in a good way.
All three have had major operations in Brazil, and all three are the significant actors in the north Sea. In addition, they have a part complementary segments where, for example, Anders is great at Subsea, Farstad is strong in Australia, and
the Companies themselves estimate the synergies of 450-600 million per year, according to børsmeldingen.
Want to take advantage of upturn
– With this solution we provide Farstad, Solstad and Deep Sea Supply, an industrial platform to be able to withstand the current downturn in the ETC market and be well positioned to take advantage of an upturn in the market, ” says managing director Karl Johan Bakken of Farstad Shipping in the message.
ETC, or Offshore Service Vessel, is a designation on the supply vessels that are designed to perform tasks in connection with the offshoreproduksjon of oil and gas.
In the message is Solstad Offshore proposed that the parent company in the group, and to get the support of Aker and market risks the Holding.
We are excited about this opportunity to work closely with the Fredriksen group of companies and other actors in order to achieve our ambition to establish an effective global leader in the ETC segment, ” says Aker-chief Øyvind Eriksen in the message.
Lars Peder Solstad is proposed that the ceo, and the head office is proposed to Skudeneshavn in Rogaland.
With a successful completion of the proposal, we will take a further step towards building the world’s leading ETC-the company, says toppsjefen in Solstad Offshore, Lars Peder Solstad, in the message.
After the restructuring in Farstad Shipping, where, among other things, all debt is converted to equity, Aker will have a stake of 16.2 percent in Farstad Shipping, Ocean Yield 6.5 per cent and market risks the Holding 16.2 per cent, according to TDN Finans.
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