Solstad Offshore ASA (SOFF) increased its ownership in NOR Offshore Ltd. (Nor) to 100% by the purchase of the 40.9% stake held by Nortrans Invest Pte Ltd (Nortrans). The transaction was announced to the Oslo Stock Exchange on 6th April 2011 and a new name, Solstad Offshore Asia Pacific Ltd (SOAPAC) was formally registered on 8th June 2011.
SOFF sees this investment as a strategic move to strengthen its presence in the Far East, and takes advantage of the opportunities presented by this fast growing market which includes the booming economies of Asia and Australasia. By combining SOFF’s 38 years of experience in the offshore industry and working in some of the world’s deepest and most challenging waters with SOAPAC’s regional presence and resources, SOFF aspires to increase its global presence. SOFF is now well positioned to offer its clients in the region a safe, capable and reliable service derived from its long history in the industry and through its well resourced and responsive local operator.
In conjunction with the change of ownership and name, Mr. Trond Kyrkjeboe , the co-founder of Nor who led the development of the company taking delivery of 12 ships during Nor’s initial 6 years, has passed on the CEO baton to Mr. Sven Stakkestad from 1st June 2011.
Trond who has now returned to his family company, Nortrans, comments: “It has been a great experience to build the company to what it is today, and with Sven’s 30 years of experience with Solstad, SOAPAC will be well positioned to build further on its strengths. This fast growth would not be possible without the strong support that all our business partners have shown in the company.”
The management of SOFF and SOAPAC are appreciative of the long standing support from its clients and suppliers, and hope that these relationships will develop further in this new chapter of SOAPAC’s history. It is envisaged that the synergies as a result of this acquisition and integration of SOAPAC into the SOFF group will deliver even more benefits to our valued clients and suppliers in the future, with increased safety, reliability, capability and opportunities for growth.
SOFF has its main office in Skudeneshavn in Norway and branch offices in Aberdeen, Rio de Janerio/Macae, Singapore and Perth. In total, the fleet counts 50 units consisting of 18 construction support vessels (CSV), 23 anchor handling, tug and supply vessels (AHTS) and 9 platform supply vessels (PSV) including 1 new building. SOFF owns some of the world’s most modern and advanced offshore vessels and the weighted average age of the fleet is only 6 years. About 1600 people are working with SOFF today. Turnover in 2010 was about USD 450 mil (NOK 2,6 billion).
[mappress] Source: Solstad Offshroe, June 27, 2011;