The principal owner of Frode Bjørn AS, Torpevikvegen 4-6 Eiendom AS, said it will sell 100% of Frode Bjørn AS to In Nord Vest after a restructuring has been completed.
Frode Bjørn is the parent company of Forland group of companies with fleet of two wholly-owned subsea vessels Forland Inspector (Lewek Inspector) and Fugro Saltire.
Forland Inspector is financed by NOK 365 million term loan from banks, while Fugro Saltire is financed by NOK 359 million senior secured bond maturing in September 2018.
Assets sales are not likely to fully recover debt on the vessels in the current market environment. Hence, the Group believes that a restructuring of the Group’s debt is the best alternative for all stakeholders, including the bondholders in E Forland AS.
In Nord Vest AS is an investment company specialising in investments in OSV vessels controlled by Åge Remøy, Magnus Roth and Torsteinn Mar Baldvinsson, owning one third each.
Åge Remøy was founder of Rem Offshore in 1996. CEO and main owner of the company until it merged with SolstadFarstad in 2016.
In Nord Vest will contribute with NOK 100 million in new equity into the Group as part of the restructuring (full amount subject to approval of both bank and bond restructuring).