Solstad Offshore hails ‘new beginning’ after EGM

The resolutions approved at the EGM included a share capital increase by conversion of Nkr9.7Bn (US$1Bn) in debt and by contributions in cash directed against certain creditors and investors.

The EGM also confirmed the election of Harald Espedal, Frank Reite, Peder Sortland, Thorhild Widvey, Ellen Solstad and Ingrid Kylstad as members of the company’s board of directors, with effect from 23 October 2020.

Solstad Offshore chief executive Lars Peder Solstad said, “The resolutions at today’s EGM mark a new beginning for Solstad Offshore.

“The oil service industry was hit hard by the decline in activity after the drastic fall in oil prices in 2015, and the company was left with no other choice than to start a process with creditors and shareholders to restructure its balance sheet.

“I am very grateful to everyone who has contributed to this process, including creditors, shareholders, advisers and not least the team at Solstad Offshore.

“It has been a long process, but we are pleased with the result.

“Solstad Offshore is now significantly stronger and will continue to be a reliable partner for our clients, suppliers and employees.

“With a fleet of about 100 vessels involved with the oil and gas sector as well as offshore wind activity worldwide, and more than 3,500 highly skilled employees, both on and offshore, Solstad Offshore will remain one of the main players in the offshore vessel industry going forward.”