ShippingWatch

Consolidation in Norwegian offshore has only just begun

The merger between Norwegian supply carriers Solstad and Rem could prove to be the beginning of a consolidation wave that may lead to fewer vessels in the market. Virtually all Norwegian supply carriers are acquisition candidates, Danske Markets and AGB tell ShippingWatch.

Photo: Solstad

After a few years of increasing overcapacity and declining demand, consolidation has now begun for Norwegian supply carriers. The first takeover has been finalized, and numerous signs point to Farstad as the next carrier up for acquisition, but there is no reason to think that that's were the consolidation wave will stop.

"I can't think of a single carrier in the sector which is not a potential acquisition candidate," says Øyvind Mossige, analyst at Danske Markets, who covers companies such as Farstad.

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