Posted on December 18, 2023
Kjell Inge Røkke-controlled Aker Capital has upped its stake in Solstad Offshore, acquiring a further 8.24m shares in the Norwegian outfit at an average price of NOK48.45 ($4.62) per share.
Following the transaction, Aker Capital now holds approximately 32.9 % of the shares and votes in the company.
Solstad Offshore struck a refinancing deal for its fleet of NOK9.7bn worth of loans with Aker, AMSC, DNB and Eksfin in October. As a result, Solstad NewCo is being set up in which NOK4bn of new equity will be raised, with Aker contributing at least NOK2.25bn and guaranteeing a further NOK750m, while Aker-dominated AMSC, will contribute the owning entity for the CSV Normand Maximus in exchange for NOK1bn of new shares in Solstad NewCo.
The transaction gives Aker, together with the Røkke group, about 60% of the new Solstad, where 35 of Solstad Offshore’s 43 ships are being transferred. The existing Solstad Offshore will retain around 27% ownership of the new company, while its existing shareholders, excluding Aker, will receive subscription rights to participate in the NOK750m private placement of new shares, corresponding to around 13.6% stake.
