The streamlined, globe-spanning company you know today, came from humble beginnings. We’re very proud of our heritage, though by no means are we constrained by it.
Solstad goes back a long way. With more than 50 years of experience within various shipping segments, we can take a lot of pride in – and quite a few lessons from – the work that’s been done over the years.
The decade of the offshore revolution was also revolutionary for Solstad. We were early actors in the North-Sea offshore market, by contracting and taking delivery of offshore vessels from the first half of the seventies.
Crisis is a word that comes to mind when looking back at the eighties. After a decade of growth within the offshore segment, the following 10 years were marked by an oversupply of offshore vessels and crisis for the shipowners.
Recovery, both for the market generally and for Solstad as a company. As the market for offshore service vessels sprung to life, shipowners such as Solstad experienced a period of significant growth which in turn lead to a massive renewal of the fleet.
The nineties also saw the introduction of a new generation of offshore vessel – the multipurpose vessels. Larger, more powerful and able to carry advanced equipment. The new vessels could operate in deeper, rougher waters. At the end of the decade, Solstad went through a generational shift with Lars Peder Solstad becoming the new CEO in Solstad Shipping in 1999, replacing his father Johannes. They also saw listings at the Oslo Stock Exchange as Solstad Offshore ASA.
Internationalization was high on the agenda, and Solstad continued to grow and fortify our now global presence. This is also the decade were we saw growth within the Subsea market. This gave more opportunities for complex vessels and operations.
Not for the first time in our history, a crisis again leads to significant oversupply of vessels in the international markets. In last part of the decade, the companies in the Solstad group needed refinancing.
As part of that refinancing, Solstad made a share issue towards Aker ASA who in turn became one of our major owners.
Solstad later merged with Rem Offshore, then with Farstad Shipping ASA and Deep Sea Supply Plc. In this process, Hemen Holding also became a large shareholder in addition to Aker and the Solstad-family. The company that now are one of the larges offshore-vessels companies in the world changed name to Solstad Farstad ASA.
On October 1st 2018, the name changed back to Solstad Offshore ASA.
Today, Solstad Offshore is a leading offshore shipping company. Our specialized vessels provide clients from all over the world with the capabilities they need, either it is within Oil & Gas or Renewable Energy activities.