Service vessel companies GripShip and Johnson Marine are to combine their wellboat businesses through a jointly held parent company, AquaShip.
The merger is a bid to boost financial capacity and improver operations for existing and new customers, according to a joint statement.
Subsequent to fund-raising, AquaShip will apply for initial listing with the Merkur Market and then seek an Oslo Stock Exchange listing during the second half of 2018.
The company, which will be overseen by CEO of GripShip, Sverre Taknes, and chair of Johnson Marine, Ivor Johnson, will boast a fleet of 18 wellboats worth US$725 million (EUR 619 million).
Gripship and Johnson Marine’s combined EBITDA ended 2017 at NOK 92 million (EUR 9,6 million).