Offshore veteran Aage Remoy’s new investment company, In Nord Vest, has committed NOK 100m ($12.5m) in fresh equity to take over all the shares in struggling compatriot Forland Subsea.
The latest transaction will put two advanced subsea vessels in Remoy’s expanding stable, although Forland's bondholder approval is needed.
The move comes after Forland found itself with insufficient earnings to cover upcoming interest payments including bonds, according to filings at the Nordic Trustee.
