Offshore Consolidation

E.R. Schiffahrt announced on Monday that it taken over all the shares in OSM Schiffahrt GmbH, the former 50/50 joint venture it had with OSM Norway. With the takeover, OSM will be renamed E.R. Offshore GmbH and will manage a fleet of four platform supply vessels which will expand by an additional fifteen vessels which are currently on order in Norway and South Korea. The first delivery will occur this month as the E.R. Stavanger is delivered by the Aker Yards.

In place of the joint venture agreement both companies have signed a co-operation agreement under which the companies

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