
Navigating turbulent waters is a hallmark of the offshore support vessel (OSV) industry, and few know this better than Lars Peder Solstad, the CEO of Solstad Offshore. Over two decades, he has steered Norway’s largest OSV operator through some of the sector’s most challenging storms. From market collapses to bold mergers and an ongoing push toward decarbonization, Solstad’s journey showcases the resilience required to thrive in a volatile market.
Solstad Offshore’s growth into a global OSV powerhouse wasn’t without its struggles. Founded in 1964 by Johannes Solstad, the company initially expanded under modest circumstances. When Lars Peder Solstad joined in 1989 as a seafarer, few might have predicted that he would someday lead it through transformative times. After moving into the chartering department in 1996 and becoming CEO in 2002, Mr. Solstad brought his firsthand maritime experience to the executive suite—a rarity in an industry often dominated by corporate executives.
Sustainability has also emerged as a central pillar of Solstad Offshore’s strategy. Its Green Operations initiative has cut fuel consumption by 20% over 12 years, offering financial and environmental benefits. These operational adjustments—such as optimizing vessel speeds and reducing idle time—might seem straightforward but have a cumulative impact, saving over 1 million tonnes of CO2 emissions since the program’s inception.
Electrification is another area where Solstad is making strides. Battery-hybrid systems and shore-power capabilities are being integrated into the fleet, with 30% of vessels expected to feature such technologies by 2025. Investments in alternative fuels like hydrogen and ammonia further underscore the company’s forward-thinking approach.
Despite the strides, Mr. Solstad is candid about the challenges ahead. The OSV market remains oversupplied, with fragmented operators driving down rates in competitive bidding processes. Yet, he is optimistic that consolidation and innovation will pave the way for recovery.
The growth of renewable energy offers new opportunities. With offshore wind projects contributing 30% of revenue for its construction support vessels, the company is pivoting toward greener horizons. Partnerships like the Windstaller Alliance, aimed at serving offshore renewables with integrated solutions, highlight Solstad Offshore’s adaptability to emerging markets.
Lars Peder Solstad’s leadership is a testament to the industry’s resilience and the potential for transformation. As he puts it, solving decarbonization isn’t about finding a single answer but pulling together as an industry to implement a variety of solutions.