Solstad Awarded Contract by Subsea 7
Solstad Offshore has received a Letter of Intent from Subsea 7 for the hire of a large construction service vessel for a fixed period of six years. Furthermore, Subsea 7 has the option to hire the vessel for another 4 x 1 years. The commencement of the contract is during the summer of 2008.
SOFF will have a new vessel constructed for this contract. The vessel design is developed in close cooperation between Solstad, Subsea 7 and Vik- Sandvik AS.
The commercial terms between the parties are confidential, however it gives Solstad an acceptable return on the investment.
Solstad is a leading owner and
operator of offshore construction service
vessels and will, after the delivery of the
new vessel, operate a total of 11 vessels within
this segment. The Company is very pleased to
enter into this agreement with Subsea 7, the
second contract with Subsea 7 during a short
period of time.
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Company: Solstad Offshore more info
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