Solstad Offshore Bags $50MM In Deals For Normand Maximus

Solstad Offshore has been able to book work for the CSV Normand Maximus to the tune of $50.8 million. The company has received Letters of Award from a number of undisclosed subsea contractors for the hire of the vessel throughout 2023.

The projects have a combined duration of minimum of 200 days plus additional option periods, and the value of the firm part is approximately $50.8 million (NOK 500 million).

The subsea construction vessel Normand Maximus is 178 meters long, has a 900t AHC crane, 550t VLS, can accommodate up to 180 people, and is the largest vessel in Solstad’s fleet.

Earlier this year, Normand Maximus has been acquired by the American Shipping Company (AMSC). Solstad Offshore secured the long-term availability of the vessel to its customers through an amended bareboat charter agreement. The agreement, signed through one of Solstad Offshore's units, ensures that Normand Maximus remains part of the Solstad fleet long-term.

The amended bareboat charter with the new owner of Normand Maximus, being a subsidiary of AMSC, has a duration of 5 years from delivery of Normand Maximus to AMSC, with 5+5 years options. The bareboat charter also includes purchase options for the Solstad group after 5 and 10 years.

Earlier this month Normand Ships, a wholly owned unit of Solstad Offshore, sold the CSV Normand Jarl to a Buyer outside of the offshore industry. The company noted that it will rake in some $42.6 million from the sale of the vessel, to be reflected in the first quarter of 2023 accounts.

Delivery of the vessel to the new owner is estimated to take place during the first quarter of 2023.

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