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Solstad Offshore News

27 Feb 2024

Solstad Scoops $7M for Two AHTS Vessels

Far Scimitar AHTS (Credit: Solstad Offshore)

Norwegian vessel owner Solstad Offshore has sold two anchor handling tug supply (AHTS) vessels, securing a profit of approximately $7.1 million for the transaction.The AHTS vessels, Far Sound and Far Scimitar, have been in layup in Asia since 2016 and 2018.Fars Sound is a 2007-built AHTS, with the length of 78.1 meters and of UT 712 L design.Far Scimitar is of the same design, with 78.3 length. It was built in 2008.The sale was made through Solstad Reder, a wholly owned subsidiary of Solstad Maritime Holding.Delivery of the vessels to the new owner took place on February 23, 2024.

23 Jan 2024

Solstad Offshore Hooks $70M in CSV Contracts with Petrobras

CSV Normand Fortress (Credit: Solstad Offshore)

Norwegian offshore vessel owner Solstad Offshore has secured $70 million in new contracts and extensions for two of its subsea construction vessels (CSV) that will be employed offshore Brazil.The new contract is for the CSV Normand Fortress with Brazilian state-run oil company Petrobras.The contract has a duration of two years firm with possibility of two years extension. The vessel will provide accommodation services to support production activities on Brazilian continental shelf.The contract is set to start in the second quarter of 2024…

20 Dec 2023

Solstad Pays $4M for Normand Tonjer Vessel Buyback

Normand Tonjer (Credit: Solstad Offshore)

Solstad Offshore has exercised its option to purchase the construction support vessel (CSV) Normand Tonjer.The vessel was bought from the Norwegian Mpsv for the net amount of $4 million.In 2021, Normand Tonjer was sold to Mpsv for a gross amount of $10 million and leased back on a bare boat agreement for a firm three-year period with options for two one-year extensions.At the end of year two, Solstad had an option to buy the vessel back for which was concluded on December 20,…

14 Dec 2023

Aker Capital Takes Larger Stake in Solstad Offshore

Source: Solstad Offshore

Aker Capital AS has acquired 8,240,000 shares in Solstad Offshore ASA, at an average price of NOK 48.45 per share.Following the transaction, Aker Capital holds 27,089,493 shares in the company, corresponding to an ownership interest of approximately 32.9%.Aker Capital AS is 100% owned by Aker ASA and represented on the board of the company by Frank Ove Reite. Frank Ove Reite also owns 356,509 shares in the company, through Fausken Invest AS.In its Q3 market update, Solstad was positive about demand for offshore services, both from oil and gas and renewables.

01 Nov 2023

Solstad Offshore Sells Laid Up AHTS Vessel

Credit: Wanfahmy/AdobeStock

Solstad Offshore's subsidiary, Solstad Rederi, has sold the Anchor Handling Tug Supply (AHTS) vessel Nor Spring.The 2008-built, 70-meter-long AHTS vessel has been in layup in Asia since 2020. "Delivery of the vessel to the new owner took place today, November 1, 2023," Solstad Offshore said, without disclosing the name of the buyer."The sale of the vessel will result in a positive accounting effect of approximately MNOK 50 to be reflected in the Q4 2023 accounts," the company said.According to MarineTraffic…

04 Oct 2023

Solstad Offshore Secures Contract Extensions for Three Vessels

Credit:  Solstad Offshore

The Norwegian offshore vessel owner Solstad Offshore has secured contract extensions for three of its offshore vessels.Equinor has declared the last contractual yearly option for the AHTS “Normand Ferking”. With the declaration of this option, “Normand Ferking” is now firm until November 2024. The vessel is currently in the port of Slovag, Norway.Subsea 7 has exercised the 2024 Optional Charter Period for the CSV â€śNormand Subsea”. The contract is now firm until December 31, 2024. Subsea 7 has the option to extend the contract for another year.

05 Sep 2023

Solstad Offshore's CSVs Win Deals in Asia, South America

Norwegian offshore vessel owner Solstad Offshore has secured new contracts for two of its subsea vessels (CSV). CSV “Normand Baltic” has been awarded a 180-day contract for providing “Walk to Work” services on an unnamed offshore wind project in Asia. The contract will start in October 2023.CSV “Normand Samson” has been hired for a period of a minimum of 260 days to support a field development project in South America with start in in the first quarter 2024. "Commercial terms between the parties are in line with present market conditions for this type of vessels.

31 Aug 2023

The Resurgence of the OSV Industry: From Trough to Triumph

Photo Copyright: Arlid/AdobeStock

The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival.The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival.While long seen as a derelict industry by investors…

22 Aug 2023

Maritime Partners Buys AMSC's Jones Act Tanker Fleet

(File photo: Overseas Shipholding Group)

New Orleans-based Maritime Partners has reached a deal to acquire AMSC subsidiary American Tanker Holding Company, which owns a fleet of 10 Jones Act tankers.Maritime Partners' newly formed Project Merchant Acquisition arm signed a share purchase agreement with Oslo-listed AMSC to acquire AHTC for an enterprise value of $746.7 million. AMSC will receive $249.3 million in gross cash proceeds from the sale.The transaction is expected to close on or before October 31, 2023, subject to certain closing conditions and AMSC shareholder approval.ATHC…

22 Aug 2023

AMSC Sells Tanker Business

© Gajus / Adobe Stock

American Shipping Company (AMSC) has signed a deal with Project Merchant Acquisition LLC, a newly-formed company owned and controlled by a fund managed by Maritime Partners, for the sale of its subsidiary American Tanker Holding Company.Pål Lothe Magnussen, CEO of AMSC, said: “The management team at AMSC is pleased that a Maritime Partners managed fund, a leading Jones Act leasing company, is acquiring our Jones Act business. We believe this is the ideal new owner of this business for the next phase in the lifecycle of these assets.

11 Aug 2023

Solstad Offshore Wins $100M Vessel Contracts with PRIO and Equinor in Brazil

Credit: Solstad Offshore

Solstad Offshore has been awarded two contracts worth $100 million in total from Brazilian clients.The Norwegian offshore vessel owner said that its construction support vessel, Normand Pioneer, won an extension of its charter contract with the Brazilian oil company PRIO for a period of 18 months to August 2025. The vessel will support PRIO's E&P activities in Brazilian waters. Also, Solstad and Equinor Brazil have agreed to convert the platform supply vessel Normand Carioca to a Well Stimulation Vessel (WSV) and extend the present contract until December 2027.

05 Jul 2023

Solstad Offshore Wraps $580M Sale of PSV Fleet to Tidewater, Exiting the Business

©Solstad Offshore

Norwegian offshore vessel operator Solstad Offshore has officially exited the platform supply vessel business.Namely, the company on Wednesday completed the sale of its PSV fleet to the U.S. offshore vessel firm Tidewater for approximately $580 million. The transaction, first announced in March, was completed Wednesday, with all 37 platform supply vessels, primarily used for transporting essential supplies and equipment to offshore oil and gas platforms and drilling rigs, successfully delivered to Tidewater…

03 Jul 2023

Solstad Offshore Sells 2009-built AHTS

Credit:Solstad Offshore

Solstad Rederi AS, a subsidiary of the Norwegian offshore vessel owner Solstad Offshore, has sold the AHTS Elang Laut 1.The 2009-built vessel has been in layup in Asia since 2019. Delivery of the vessel to the new owner took place today, July 3, 2023," Solstad Offshore said.Solstad Offshore said that the sale of the vessel, at one point known as Sea Eagle 1, will result in an immaterial accounting effect.Solstad Offshore did not say who the buyer of the Elang Laut 1 was.

28 Jun 2023

Sale of 37 PSVs to Tidewater: Solstad Offshore's Exit from PSV Sector Imminent

©Solstad Offshore

Norwegian offshore vessel owner Solstad Offshore has revealed the expected completion date for its previously agreed sale of 37 platform supply vessels to the U.S. offshore vessel firm Tidewater.Solstad Offshore in March said it would sell 37 PSVs to Tidewater in a move that will mark Solstad Offshore's exit from the platform supply vessel sector.In a statement on Wednesday, Solstad Offshore said the transaction was scheduled to be completed in "week 27." Given that we're currently in week 26 of 2023…

12 May 2023

Largest Vessel in Solstad Fleet, Normand Maximus, Set for Long-Term Hire with Unnamed Subsea Contractor

©Solstad Offshore

Norwegian offshore vessel operator Solstad Offshore said Friday it had has received a Letter of Intent from an undisclosed subsea contractor for hire of the construction support vessel (CSV) Normand Maximus.The subsea contractor would hire the CSV for a period of a minimum of 490 days with the start-up in the first quarter of 2024.The commercial terms are confidential between the parties but are in line with present market terms for this vessel category, Solstad Offshore said.The subsea construction vessel Normand Maximus is the largest vessel in the Solstad fleet…

14 Mar 2023

Solstad Offshore Offloads Far Sabre AHTS

©Solstad Offshore

Norwegian offshore vessel owner Solstad Offshore has sold the anchor-handling tug supply vessel Far Sabre for an undisclosed fee.The 2008-built vessel has been in layup since 2019. Delivery of the vessel to the new owner took place on Tuesday. Solstad did not say who the buyer was."The sale of the vessel will result in a minor positive accounting effect to be reflected in 1Q 2023," Solstad Offshore said.Earlier on Tuesday, Solstad said it would redeliver two anchor handlers to owner Ocean Yield upon the expiration of their current contracts.

14 Mar 2023

Viking Supply Ships to Charter Two Ocean Yield AHTS Vessels. Purchase Options Included

©Solstad Offshore

Anchor handling specialist Viking Supply Ships will take two Ocean Yield-owned AHTS vessels, Far Senator and Normand Statesman, on bareboat charters for a period of five years. The vessels have since October 2020 been on a charter with Normand Chartering, a subsidiary of the Norwegian offshore vessel firm Solstad Offshore ASA. Solstad said it would redeliver the vessels to Ocean Yield at the end of their current commitments. Viking Supply Ships said in a separate statement that it would…

07 Mar 2023

Solstad Offshore to Exit Platform Supply Vessel Business. Agrees to Sell 37 Vessels to Tidewater

©Solstad Offshore

Norwegian offshore support vessel owner Solstad Offshore has agreed to sell 37 platform supply vessels to the U.S. firm Tidewater for $577 million.The sale will mark Solstad Offshore's exit from the platform supply vessel sector. Ongoing PSV charter parties will be transferred to Tidewater. Solstad will offer management services to Tidewater in a transition period to facilitate a smooth transfer for the parties and the customers.The offshore employees associated with the PSV Fleet will be offered employment with Tidewater.

17 Feb 2023

Norway: Project Launched to Develop Offshore Charging Solutions for Offshore Wind Vessels

©Vard

A project aimed developing a solution to charge offshore vessels' batteries in the offshore wind farms was officially launched at a kick-off ceremony in Ålesund, Norway on Thursday.The project, called the Ocean Charger will be lead by Vard, with its sister companies Seaonics and Vard Electro, and partners Rem Offshore, Solstad Offshore, SINTEF Energi, SINTEF Ocean, DigiCat, Sustainable Energy, Equinor, Source Galileo Norge, Corvus Energy, Plug, Shoreline, Sustainable Energy, University of Bergen…

15 Feb 2023

Solstad Offshore Delivers Normand Jarl Vessel to New Owner

Credit: Solstad Offshore (File image)

Solstad Offshore's subsidiary, Normand Ships, has completed the sale and delivery of the construction support vessel Normand Jarl to its new owner.Solstad Offshore first announced it had agreed to sell its 2013-built construction support vessel Normand Jarl in December 2022. It did not say who the buyer was.It was said at the time that the vessel would be sold to a buyer outside of the offshore industry. Solstad Offshore, based in Norway, will recognize a gain on the sale of about NOK 420 million (currently around $41…

13 Feb 2023

Offshore Support Vessels in High Demand as Solstad Secures New Deals, Extensions

©Solstad Offshore

Norwegian offshore support vessel owner Solstad Offshore said Monday it had secured multiple new contracts and contract extensions.The contracts and extensions are for various platform supply vessels and anchor handling tug supply vessels."The contracts have a combined firm duration of approximately 10 vessel years and will support various clients in the global markets. The contracts will be executed by 14 of the company's PSVs and AHTS vessels and have a value of approximately NOK 830 million [~81…

11 Jan 2023

Marlink Equipping Solstad Offshore Fleet with Starlink Connectivity

Solstad Offshore will be the first offshore vessel operator on the Marlink network to trial Starlink within a smart hybrid solution - Credit: Marlink

Maritime satellite communications services firm Marlink is equipping Solstad Offshore vessels with Starlink connectivity integrated with the Sealink VSAT, L-band backup, and 4G services."Solstad Offshore is the first offshore vessel operator on the Marlink network to trial Starlink testing the network in harsh weather conditions. In September 2022, the company completed the migration of its fleet connectivity to Marlink, including Sealink VSAT and 4G connectivity, and is now evaluating if this should be further extended with Starlink integration…

23 Dec 2022

Solstad Offshore Secures $50,8M in Contracts for CSV Normand Maximus

Normand Maximus ©Solstad Offshore

Norwegian offshore vessel operator Solstad Offshore  said Friday it had  secured letters of awards from multiple unnamed subsea contractorsfor the hire of the construction support vessel Normand Maximus for the execution of projects during 2023.The projects have a combined duration of at least 200 days, plus additional option periods.

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