Lars Peder Solstad News

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,…

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…

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.

A group of companies working in the offshore energy industry are teaming up in an effort to fast-track the journey toward remotely managed services, including onshore remote operations centers and unmanned surface vehicles (USV).Solstad Offshore, DeepOcean Group and Østensjø Group have established and will share 33.33% stakes in two joint ventures (JV). One of them, Remota AS, will own and operate advanced onshore remote operations centers, while the other, USV AS, will develop…

American Shipping Company ASA (AMSC) has agreed to acquire the Normand Maximus construction support vessel from Maximus Limited, a company controlled by its secured lenders.In parallel with the transaction, AMSC will enter into a long-term bareboat agreement with a subsidiary of the Norwegian offshore services provider Solstad Offshore. Solstad Offshore has managed the vessel for years, and the deal with AMSC means it will continue to do so.The total purchase price for the vessel is about USD 157 million…

Norwegian offshore vessel owner Solstad Offshore has this week sold two anchor handling tug and supply vessels, in line with its objective to reduce fleet size to a level of 80-90 vesselsThrough its subsidiary Solstad Rederi AS, the company sold the AHTS Normand Master and Normand Mariner.The delivery of the vessels to the new owner took place on Thursday, and Solstad said the sale of the vessels would result in an immaterial accounting effect.Earlier this month, Solstad Offshore sold three anchor handling vessels…

Offshore vessel owner Solstad Offshore said Thursday it had sold three anchor handling vessels to undisclosed buyers, and also secured work for two platform supply vessels in the UK North Sea.Haugesund, Norway-based company said Thursday it had sold the Nor Captain  - owned by its subsidiary Solstad Offshore Singapore - and Far Sword and Far Stream, owned by its subsidiary Farstad Supply."Delivery of the vessels to the new owner took place today, February 3rd, 2022. The sale of the vessels will result in an immaterial accounting effect…

Norwegian offshore vessel provider Solstad Offshore has appointed Kjetil Ramstad as the CFO position. Ramstad comes from the position as Finance Director in Solstad Offshore and has worked for the company since 2018. Prior to joining Solstad Offshore, he was Finance Director and CFO for the DeepOcean group from 2008 to 2018. Lars Peder Solstad, CEO of Solstad Offshore said:"I am very pleased to have Kjetil as new CFO in Solstad. He has a strong financial background and a solid operational experience from global businesses. Together with Mr.

Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding agreement by the end of April, the Oslo-listed firm added in a statement."We are entering a period…

Norwegian oil service vessels (OSV) firm Solstad Offshore is seeking negotiations with creditors and other stakeholders to boost liquidity ahead of the slow winter season, the company said on Monday, sending its shares down 20 percent."We were all too optimistic about when the recovery will happen," Chief Executive Lars Peder Solstad told Reuters. "2019 will probably be a bit better, but we will need to wait until 2020 or 2021 to see the rates rising to reasonable levels."The largest owners of Solstad are billionaire investors Kjell Inge Roekke and John Fredriksen…

Norwegian offshore vessel owner Solstad Farstad has been awarded contact  for two of its vessels by French oil major Total Total E&P South Africa."Total has awarded Solstad a contract for one Large Anchor Handling Vessel (AHTS) Normand Ranger (2010, VS 491 Design) and one Platform Supply Vessel (PSV) Far Starling (2014, PSV 08 CD Design)," said a press release from the company.The contracts are to support Total E&P South Africa’s drilling campaign in Block 11B/12B for 1 well firm + 1 well option, which is expected to commence Q4 2018. The duration of the contracts are likely to be approx.

Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017. The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration. Each of Solstad, Farstad and DESSC will immediately after this release also issue a separate release which will contain the relevant technical details on the mergers.

The maritime industry is dynamic and innovative, and a key value-generating component of the global economy, according to Trond Kleivdal, the newly elected President of the Norwegian Shipowners’ Association. “The maritime cluster has substantial inherent future growth potential,” said Kleivdal. The new president stresses that, over the generations, the maritime industry has demonstrated a great ability to navigate through difficult times. "Norwegian shipping companies, shipowners and seafarers have always been able to spot new markets and opportunities,” said Kleivdal.

Ulstein Verft AS will build a large construction vessel for Solstad. The contract is worth around $98.8 million and the vessel will be delivered in May 2007. “We have won this demanding project in competition with several other shipyards and the contract confirms that Ulstein Verft is a leader when it comes to offshore construction vessels, and our good cooperation with Solstad,” said Tore Ulstein, the president of Ulstein Verft. The vessel is going to be used for very demanding marine operations, and during the last two years Ulstein Verft has signed contracts for two major conversions and two new builds within the offshore construction market, all ordered from Solstad.