Solstad Offshore
Solstad Offshore News
Subsea Vessel Market is Full Steam Ahead
Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side…
Ocean Charger for Offshore Wind Vessels Proves a Success
The industry consortium behind the Ocean Charger project, led by Vard, has completed the demonstration of the charging solution in a port as well the connection solution offshore, proving the technology designed to supply clean power to offshore wind vessels is ready for the market.By connecting vessels to the power grid in the wind farm and charging batteries regularly, the Ocean Charger solution…
Gondan Cuts First Steel for New USV for Major Industry Alliance
Spain-based Gondan Shipbuilders has started the construction of an advanced remotely operated unmanned surface vehicle (USV) for a company made up of DeepOcean, Solstad and Østensjø Rederi alliance called USV A/S.The project focuses on improving subsea operations, targeting a reduction of CO2 emissions by more than 90% compared to conventional methods.The new USV will be used for underwater maintenance and inspection missions.Designed by Salt Ship Design…
Solstad Scoops $7M for Two AHTS Vessels
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…
Solstad Offshore Hooks $70M in CSV Contracts with Petrobras
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…
Solstad Pays $4M for Normand Tonjer Vessel Buyback
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…
Aker Capital Takes Larger Stake in 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…
Solstad Offshore Secures Contract Extensions for Three Vessels
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 “Normand Subsea”. The contract is now firm until December 31, 2024.
Solstad Offshore Wraps $580M Sale of PSV Fleet to Tidewater, Exiting the Business
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…
Largest Vessel in Solstad Fleet, Normand Maximus, Set for Long-Term Hire with Unnamed Subsea Contractor
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 to Exit Platform Supply Vessel Business. Agrees to Sell 37 Vessels 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…
Marlink Equipping Solstad Offshore Fleet with Starlink Connectivity
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…
Solstad Offshore Sells Construction Support Vessel
The Norwegian offshore vessel company Solstad Offshore has agreed to sell its 2013-built construction support vessel Normand Jarl.Sold through Solstad's subsidiary Normand Ships, the CSV will be delivered to an unnamed buyer outside of the offshore industry. The delivery of the vessel to the new owner is expected to take place during the first quarter of 2023. "Solstad Offshore will recognize a gain…
Equinor Books Solstad's Battery-hybrid PSV Duo
Norwegian offshore vessel operator Solstad Offshore's Normand Naley and Sea Frost platform supply vessels have been awarded five-year contracts by Equinor in the UK.Both contracts, of an undisclosed value, will be in effect for five years, starting in January 2023. The contracts include options for further extensions.The Sea Frost, which has been on contract with Equinor since 2017, will be upgraded with a battery-hybrid system and shore power as part of the contract.
AMSC Takes Delivery of Construction Support Vessel. Leases it to Solstad Offshore
American Shipping Company ASA (AMSC) has completed the acquisition and taken delivery of the Normand Maximus construction support vessel.The vessel has already started a long-term bareboat charter with a subsidiary of the Norwegian offshore vessel operator Solstad Offshore upon delivery."The Normand Maximus is a premier offshore construction vessel and one of the most modern heavy duty subsea vessels.
Solstad CSV Normand Mermaid Extended
Norwegian offshore vessel owner Solstad Offshore announced it has entered into a new contract for the construction support vessels (CSV) Normand Mermaid.The new contract is in direct continuation of an existing one with Solstad Offshore's present client, keeping the 90.1-meter vessel fully utilized to the second quarter of 2025, with one optional year thereafter.The 2002-built Normand Mermaid will…
Solstad Offshore Nabs New Contracts for CSV Quartet
Norwegian offshore vessel owner Solstad Offshore has secured four new contracts for its subsea construction vessels (CSV). The contracts have a combined firm vessel utilization of 410 days, with additional subsequent options, on projects in North Europe, West Africa, and Asia.The contracts have a combined value of approximately NOK 260 million (~around 26,5 million), including addition services, such as ROVs, “Walk to Work”-systems, and project support.
Solstad, Siem, Standard Supply Score Offshore Vessel Contracts
Norwegian offshore vessel owners Solstad Offshore, Siem Offshore, and Standard Supply have all secured offshore vessel contracts in the past few days.Solstad Offshore on Monday said it had secured a contract for the platform supply vessel Normand Swan in Australia. Solstad Offshore said the contract was for two years and with "a major energy company."The client will have additional extension options. The contract will start in September 2022.
Solstad, DeepOcean and Østensjø Launch Remote Ops Venture
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…
Solstad Sells PSV Normand Corona
Solstad Rederi AS, a wholly owned subsidiary of Norwegian-based offshore shipowner Solstad Offshore ASA, has sold the platform supply vessel (PSV) Normand Corona.The 85.65-meter-long Normand Corona was built at Kleven Verft in 2006.The vessel was handed over to its new owner on June 14, 2022.Solstad said the sale will result in a "minor positive accounting effect" to be reflected in the second quarter of 2022.
