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Monday, October 23, 2017

Solstad Offshore

Norwegian OSV Operators in Blockbuster Merger

File Image: A Farstad OSV (CREDIT: Farstad)

Debt-laden Farstad Shipping gets lifeline; billionaires Fredriksen and Roekke join forces.   Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn.   Under the deal Farstad is to complete a financial restructuring via a debt-for-equity swap and new share issue, and will then be merged with Deep Sea Supply and Solstad Offshore, controlled by Norwegian billionaires John Fredriksen and Kjell Inge Roekke respectively.   With a combined fleet of 154 ships, the new combined company, Solstad Farstad, will be the biggest owner of large vessels in the supply, anchor handling and construction support segments of the OSV market worldwide, and would rank fourth overall when smaller vessels are included in the count, said the firms.   The move to consolidate the sector follows shipping tycoon Fredriksen's bid by his separate oil tanker firm Frontline to take over rival DHT Holdings, which DHT's board rejected late on Sunday.   "With this solution, we provide Farstad, Solstad and Deep Sea Supply with an industrial platform to sustain the current downturn in the OSV market and be well positioned to exploit a market recovery," Farstad's chief executive Karl Johan Bakken said in a statement.  

Aker Yards to build AHTS for NorSkan Offshore

Aker Yards has been awarded a contract worth approximately $47.5 million by NorSkan Offshore Ltda., Brazil, to build an Anchor Handling Tug Supply (AHTS) vessel. Delivery is scheduled for April 2007. NorSkan Offshore is an offshore supply vessel company owned by Solstad Offshore ASA and DOF ASA in Norway on a 50/50 basis, and is focusing on the strong Brazilian offshore vessel market.

Solstad Gets Three PSV Charter Agreements

PSV Normand Draupne: Photo courtesy of Solstad

Solstad Offshore ASA gains long-term charters for three of its platform supply vessels Total E&P UK Limited and Elf Exploration UK Limited have signed agreements for hire of the platform supply vessels (PSV) “Normand Aurora”. The duration of the contract is firm for 5 years with further 2 x 1 year options. EDT Offshore Egypt S.A.E has signed for hire of  Stand-By vessel “Normand Draupne ”

AHTS Contract for Solstad Offshore

Photo credit Solstad Offshore

Solstad Offshore ASA (SOFF) contracted by a large oil company for its 5500 bhp AHTS 'Nor Tigerfish'.   The duration of the contract is for one year firm, and with two by three months options. The new contract will commence during August 2012. Total value for the firm contract is approximatly US$ 9,5-million.  

Chevron Hires Norce Endeavour for Thailand Ops

Norce Endeavour. Pic courtesy: Solstad Offshore ASA

 Solstad Offshore ASA (SOFF) has fixed the 2011-built 18,000 dwt crane barge Norce Endeavour to Chevron for work in Thailand next year for around 200 days.   Solstad has received confirmation from Chevron in Thailand for the 2016 Offshore Installation Campaign utilizing its Derrick Lay Barge (DLB) Norce Endeavour.   Norce Endeavour, which can accommodate 256 people, will install multiple new wellhead platforms and subsea pipelines for Chevron in the Gulf of Thailand.

Havila Shipping CEO: Firms Must Fix Own Issues before Discussing M&A

Njaal Saevik (Photo: Havila Shipping)

Chief Executive Officer Njaal Saevik in offshore service vessel owner Havila Shipping told Reuters in a telephone interview: From Havila's point of view "it may be reasonable to consolidate (the industry) but we believe each company needs to have its own solutions in place before going into such discussions." "We're familiar with the thinking of other industry players," he said. Saevik said Havila's restructuring talks are still ongoing and declined

Oceaneering Charter 'Normand Flower' for Three Years

Normand Flower: Photo courtesy of Solstad Offshore

Oceaneering International, has chartered the 'Normand Flower', a Solstad Offshore multi-service subsea support vessel. The charter term is expected to commence during the fourth quarter of 2013 upon arrival of the vessel for work in the Gulf of Mexico (GOM). Prior to commencement of the charter, the Normand Flower will undergo modifications to enhance its project capabilities, including reconfiguration to accommodate two Oceaneering, high-specification, work class ROVs

WSS Wins Tender with Solstad Shipping

Frank Olson (Photo courtesy: WSS)

Wilhelmsen Ships Service (WSS) and Solstad Shipping have announced that they have entered into a two year Global Agency Agreement with a two year option. WSS will provide Global Agency Services to Solstad’s 48 vessels worldwide. “We were previously using around 50 different agencies across the world, which was a complex task within itself. Dealing with several different agents can be time-consuming and unpredictable due to varying performances from port to port

Flynn Refrigeration Secures Deals with Solstad

Normand Installer (Photo: Flynn Refrigeration)

Merseyside refrigeration and air-conditioning specialist Flynn Refrigeration has landed a fresh series of deals with Norwegian shipping company Solstad   The Birkenhead-based firm announced it has secured contracts to supply the Normand Oceanic and Normand Installer vessels with Bitzer compressors. Flynn Refrigeration managing director Alex Flynn said it has now supplied more than 20 Solstad vessels since it began trading with the Scandinavian firm in 2013.  

Gibdock Overhauls Solstad Cutter Propulsion System

Normand Cutter at Gibdock Courtesy Gibdock

Gibraltar’s Gibdock shipyard has completed an extensive package of work on Solstad Shipping’s Normand Cutter. The 127m long, 10,979grt construction support vessel (CSV) left the yard on June 29th following a 22-day drydock programme, which included a comprehensive overhaul of its entire propulsion system. Norway-based Solstad has become a regular Gibdock customer, entrusting the yard with work on a number of high-tech offshore vessels over the past decade

Solstad CSV Serviced ahead of Australian Deployment

Normand Reach (Photo: Gibdock)

Gibraltar shipyard Gibdock said a surge in offshore vessel repair and maintenance work has included a special project for Norwegian offshore vessel owner and operator Solstad, to ensure that Normand Reach meets the hull cleanliness standards set by Australia’s National Biofouling Management Guidelines for commercial vessels.   The 120.85-meter-long Solstad CSV entered the yard for a special wash and brush up on its way to Western Australia

Solstad Farstad Sells 2010-Built AHTS

Far Shogun. Photo:  SolstadFarstad ASA

 Solstad Farstad, which claimed to be the world’s largest OSV firm, has sold a relatively new AHTS vessel Far Shogun, since its formation last month following the mega-merger of three leading OSV companies in Norway.  The 2010-built, 23,664-bhp Far Shogun has been delivered to the unnamed new owner on Thursday, Solstad Farstad announced.   "Wholly owned subsidiary Farstad Supply AS has sold the AHTS Far Shogun to an undisclosed buyer for an undisclosed price

Solstad Farstad Sells 22-year-old PSV

Far Service (Photo: Solstad Farstad)

Farstad Marine AS, a wholly owned subsidiary of Solstad Farstad ASA, said it has sold the 1995-built platform supply vessel (PSV) Far Service.   The 4,683 DWT vessel was delivered to its new owner October 3, 2017.    Solstad Farstad said the sale will result in an immaterial accounting effect for Q4 2017. 

Subsea 7 Acquires Normand Oceanic

 Normand Oceanic. Photo: Subsea 7 S.A.

 Subsea 7 S.A. has announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from Solstad Farstad ASA for a nominal cash consideration.    Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party. 

DNV GL Launches Class Standard for Offshore Gangways

Photo: DNV GL

DNV GL today published the first industry standard providing guidance on offshore personnel transfer by gangway. DNVGL-ST-0358 will contribute in documenting and securing safe operational performance of offshore gangway solutions and contribute to predictability and transparency within the industry.    Offshore gangways are used as a bridge between two vessels or between a fixed object and a floating installation to transfer people, cargo or equipment

Offshore Supply Ship Market Set for Consolidation

Photo: Farstad Shipping

Weak market conditions seen driving consolidation; owners prepare for longer downturn; bright spot for anchor handlers in the past months   A glut of offshore supply vessels and falling demand from oil firms will trigger a restructuring of the still-fragmented industry, two of the largest owners of the specialty ships told Reuters on Tuesday.   With crude prices down more than 70 percent since mid-2014, energy firms have sharply cut their exploration spending

Solstad Offshore Secures Contract with Technip

Normand Pioneer (Photo: Solstad Offshore)

Solstad Offshore ASA (SOFF) says it has entered into a frame agreement with Technip Norge AS and Technip UK Limited (Technip) to supply vessels for trenching, construction and subsea services. The deal’s commercial terms have not been disclosed. The frame agreement, which is valid for 2016-2018, will enable Technip to utilize Normand Progress, Normand Pioneer, Normand Ranger and Normand Mariner. SOFF will be Technip’s supplier of tonnage for trenching and subsea construction

Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned PLSV Seven Mar swapped in for the chartered PLSV Normand Seven in late June.   As a result, Normand Seven will be returned to its owner, Norway-based Solstad Offshore, at the end of its fixed-term charter agreement.   Subsea 7 said there are no other significant changes to its contractual terms and

Solstad CSV Gets Propulsion Overhaul at Gibdock

Normand Cutter at Gibdock (Photo: Gibdock)

Gibraltar’s Gibdock shipyard has completed its scope of work on Solstad Shipping’s Normand Cutter, a 127-meter-long, 10,979grt construction support vessel (CSV) that left the yard on June 29 following a 22-day drydock program, which included an overhaul of its entire propulsion system.   According to Gibdock , torway-based Solstad has become a regular customer, entrusting the yard with work on a number of high-tech offshore vessels over the past decade

Gibdock Records Busiest Season

Gibdock played host to four offshore support vessels at the same time at the end of June. Photo Gibdock

Simultaneous attention to four offshore support vessels at Gibdock demonstrates that the Gibraltar yard is now a regional hub for this specialized repair, maintenance and renewal work, operating as a base for mobilisation and de-mobilisation projects. Gibdock achieved its busiest month this year in the offshore market in June 2016, pressing home its strategic location and reputation for high quality, on-time redelivery, at a time when it is updating a series of management

OSV firm Farstad Continues Restructuring Talks

file Image (Credit: Farstad)

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking to both industrial and financial investors on how to refinance 11.6 billion Norwegian crowns in net interest bearing debt ($1.4 bln) * CEO says 7-8 significant banks involved, and that Nordic banks DNB, Nordea and Danske Bank are central * CEO says there are also two bond loans and one leasing deal tied up to two

Olympic Shipping to Get Finance

Photo: Olympic Shipping

 The struggling Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, reports Reuters.   Olympic Shipping is one of the shipping companies that are struggling vigorously. Since summer, Olympic Shipping lived on creditors' grace under a so-called "standstill agreement"

Solstad Wins Contract with CUEL Thailand

Photo: Solstad Offshore ASA

 Norway’s Solstad Offshore ASA has been been awarded a contract with CUEL Limited, Thailand for the derrick lay barge DLB Norce Endeavour in the Gulf of Thailand.   According to the contract the 2011-built unit will be used for the provision of transportation and installation for Phase 4 of JDA Block B-17-01.   The DLB Norce Endeavour will install 3 new wellhead platforms, 3 subsea pipelines and host tie-ins for CUEL Limited with the offshore work to start in Q3-2017

Dong Takes Solstad CSVs

REM Installer. Photo: Solstad Offshore

 Norwegian offshore vessel owner Solstad Offshore has entered into contracts with Dong Energy Wind Power for two of its construction support vessels (CSVs).   The first contract will see the CSV Rem Installer work for Dong Energy for a period of 23 months firm with a further six months option.   A second Solstad vessel will start working for Dong in April 2018 for a seven-month period, with an option for an additional eight months.  

Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger

Photo: Solstad Offshore ASA

 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

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