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.
The Group will assume all obligations related to an outstanding loan of approximately $100 million. Normand Oceanic AS and Normand Oceanic Chartering AS will become wholly-owned subsidiaries of the Group.
Jean Cahuzac, CEO, said “Our agreement to acquire Normand Oceanic reflects our strategy to own high-specification vessels that differentiate our market leading engineering and construction services to the offshore energy industry
. We are focused on actively managing our fleet composition to meet our clients’ requirements and market conditions.”
Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services
to the offshore energy industry.