Solstad Offshore Sell CSV to Charterer

Solstad Offshore has announced the sale of its Construction Support Vessel, CSV 'Normand Clough', with effect from Q4 2013.

Solstad Offshore ASA (SOFF) acquired the CSV “Normand Clough” in connection with the division of Rem Offshore ASA in 2009. The vessel has from delivery been engaged on a long term contract with SapuraClough Offshore Pty Ltd. (SapuraClough) which has exercised an option in the charterparty allowing them to buy the vessel after the elapse of five years.

The terms of the transaction are confidential between the parties. The booked value of the vessel is equivalent to the option price. The transaction thus results in a limited net accounting effect for SOFF but will have a positive cash effect of approx. NOK 200 mill.

 Solstad Offshore say that they intend to complete the transaction during 4th quarter 2013.