Solstad News

15 Nov 2019

Ocean Infinity Mobilizes Normand Frontier

Normand Frontier (Photo: Ocean Infinity)

Subsea technology and data company Ocean Infinity announced the launch of its third vessel, Normand Frontier. The vessel has now been mobilized, having been signed on a three-year year charter with the Norwegian ship owner Solstad Offshore, in December 2018.The Normand Frontier is a modern, fuel-efficient, multipurpose vessel capable of both supporting autonomous underwater vehicle (AUV) and unmanned surface vehicle (USV) operations, as well as deepwater search and recovery services.

13 Nov 2019

Normand Clipper Secures Long-term Contract

Normand Clipper (Photo: Solstad Offshore)

Norwegian ship owner Solstad Offshore said it has been awarded a long-term contract with Global Offshore, part of the Global Marine Group for CSV Normand ClipperThe contract will commence in the first quarter of 2020 and have a duration of three years firm plus five years options thereafter.Global Offshore will utilize the vessel to support cable lay operations within the renewable energy and oil and gas sectors.

03 Nov 2019

Farstad Supply Sells PSV Far Swift

Image: Solstad Offshore

Norwegian offshore service and supply ship shipping company Solstad Offshore said that its wholly owned subsidiary Farstad Supply AS has sold the platform supply vessel (PSV) Far Swift.Delivery of the 2003-built vessel to the new owner took place October 31st, 2019, said a press note.The sale of the vessels will have a minor positive accounting effect for 4Q 2019, it said.Farstad Supply AS manufactures and supplies offshore vessels. The company offers anchor handling tug, platform supply, and sub-sea vessels for material transportation, as well as provides logistic services.

22 Oct 2019

Yxney, Grieg Connect Team Up with NOx Fund

The data analytics duo Yxney Maritime and Grieg Connect are partnering with the Norwegian NOx Fund to develop a data-driven digital solution for automated NOx emissions reporting. Solstad Offshore and ferry operator Fjord1 will participate in the pilot phase of the project.The Norwegian NOx Fund records NOx emissions from all vessels operating in Norwegian waters and collects a fee for emissions per vessel. Calculating and reporting emissions has historically been a manual chore for shipowners…

26 Sep 2019

Solstad Wins AHTS Charter Deals from Total

Image: Solstad Offshore

French oil giant Total has awarded contracts to Norwegian shipping company Solstad Farstad for two large anchor handling tug supply (AHTS) vessels.The offshore service and supply ship shipping company announced that the contracts were awarded by Total’s South African entity for the provision of the Normand Drott and Normand Prosper large AHTS vessels.The contracts are to support Total E&P South Africa's operations in Block 11B/12B and the drilling programme is expected to take up to 280 days…

18 Sep 2019

Solstad Offshore Sells AHTS Vessel

Far Saltire. Image: Solstad Offshore ASA

Norwegian offshore vessel owner Solstad Offshore said that its wholly owned subsidiary Farstad Marine has sold one of its anchor handling tug supply (AHTS) vessels."Farstad Marine has sold the 16304-hp, 2002-built anchor handling tug supply vessel Far Saltire," said the services provider to petroleum related offshore activities.Delivery of the vessel to the new owner took place yesterday (September 18th, 2019).The sale of the vessels will have an immaterial accounting effect for 3Q 2019…

07 Aug 2019

Solstad Sells PSV Far Star

Image: Solstad Offshore ASA

Norwegian offshore service and supply ship shipping company Solstad Offshore said that its subsidiary Farstad Supply has sold the platform supply vessel (PSV) Far Star.1999-built Brazilian-flagged was sold to an undisclosed buyer.The delivery of the vessel to the new owner took place on Tuesday, August 6, said Solstad Offshore.Solstad added that the sale would have an immaterial accounting effect for the third quarter of 2019.Solstad Offshore now has 60 platform supply vessels in its fleet.

31 Jul 2019

Oil, Gas Jobs Moves from Shale to Offshore

 Graph: Rystad Energy

With offshore market gaining momentum the main driver of employment is shifting from shale to offshore.According to new analysis by energy research firm Rystad Energy, increased activity in onshore shale basins such as the Permian in the US held employment in the oilfield service industry steady from 2016 to 2017.However, the offshore industry has now taken the lead, gradually increasing the overall headcount of the top 50 oilfield service companies from 2017 to 2018, the report said.“This is a clear effect of the increase in offshore sanctioning.

21 Jun 2019

​Sverre Farstad Picks Up Blue King PSV

The 2016-built Blue King (Photo courtesy of Ulstein Verft)

The new ship owning company Sverre Farstad & Co has taken ownership of a 2016-built platform supply vessel (PSV), marking a return for the Farstad name in the Norwegian offshore sector.Farstad was one of the parties behind the June 2017 three-way merger of Norwegian ship owners Solstad Offshore, Farstad Shipping and Deep Sea Supply. The new company had been called SolstadFarstad, but the Farstad name was dropped in October 2018 when the company changed its name to Solstad Offshore.Now the Farstad family is returning to the offshore support vessel (OSV) business with Blue King…

23 May 2019

Solstad Offshore Bags New PSV Contracts

Image: Solstad Offshore

Norwegian offshore service and supply ship shipping company Solstad Offshore has been awarded contracts for two platform supply vessels (PSVs) in Norway.Solstad said in a press release that Wintershall Dea had awarded a 10-well firm plus options contract to support its West Mira rig drilling campaign. The contract duration is estimated to be 30 months.Commencement of the contract will take  place in August/September 2019, and will be covered by the large PSVs Normand Falnes ((VS 485 MkII…

01 Mar 2019

Aker BP Awards PSV Frame Agreements

From left: Nils Magnus Himle, Business Development Manager/Eidesvik Offshore ASA; Anne Jorunn Møkster, CEO/Simon Møkster Shipping AS; Per Harald Kongelf, SVP Improvement/Aker BP ASA; and Lars Peder Solstad, CEO/Solstad Offshore ASA (Photo: Aker BP)

Aker BP ASA announced it has awarded frame agreements with three suppliers for the provision of platform supply vessels (PSV), in a move that aims to reorganize the value chain.The three suppliers Simon Møkster Shipping AS, Eidesvik Offshore ASA and Solstad Offshore ASA signed the agreements in Stavanger on Thursday. The duration of the frame agreements is initially for three years, with the option of two additional periods of two years each.Per Harald Kongelf, SVP Improvement at Aker BP…

20 Dec 2018

Ocean Yield in Standstill Pact with Solstad Offshore

Far Senator. Photo: Ocean Yield

Norway-based company engaged in the investment in vessels within oil-service and industrial shipping Ocean Yield ASA has entered into a standstill agreement with Solstad Offshore for two anchor handlers built in 2013, the Far Senator and Far Statesman.Ocean Yield said in a stock exchange annoucement that it has entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire."To the extent the cash in these subsidiaries exceeds NOK 300 million on a consolidated basis…

14 Dec 2018

Solstad Scores Long-term Charter with Total

(Photo: Solstad Offshore ASA)

Norwegian vessel owner Solstad Offshore ASA, together with its local partner Petro Services, has entered into a contract with Total Exploration & Production Congo for the construction support vessel (CSV) Far Sleipner.The contract has a duration of two years firm plus four six-month options, Solstad Offshore disclosed on Friday.The vessel, which has been chartered by the same client in Congo since January 2017, will function as a field support vessel (FSV) with remotely operated underwater vehicle (ROV) systems on board to cover for inspection…

27 Nov 2018

Solstad Offshore Wins PSV Contract from Allseas

(L-R) Normand Naley, Sea Supra. Photo:  Solstad Offshore ASA

Swiss-based offshore contractor has hired two platform supply vessels (PSVs) from Norwegian offshore shipping company Solstad Offshore.Norwegian offshore service and supply ship shipping company said in a press release that Allseas contracts are for two PSVs, “Normand Naley” (2011, VS 485) and “Sea Supra” (2014, PX105), for pipe-haul duties.Both contracts are for 70 days firm plus options with commencement first half of December 2018, said the release.Solstad have a modern and competitive fleet consisting of 141 vessels.

16 Nov 2018

Tidewater & GulfMark Consolidation Creates Largest OSV Fleet

Combined GulfMark and tidewater global coverage (Credit VesselsValue)

VesselsValue's Head of Offshore Charlie Hockless weighs in on the merger between Tidewater and GulfMark."The consolidation between GulfMark and Tidewater is a positive for the market. With Tidewater’s steadfast and unyielding attitude towards the scrapping of non-performing vessels, this is a good chance for the market to reduce some of its oversupply. Hopefully with this new entity taking the lead, other market players might follow suit," said Hockless.Hockless continues, "It…

13 Nov 2018

Solstad Offshore Bags More Contracts in Brazil

Normand Pioneer. Image: Solstad Offshore

Norwegian offshore service and supply ship shipping company Solstad Offshore has entered into a contract for the CSV Normand Pioneer (1999, CSV, 286t BP) with Queiroz Galvão Exploração e Produção S.A in Brazil.The contract has a duration of two years firm and in addition charterer holds two yearly options. The contract will commence in 1q 2019 and shall support production at the “Atlanta Field” in Santos Basin.Normand Pioneer will replace the AHTS Far Sagaris, who presently have this position…

09 Nov 2018

Solstad Tallies Equinor Contracts

Normand Skipper (Photo: Solstad Offshore)

Norwegian owner Solstad Offshore ASA informs it has been awarded a contract from Equinor for the two-year charter of the 2005-built platform supply vessel (PSV) Normand Skipper, and an extension for the 2013-built PSV Sea Falcon, for work in the U.K.The 92-meter Normand Skipper will commence in November or December 2018, Solstad said. The contract with Equinor UK Limited includes up to two years of options after the initial firm period.In addition, Equinor exercised a one-year option on the present Sea Falcon contract…

22 Oct 2018

Solstad Seeks Creditor Talks Amid Sluggish Recovery

(Photo: Solstad Offshore)

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…

12 Sep 2018

Total E&P South Africa Contract for Solstad Farstad

Image: Solstad Farstad

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.

12 Sep 2018

Offshore Optimism is Cautiously on the Rise

file Image (CREDIT: Harvey Gulf)

Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…

24 Aug 2018

Solstad Farstad Bags Contract with Fairfield Industries

Image: Solstad Farstad ASA

Solstad Farstad ASA (SOFF) has entered into a contract with Fairfield Industries Inc. for the CSV “Normand Tonjer”. The contract will commence in 3Q 2018 and has a duration of one year firm plus two yearly options.Fairfield will use the vessel to support their innovative worldwide ocean bottom seismic survey using node-based technology.Solstad Farstad has updated other contracts too. The key contracts in the subsea construction segment include Far Saga contract extension with Petrobras until 2Q’20…

08 Aug 2018

SBM Offshore Signs up with SolstadFarstad for Normand Installer

Normand Installer. Photo: SolstadFarstad ASA

Norwegian offshore shipping company Solstad Farstad has renewed its frame agreement with SBM Offshore for the charter of the construction support vessel (CSV) Normand Installer for 2019 and 2020.As per the agreement, the 2006-built construction vessel will work for at least 114 days in 2019 and 105 days by 2020.The shipbuilder Ulstein Verft built 123.6 m long Normand Installer is owned by Normand Installer SA (NISA), which is 50/50 owned by SBM Offshore and Solstad Farstad.The Normand Installer is a deepwater construction vessel and has been on a similar contracts with SBM.Lately…

17 Jul 2018

Solstad Farstad Secures Work for Six Vessels

(Photo: Solstad Farstad)

Norwegian ship owner Solstad Farstad ASA said it has secured new contracts and contract extensions for six vessels.BP Egypt has declared the one-year option on the platform supply vessel (PSV) Sea Swift resulting in continuous utilization of the vessel through to August 2019.Equinor Brasil has extended present contracts for the PSVs Far Scotsman and Far Serenade with three months each to December 2018.In addition, SolstadFarstad secured ongoing charters in the Bass Strait, Australia, for the anchor handling tug supply vessels (AHTS) Far Senator and Far Saracen and the PSV Sea Swan.

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