Solstad Farstad Asa News

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,  Nor Australis awarded 3 months contract with Magseis for operations in Southeast Asia and  Normand Installer renewal of frame agreement…

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.

DESS Aquaculture Shipping AS, a joint venture between Solstad Farstad ASA (SOFF) and Marine Harvest ASA, took delivery of the harvest vessel “Aqua Merdø” on May 24th 2018.    The vessel will commence its 10-year charter contract with Marine Harvest upon delivery at location within few days.   “Aqua Merdø” is developed in close collaboration between the owners and Salt Ship Design and has been built by Myklebust Verft, Norway. Long term financing of “Aqua Merdø” is arranged by ABN AMRO Bank N.V.   “Aqua Merdø” is a harvest vessel with a capacity of handling up to 20,000 fish per hour, and transport up to 400 tons of fish to the processing plant.   DESS Aquaculture Shipping was established in June 2016 as a joint venture between Marine Harvest and Deep Sea Supply.

Statoil ASA has awarded SolstadFarstad (SOFF) a contract for Platform Supply Vessel (PSV) Normand Fortune (2013, VS 485 MK III Design). The contract for Normand Fortune will commence in May 2018 for a period of 4 months firm with further 3x2 months option. The vessel will operate in the Norwegian Sector of the North Sea. “We are pleased to announce that we have secured another contract with Statoil ASA, one of our key clients. In addition to Normand Fortune, SolstadFarstad already has 10 vessels working on long term contracts with Statoil in Norway, UK and Brazil,” says Kenneth Lande, EVP – Strategic Regions of Solstad Farstad ASA. Last week…

Solstad Farstad ASA has entered into a contract with Fugro Netherlands Marine BV for the CSV, Normand Flower, for operations in North European waters. The contract period is 6 months firm. Commencement of the contract is end March 2018. “We experience an increasing demand for CSV tonnage in the North Sea and we are very pleased to be awarded our second vessel contract with Fugro,” says Hans Knut Skår, EVP – Subsea Constructions & Renewable Energy of Solstad Farstad ASA. Meanwhile, Spirit Energy has awarded SolstadFarstad (SOFF) a contract for the two Platform Supply Vessels (PSV), Far Sitella (2013, PSV 08 CD Design) and Sea Titus (2014, STX 05-L CD Design).

TAQA Bratani has awarded Solstad Farstad ASA a contract for the Platform Supply Vessel PSV Far Spica (2013, PSV 08 CD Design). The contract is the duration of TAQA’s mobile drilling Campaign in the UK Sector, which is approx. 18 Months,   with expected commencement in Q1 2018. Far Spica is currently trading the North Sea Spot Market. AGR Well Management Limited has awarded SOFF a contract for the PSV Normand Aurora (2005, P105 Design). The contract duration is for 1 well firm + 1 well options supporting West Hercules in the UK Sector and the commencement is expected to take place March 2018. The firm period has an estimated duration of 75 days. Normand Aurora is currently trading the North Sea Spot Market.

Solstad Farstad ASA (SOFF) has entered a Bareboat contract with Bahia Grande LN S.A for the CSV "Normand Commander” for operation in Argentina.    The contract period is 5 years firm with further 1x3 years option, commencement of the contract is February 2018.    The commercial terms are confidential between the parties.   Last month, Petróleo Brasileiro S.A extended the present contract for RSV “Far Swift” with approximately 1 year, in direct continuation of present contract. Contract is now firm until 4q -2018.   In addition, SolstadFarstad has entered into a contract for the PSV "Normand Skipper” with Statoil ASA for work on the Norwegian Continental Shelf for a period of 4 months firm with further 2 months option. Commencement of contract is mid-April 2018.

Solstad Farstad ASA (SolstadFarstad) entered a contract for the PSV, Far Solitaire, with Aker BP for a period of three months firm with further three months option, commencement of contract is mid-January 2018. In addition, Petrobas - Petróleo Brasileiro S.A has extended the present contract for AHTS BOS Topazio with 180 days to February 2019. Meanwhile, Farstad Supply AS, a wholly owned subsidiary of SolstadFarstad, has sold the AHTS Far Grip (1993 built, 14.389 BHP). The vessel was delivered to the new owner on December 12.

Solstad Offshore Singapore, a wholly owned subsidiary of Solstad Farstad ASA, has sold the AHTS Nor Star    The vessel (5.500 BHP) was built in 2005 built at Pt. Jaya Asiatic Shipyard,Batam Indonesia.   Delivery of the vessel to the new owner has taken place today, Thursday 2nd November, 2017.   The sale of the vessel will result in an immaterial accounting effect for 4Q 2017.   Solstad Farstad is a Norwegian offshore service and supply ship shipping company that operates 50 vessels and two newbuilding CSV, including 19 construction service vessels, 22 anchor handling tug supply vessels and 9 platform supply vessels.

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.

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.