Siem Offshore Gets Breathing Room
Norway-based offshore vessel owner Siem Offshore has received some breathing room after reaching an agreement with its banks.The company last week warned that the extreme fluctuations in the financial markets over the past weeks „have resulted in a further deterioration in the company's liquidity situation“ and that Siem Offshore was in discussions with its banks to seek to alleviate the situation.In a statement on Wednesday morning, Siem Offshore said that it had "with effect…
Solstad Offshore, Creditors Agree on Draft Restructuring Plan
Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding agreement by the end of April, the Oslo-listed firm added in a statement."We are entering a period…
Ocean Infinity’s Hunt for the Submarine San Juan
The search for the Argentinian submarine was like hunting for the proverbial needle in a hay stack, except that it was a piece of straw. Elaine Maslin reports. At 7.19am, local time, on November 15, 2017, the last message was received from the San Juan submarine. She belonged to the Argentinian navy and was on a routine mission from Ushuaia in the Patagonia region to Mar del Plata in Buenos Aires province when she lost contact with the military. Fifteen days later, neither the submarine nor any debris had been found and the crew of 44 sailors were presumed dead.
Five PSV Charters for Solstad Offshore in UK
Norway-based offshore support vessel operator Solstad Offshore has secured contracts and extensions for five of its platform supply vessels in the UK Sector of the North Sea.The longest term charters of the five have been awarded to Solstad Offshore by its Equnior's UK subsidiary Equinor UK Limited. Equinor has extended contracts for the platform supply vessels Sea Frost and Normand Skipper."Both vessels have been supporting Equinor's operations since July 2017 and January 2019 respectively.
Saipem Buys Solstad's Norce Endeavour Vessel
Italian oilfield services company Saipem has agreed to buy Solstad Offshore's lay barge vessel DLN Norce Endeavour.Saipem had in December 2019, chartered the vessel from Solstad Offshore. The charter included an option for Saipem to acquire the vessel."Saipem has now decided to declare the purchase option for DLB Norce Endeavour. Delivery of the vessel to Saipem is scheduled to April 2020," Norway-based Solstad Offshore said Friday.Solstad did not disclose the sale price of the vessel.
Solstad Lines Up Contract for Far Stream
Norwegian ship owner Solstad Offshore said it has secured work for its 2006-built anchor handling tug supply vessel (AHTS) Far Stream supporting a six-well drilling program for a major Malaysian operator.The 285-day contract is due to commence in March 2020 and includes an optioin to extend the charter for an another 60 days.
Global Offshore Charters Normand Clipper
Global Offshore, a provider of cable installation, repair and trenching services to the offshore renewables, utilities and oil and gas markets and part of the Global Marine Group, is adding offshore installation and construction vessel Normand Clipper to its fleet. The vessel, on long-term charter from Solstad Offshore, will be operational within the first quarter of this year.The charter gives Global Offshore options for up to eight years.The Normand Clipper is currently being fitted with a 4…
Solstad Reups, Expands Deal with Marlink
Norwegian offshore services and supply vessel company Solstad Offshore has renewed its connectivity contract with Marlink, committing 65 offshore vessels to Sealink, Marlink’s high-throughput Ku-band VSAT service. Solstad’s vessels will be provided with Sealink Services and L-band backup to ensure seamless global connectivity.Solstad sought a flexible, customized service to meet the diverse demands of its offshore support vessel (OSV) fleet, Marlink said. Building on more than 10 years of partnership…
BY THE NUMBERS: the OSV Markets
US Offshore Support Vessel Analysis 2018 and 2019. The US GOM Offshore Support Vessel (OSV) market is suffering, utilization remains poor, and many owners are still squeezed financially. However, a poor market forces people to adapt and for those willing to take risks, the upside can be extremely large.US Owners 2018 vs. 2019: Within the US GOM, 2018 saw a period of strategic thinking and tactical business decisions. Tidewater Marine completed their merger with GulfMark Offshore to create the world’s largest OSV player.
SBM Extends CSV Normand Installer
Solstad Offshore announced that SBM Offshore has extended the charter for the construction support vessel (CSV) Normand Installer from an original 105 days commitment (reported August 2018) to a 1-year contract from January 2020, in direct continuation with present contract.The 123.6-meter vessel is jointly owned by SBM and Solstad Offshore and has been on a contract to SBM since delivery from the Ulstein Verft shipyard in 2006.
Ocean Infinity Mobilizes Normand Frontier
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.
Normand Clipper Secures Long-term Contract
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.
Farstad Supply Sells PSV Far Swift
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.
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…
Solstad Wins AHTS Charter Deals from Total
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…
Solstad Offshore Sells AHTS Vessel
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…
Solstad Sells PSV Far Star
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.
Sverre Farstad Picks Up Blue King PSV
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…
Solstad Offshore Bags New PSV Contracts
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…
Aker BP Awards PSV Frame Agreements
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…
Ocean Yield in Standstill Pact with Solstad Offshore
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…
Solstad Scores Long-term Charter with Total
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…
Solstad Offshore Wins PSV Contract from Allseas
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.