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.
Tidewater & GulfMark Consolidation Creates Largest OSV Fleet
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…
Solstad Offshore Bags More Contracts in Brazil
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…
Solstad Tallies Equinor Contracts
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…
Solstad Seeks Creditor Talks Amid Sluggish Recovery
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…
Offshore Optimism is Cautiously on the Rise
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…
SolstadFarstad, Yxney Maritime Roll Out Fuel Efficiency Software
SolstadFarstad and Yxney Maritime AS have completed a pilot project to develop and roll out the fuel efficiency and emission reduction software MarESS. During the pilot, the combination of MarESS and skilled crews generated significant fuel savings for SolstadFarstad and their clients, leading to the contract for implementation for the entire fleet. “SolstadFarstad’s work with the SolstadFarstad Green Operations campaign is taken to the next level with MarESS,” says Tor Inge Dale, COO in SolstadFarstad.
Solstad Farstad Sells 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.
Solstad Farstad Sells 2010-Built AHTS
Solstad Farstad, which claimed to be the world’s largest OSV firm, has sold a relatively new AHTS vessel Far Shogun, since its formation last month following the mega-merger of three leading OSV companies in Norway. The 2010-built, 23,664-bhp Far Shogun has been delivered to the unnamed new owner on Thursday, Solstad Farstad announced. "Wholly owned subsidiary Farstad Supply AS has sold the AHTS Far Shogun to an undisclosed buyer for an undisclosed price. The delivery of the anchor handling tug and supply vessel Far Shogun to the new owner took place on Thursday, July 13," said the company.
Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger
Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017. The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration.
Norwegian OSV Operators in Blockbuster Merger
Debt-laden Farstad Shipping gets lifeline; billionaires Fredriksen and Roekke join forces. Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn. Under the deal Farstad is to complete a financial restructuring via a debt-for-equity swap and new share issue, and will then be merged with Deep Sea Supply and Solstad Offshore, controlled by Norwegian billionaires John Fredriksen and Kjell Inge Roekke respectively.
Dong Takes Solstad CSVs
Norwegian offshore vessel owner Solstad Offshore has entered into contracts with Dong Energy Wind Power for two of its construction support vessels (CSVs). The first contract will see the CSV Rem Installer work for Dong Energy for a period of 23 months firm with a further six months option. A second Solstad vessel will start working for Dong in April 2018 for a seven-month period, with an option for an additional eight months. “The contract with DONG Energy Power is a strategically important contract for Solstad Offshore in the company’s continued commitment to the renewable energy segments…
Solstad Wins Contract with CUEL Thailand
Norway’s Solstad Offshore ASA has been been awarded a contract with CUEL Limited, Thailand for the derrick lay barge DLB Norce Endeavour in the Gulf of Thailand. According to the contract the 2011-built unit will be used for the provision of transportation and installation for Phase 4 of JDA Block B-17-01. The DLB Norce Endeavour will install 3 new wellhead platforms, 3 subsea pipelines and host tie-ins for CUEL Limited with the offshore work to start in Q3-2017 and comple in Q1-2018 with a combined forecast utilization of the DLB Norce Endeavour of around 60 days.
Offshore Supply Ship Market Set for Consolidation
A glut of offshore supply vessels and falling demand from oil firms will trigger a restructuring of the still-fragmented industry, two of the largest owners of the specialty ships told Reuters on Tuesday. With crude prices down more than 70 percent since mid-2014, energy firms have sharply cut their exploration spending, leaving a rising number of vessels to be mothballed. Norwegian supply vessel owners Farstad Shipping and Havila Shipping both said they expect to see mergers take place, echoing the sentiment of competitor Solstad Offshore , which said last week it too expects consolidation.
Solstad Offshore Returns to Gibdock
Gibraltar-based ship repair company Gibdock informs it has built up a close working relationship with Solstad Offshore, with a number of the Norwegian operator’s specialist offshore craft being repaired at the yard over the past few years. This partnership was recently rekindled when a construction support vessel (CSV), the 5,000dwt Normand Pacific, arrived in Gibraltar for its first special survey. The 122-meter-long Normand Pacific, which was built at the Fosen shipyard in Norway in 2010…
Havila Shipping CEO: Firms Must Fix Own Issues before Discussing M&A
"We're familiar with the thinking of other industry players," he said. Saevik said Havila's restructuring talks are still ongoing and declined to comment on remaining issues in restructuring process. On Tuesday, two of Havila's competitors, DOF and Solstad Offshore announced restructuring plans to prepare themselves for more market headwinds and for potential consolidation. Shares in Havila are down 77.5 percent over the past year, against a drop of 4.7 percent for the Oslo benchmark index.
Solstad Offshore Secures Contract with Technip
Solstad Offshore ASA (SOFF) says it has entered into a frame agreement with Technip Norge AS and Technip UK Limited (Technip) to supply vessels for trenching, construction and subsea services. The deal’s commercial terms have not been disclosed. The frame agreement, which is valid for 2016-2018, will enable Technip to utilize Normand Progress, Normand Pioneer, Normand Ranger and Normand Mariner. SOFF will be Technip’s supplier of tonnage for trenching and subsea construction work.Normand Pioneer (Photo: Solstad Offshore)
Subsea 7 Announces PLSV Swap off Brazil
Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil. The agreement will see the Subsea-7-owned PLSV Seven Mar swapped in for the chartered PLSV Normand Seven in late June. As a result, Normand Seven will be returned to its owner, Norway-based Solstad Offshore, at the end of its fixed-term charter agreement. Subsea 7 said there are no other significant changes to its contractual terms and conditions with Petrobras.
OSV firm Farstad Continues Restructuring Talks
Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. * CEO says Oct. * Farstad shares down 4.7 pct to 8.9 crowns at 1004 GMT compared to a rise of 0.5 pct in Oslo's benchmark share index.
Olympic Shipping to Get Finance
The struggling Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, reports Reuters. Olympic Shipping is one of the shipping companies that are struggling vigorously. Since summer, Olympic Shipping lived on creditors' grace under a so-called "standstill agreement". This means that the company has released to pay installments on their loans, anticipating that one tries to find a financial solution for the company.