Solstad Offshore Sells Far Swan PSV

Solstad Offshore, a Norwegian offshore vessel owner, said Tuesday it had sold the platform supply vessel Far Swan.

The company, which last year said it would trim its fleet to make it more competitive, with a plan to divest 37 vessels "over a period of time," said  it had delivered the Far Swan to the new owner on November 16th, 2021.

"The sale of the vessel will result in an immaterial accounting effect for Q4 2021," Solstad Offshore said. The vessel was sold by Solstad Offshore's subsidiary Farstad Shipping. 

As with the other recent divestments, Solstad did not disclose the sale price for the 2006-built platform supply, nor the identity of the buyer.

VesselsValue estimates the market value of the vessel at around $2,97 million, and demoliotion value - the amount for which the vessel could be sold for scrap - at $1,22 million. According to VesselsValue data, the vessel last worked for Halul Offshore, and is currently moored in Dubai.

This is the third sale announced by Solstad this month, after previously announcing the sales of the Rem Provider platform supply vessel and the Far Saga construction support vessel.

Solstad's aim is to reduce fleet size to a level of 80-90 vessels. Some vessels are sold for recycling, some for non-oil & gas activity, and some for geographical areas where the company has limited access.