Solstad Offshore Sells Platform Supply Vessel

Norwegian offshore vessel owner Solstad Offshore has sold another vessel. This time the platform supply vessel Far Spirit.

The company said Tuesday the vessel had been sold by its subsidiary Farstad Marine to an undisclosed buyer.

"Delivery of the vessel to the new owner took place today June 22nd, 2021. The sale of the vessel will result in an immaterial accounting effect for Q2-2021," Solstad Offshore said, without revealing the sale price. 

The Far Spirit vessel, of the VS 470 Mk II design, was built in 2007 by Westcon Olen yard in Norway.

Solstad Offshore last year said that, as part of its restructuring agreement, it was to "right-size" its fleet to make it more competitive, with a plan to divest 37 vessels "over a period of time."

The company last month sold the 2003-built, 74 meters-long platform supply vessel Far Splendour. 

Solstad's aim is to reduce fleet size to a level of 80-90 vessels, a target it expects to achieve by the end of the year.

Some vessels are sold for recycling, some for non-oil & gas activity, and some for geographical areas where the company has limited access.