Solstad Sells Sea Panther AHTS for Recycling

Norwegian offshore vessel operator Solstad Offshore said Friday it had sold its AHTS Sea Panther vessel for recycling.

The vessel was sold through Solstad Offshore's subsidiary Solstad Rederi, and the delivery to the buyer took place today August 20th, 2021.

"The sale of the vessel will result in an immaterial accounting effect for Q3 -2021," Solstad Offshore said, without sharing the sale price.

"Solstad Offshore ASA is considering several vessels for green recycling as a part of our efforts to be in the forefront of sustainable and [environmentally] optimal operations. The recycling will take place at European shipyards, with focus on the highest standard on green recycling," Solstad Offshore said. 

The company did not say where exactly the Sea Panther would be recycled. Sea Panther, built in 1999, was previously owned by Deep Sea Supply, a company that in 2017 merged with Solstad and Farstad. VesselsValue, a website that provides value estimates for various types of vessels, had the Sea Panther valued at $2 million (demolition value) on August 19.

Solstad Offshore in 2020 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."

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.