Solstad lines up new CSV deal

Norway’s Solstad Offshore is lining up more work for its 2016-built construction support vessel,
Normand Maximus.

The Oslo-listed OSV owner and operator has received a letter of intent from an unnamed subsea player to take the vessel on a contract for at least 490 days, starting in the first quarter of 2024. 

The Normand Maximus is the largest ship in Solstad’s fleet. It was acquired by an Aker-dominated owner of Jones Act compliant tankers, American Shipping Company (AMSC), in 2022 and bareboat chartered to Solstad for five years with options to extend the charter and to buy the vessel after five and 10 years.

The Skudeneshavn-headquartered firm announced last December it had secured contracts for the vessel for a minimum of 200 days in 2023 plus additional option periods, with revenue of some $50m. The financial terms of the latest deal have not been disclosed but are said to be in line with current dynamics, which suggest the subsea market is heading for new heights where contractors and oil and gas players are scrambling to secure tonnage for upcoming projects.

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