Letter of Intent signed with selected shipyard as Solstad Offshore and SBM Offshore advance plans for a new deepwater vessel
Solstad Offshore and SBM Offshore have joined forces to advance a major newbuild vessel project, agreeing to order a next-generation multi-purpose deepwater installation and construction vessel for delivery in the first half of 2029.
The companies have established a joint venture that has signed a Letter of Intent (LOI) with a selected shipyard for the construction of the vessel. The new asset will be owned through a dedicated joint venture company, with Solstad Offshore holding a 50.1% stake and SBM Offshore owning the remaining 49.9%.
The joint venture has entered into an initial 14-year charter agreement with SBM Offshore, securing a minimum utilisation of 270 days per year, with options for SBM Offshore to extend the charter period within each year, and up to 11 additional years. When the deepwater installation vessel is not utilised for SBM Offshore, the joint venture may charter the vessel to third parties.
The new vessel builds on the operational success of CSV Normand Installer that Solstad Offshore and SBM Offshore have owned and operated jointly since 2006. The existing frame agreement has been extended to give SBM Offshore access to the Normand Installer until 2034.
Lars Peder Solstad, CEO of Solstad Offshore ASA, commented: “This project represents an important strategic step for Solstad Offshore. Together with SBM Offshore, we are further developing a partnership that has evolved over more than two decades, building on the proven performance of Normand Installer and extending our installation capabilities into the future.”
