Subsea 7 To Acquire Normand Oceanic Vessel From Solstad Farstad
Subsea 7 agreed to acquire the remaining 50% shareholdings in its joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from its partner company Solstad Farstad ASA.
Subsea 7 will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstand while under long-term charter to Mexico’s Typhoon Offshore, and will assume all obligations related to an outstanding loan of approximately $100 million. Normand Oceanic AS, the company that owns the vessel, and Normand Oceanic Chartering AS will become wholly owned subsidiaries of Subsea 7.
In May, Solstad and Typhoon Offshore entered into a 3-year charter agreement.
Jean Cahuzac, Subsea CEO, said "Our agreement to acquire Normand Oceanic reflects our strategy to own high-specification vessels that differentiate our market-leading engineering and construction services to the offshore energy industry. We are focused on actively managing our fleet composition to meet our clients' requirements and market conditions."
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
15 May 2019
14 May 2019