Solstad Offshore ASA (SOFF) has entered into an agreement with Subsea 7 International Contracting Limited (Subsea 7), where by Subsea 7 will aquire 50% of the CSV “Normand Oceanic” through purchase of shares in a single purpose company to be incorporated.
“Normand Oceanic” was delivered to SOFF from yard in April 2011 and commenced a charter party with Subsea 7 on the 15th March 2012.
Further it is agreed that the duration of the firm charter period will be extended from 3 years to 5 years on the same commercial terms as in the current charter party.
It is intended to complete the transaction by the end of 2nd quarter 2012.
The transaction will have a positive cash effect of approx. NOK 200 million for SOFF.
[mappress] Subsea World News Staff , March 30, 2012; Image: Solstad