Solstad buys 2010-built CSV at ‘attractive terms’

Solstad Offshore has exercised its option to purchase a construction support vessel (CSV) from Norwegian Mpsv at what it finds are attractive terms.

The vessel Normand Tonjer was sold to Mpsv for a gross amount of $10 million in 2021 and leased back on a bareboat agreement for a firm three-year period with options for two one-year extensions.

At the end of year two, Solstad had an option to buy the vessel back for the net amount of $4 million. This option has been exercised and today, December 20, the purchase of the vessel was concluded.

“We are very pleased to acquire CSV Normand Tonjer at what we believe are favorable terms for a vessel of such capabilities,” said Lars Peder Solstad, CEO of Solstad.

Normand Tonjer was built in 2010. The 95.3-meter-long CSV has been supporting ocean bottom node (OBN) seismic operations working for the same client since 2018. It can accommodate 68 people.

The vessel-owning SPV company is owned 55% by Solstad Offshore with remaining ownership held by external shareholders. The SPV company is part of the company structure that is 100% controlled by Solstad Offshore, called Solstad RemainCo under the refinancing agreement announced on October 23.

Solstad recently secured work for one of its anchor handling tug supply (AHTS) and CSVs in Australia. Both vessels will be owned by Solstad Newco after the planned refinancing.