Solstad CSV to exit offshore industry after new owner takes over

Normand Ships, a wholly owned subsidiary of Solstad Offshore, has sold the construction support vessel (CSV) Normand Jarl to a buyer outside of the offshore industry.

The delivery of the vessel to the new owner is expected to take place during the first quarter of 2023.

Solstad Offshore will recognize a gain on the sale of approximately NOK 420 million (around €40 million) to be reflected in the Q1 2023 accounts.

The company did not reveal any other information about the buyer, nor about the sale and what industry the vessel will be serving.

Normand Jarl was built in 2013 and is of MT 6022 design. The 108-meter-long vessel features DP2 from Kongsberg, a helideck, and an SWL 250mt@ 12m – Single fall – AHC crane. It can accommodate 116 persons.

Last month, Solstad won new contracts for three of its CSVs which have a combined time charter value of approximately NOK 1.6 billion (around €156.5 million).

Havfram contracted Normand Vision for a period of three years firm, plus options for additional two years. The contract is set to begin in January 2024, in direct continuation of the present agreement.

Normand Ocean secured an extension and a new contract with DeepOcean for a total period of two years firm also from January 2024, in direct continuation of the present contract, while Normand Pioneer was awarded a Letter of Intent (LoI) for a contract with a “major” energy company in South America.

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