Chinese shipbuilder CIMC Raffles has been selected for the construction of a new multi-purpose deepwater installation and construction vessel for a joint venture formed by Solstad Offshore and SBM Offshore.
Solstad Offshore had earlier said that the new vessel will build on the operational success of the construction support vessel Normand Installer (pictured), which Solstad Offshore and SBM Offshore have owned and operated jointly since 2006. An existing frame agreement has been extended to give SBM Offshore access to Normand Installer until 2034.
The new vessel will be owned by the joint venture, in which Solstad Offshore holds a 50.1 per cent ownership interest and SBM Offshore 49.9 per cent. Solstad will act as ship manager.
The same joint venture recently 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 vessel is not utilised for SBM Offshore, the joint venture may charter the vessel to third parties.
Delivery of the vessel is scheduled for the first half of 2029.