Solstad Offshore said its wholly owned subsidiary Normand Maximus has exercised its option to buy the subsea construction vessel Normand Maximus from Maximus Shipping, a wholly owned subsidiary of Solstad Maritime, for US$125 million.
The transfer is scheduled for October 2027, when the vessel’s bareboat charter will end. Normand Maximus currently charters the vessel from Maximus Shipping, which owns it.
Solstad Offshore said it plans to fund the purchase price with external borrowing.
The bareboat charterparty was entered into on October 7, 2022. It gives Normand Maximus AS the right to acquire the vessel once five years of the charter have elapsed, subject to providing 12 months’ advance notice.
Solstad Offshore announced a letter of intent (LOI) with an unnamed international subsea contractor for Normand Maximus in May 2026. The vessel is to assist with the client’s activities around the world.
The proposed work was expected to begin in the first quarter of 2027, with a stated firm period through Q1 2029 and an option to extend into Q1 2030. That schedule spans the planned October 2027 ownership transfer.\
The LOI also includes two fully manned work-class remotely operated vehicles, along with tooling and survey services.
Solstad outlined the charter arrangement in May 2022 as part of a plan to keep Normand Maximus under the group’s operational control.
The company said the planned charter will run for five years from delivery, with options for further five-year periods and purchase options after five and ten years.
Solstad Offshore said in November 2024 that agreements had discharged a US$197 million residual claim guaranteed by the company and connected to earlier financing of Normand Maximus.
Built in 2016, Normand Maximus measures 177.9 metres long and 33 metres wide. The vessel has a cargo deck area of 2,400 square metres and accommodation for 180 people.
The vessel is equipped with a DP3 system, a 900-tonne active heave-compensated crane, and a 550-tonne vertical lay system.