Solstad Offshore has successfully resolved arbitration proceedings concerning disputed charter hire for the subsea construction vessel Normand Maximus.
According to a statement released by the company, the legal process regarding 2024 hire payments reached a final conclusion in the company's favour.
Following the arbitrator's decision, Solstad Offshore will be paid approximately $13 million in outstanding charter fees. This settlement also includes an interest compensation component valued at approximately $1.5 million to account for the duration of the dispute.
These funds are anticipated to provide a total liquidity boost of about $14.5 million for the shipowner.
Solstad Offshore reported that a positive profit effect of around $7.5 million will also be recognised in the financial results for the second quarter of 2026.
The conflict originated from disagreements regarding the vessel's operations and associated payments during the 2024 calendar year. Investors were initially alerted to the legal proceedings through the company's 2025 annual report and the first quarter financial presentation for 2026.
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