Norway's Solstad Offshore and Netherlands-based SBM Offshore have agreed to order a newbuild multi-purpose deepwater installation and construction vessel, with targeted delivery in the first half of 2029.
The parties have formed a joint venture company that has entered into a letter of intent with a selected shipyard for the construction of the vessel.
The vessel will be owned by a newly established joint venture, in which Solstad Offshore will hold a 50.1 per cent ownership interest and SBM Offshore 49.9 per cent. Solstad will act as ship manager.
The joint venture has 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.
Solstad Offshore said 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. The existing frame agreement has been extended to give SBM Offshore access to Normand Installer until 2034.
