Subsea 7 has exercised its option to extend the existing Normand Subsea contract by approximately three and a half years, following renegotiation of terms and conditions, the Oslo-listed Solstad informed on Wednesday.
The new contract extension will start in June 2016, with an option for Subsea 7 to extend the contract by a further two years.
The Normand Subsea is an IMR, survey and light construction vessel specifically designed for inspection, maintenance and repair work.
The vessel, with an overall length of 113 meters and accommodation for 90 people, was delivered to Solstad Offshore in September 2009.
The commercial terms between the parties have not been disclosed.