Norway: Solstad Offshore Extends Charter Contract for CSV ‘Normand Oceanic’

Solstad Offshore ASA (SOFF) has entered into an agreement with Subsea 7 International Contracting Limited (Subsea 7), whereby Subsea 7 will aquire 50% of the CSV “Normand Oceanic” through purchase of shares in a single purpose company to be incorporated.

“Normand Oceanic” was delivered to SOFF from yard in April 2011 and commenced a charterparty with Subsea 7 on the 15th March 2012.

Further it is agreed that the duration of the firm charterperiod will be extended from 3 years to 5 years on the same commercial terms as in the current charterparty.

It is intended to complete the transaction by the end of 2nd quarter 2012.

The transaction will have a positiv cash effect of approx. NOK 200 million for SOFF.

[mappress]

Source: SOFF, March 30, 2012