Solstad bags new batch of contracts

Norwegian shipping company Solstad Offshore has secured several new contracts and contract extensions for its platform supply vessels (PSVs) and anchor handling tug supply (AHTS) vessels.

Solstad disclosed that the contracts have a combined firm duration of approximately ten vessel years and will support various clients in the global markets.

The contracts, with a total value of around NOK 830 million ($81.8 million), are planned to be executed by 14 of the company’s PSVs and AHTS vessels.

“These new contracts reflect a continued strong market for offshore support vessels. In general, we see that commercial rates continue to improve and clients are prepared to commit to longer contracts than what we have experienced in recent years,” said Kenneth Lande, Executive Vice President and Head of Global AHTS and PSV segment at Solstad Offshore.

The Norwegian company also recently sold one of its PSVs to an undisclosed buyer.

Back in December 2022, Solstad Offshore won five-year contracts with Equinor UK for two of its platform supply vessels (PSVs), with one vessel set to be upgraded with a battery-hybrid system and shore power.