Solstad Obtains Ownership in CSV Normand Vision

Ocean Installer sells its 70 per cent share in the CSV Normand Vision to its marine partner Solstad Offshore, giving Solstad 100 per cent ownership.

The Normand Vision is still committed on a long-term charter with Ocean Installer and the sale does not affect the plans Ocean Installer has for the use of the vessel.

“This is a strategic decision that will contribute to the further growth of Ocean Installer. We maintain our operatorship of the Normand Vision, whilst at the same time increasing our liquidity and thereby our ability to make further investments in organisation and assets,” says Ocean Installer CEO Steinar Riise.

In 2012 Ocean Installer and Solstad Offshore placed a joint order for the advanced Subsea Construction Vessel (CSV) Normand Vision, the ownership distribution being 70-30, respectively. The agreement contained an option for Solstad to increase its share, and the two companies have now agreed to exercise this option. The new agreement puts the vessel on an 8-year firm charter with Ocean Installer, with further options of 1+1 year.

“The Normand Vision has been designed and equipped with the commercial and operational needs of Ocean Installer in mind, and we are very excited to introduce this class leading asset to our clients this summer,” Riise says.

The Normand Vision will be delivered end Q2, and go straight into Ocean Installer offshore operations for A/S Norske Shell and Statoil in the Norwegian sector of the North Sea.

Press Release, April 10, 2014