Solstad Sells ‘Normand Clough’ CSV to SapuraClough

Solstad Offshore, a Norway-based owner of offshore support vessels, has sold the ‘Normand Clough’ subsea support vessel to SapuraClough in Australia.

The vessel has been engaged on a long term contract with SapuraClough Offshore Pty Ltd. since 2009. Under to the charter agreement SapuraClough had the option to purchase the vessel after 5 years. This purchase option is now declared.

The terms of the transaction are confidential between the companies. The booked value of the vessel is equivalent to the option price. The transaction thus results in a limited net accounting effect for SOFF but will have a positive cash effect of approximately NOK 200 million.

The transaction is expected to be completed during 4th quarter 2013.

The Normand Clough is a 117m Subsea Support Vessel equipped with a saturation dive system, 2 x Remotely Operated Vehicles (ROVs), a helideck, moon pool and accommodation for 120 personnel.