Normand Tonjer

Solstad’s recently-purchased CSV wins contract with international client

Norway’s Solstad Offshore (SOFF) has secured an 18-month contract with an international client for the construction support vessel (CSV) Normand Tonjer.

Source: Solstad Offshore

The contract is starting in April 2024 and it includes a possible two-time 180-day extension.  

The commercial terms are confidential, but they align with current market levels for this type of vessel, said the company. SOFF owns 55% of Normand Tonjer, with the remaining ownership held by external shareholders.

Solstad at the end of 2023 exercised its option to purchase the 2010-built, 95.3-meter-long CSV from Norwegian Mpsv.

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Namely, Normand Tonjer was sold to Mpsv for a gross amount of $10 million in 2021 and leased back on a bareboat agreement for a firm three-year period with options for two one-year extensions.

At the end of year two, Solstad had an option to buy the vessel back for the net amount of $4 million. This option was exercised and on December 20 the purchase was concluded.