UK: Subsea 7 Buys 50 Pct Ownership in CSV Normand Oceanic, Extends Charter for Vessel

Solstad Offshore ASA (SOFF) has entered into an agreement with Subsea 7 International Contracting Limited (Subsea 7), where by 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 charter party with Subsea 7 on the 15th March 2012.

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

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

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

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Subsea World News Staff , March 30, 2012;  Image: Solstad