Solstad Offshore  and SBM Offshore have agreed to order a new-build multi-purpose deepwater installation and construction vessel, with targeted delivery in the first half of 2029.

The parties have formed a joint venture company which has entered into a Letter of Intent with a selected shipyard for the construction of the vessel. The vessel will be owned by a newly established joint venture, in which Solstad Offshore will hold a 50.1% ownership interest and SBM Offshore 49.9%. Solstad will act as ship manager.

The joint venture has entered into an initial 14-year charter agreement with SBM Offshore, securing a minimum utilization of 270 days per year, with options for SBM Offshore to extend the charter period within each year, and up to 11 additional years. When the vessel is not utilized for SBM Offshore, the joint venture may charter the vessel to third parties.

The new vessel builds on the operational success of CSV Normand Installer that Solstad Offshore and SBM Offshore have owned and operated jointly since 2006. The existing frame agreement has been extended to give SBM Offshore access to the Normand Installer until 2034.

Lars Peder Solstad, CEO of Solstad Offshore ASA, commented:

“This project represents an important strategic step for Solstad Offshore. Together with SBM Offshore, we are further developing a partnership that has evolved over more than two decades, building on the proven performance of Normand Installer and extending our installation capabilities into the future.”