Delivery and long term financing

Solstad Offshore ASA (SOFF) took 1st July 2014 delivery of “Normand Vision” (CSV) from Vard Group AS, Søviknes. The vessel started directly on a 8 year firm chart with Ocean Installer AS with additional 2 yearly options.

“Normand Vision” is a large, sophisticated subsea vessel with a length of 157 meters. She has a 400 ton subsea crane, a 3000 ton under-deck carousel and a 150 ton VLS (Vertical Lay System). The overall cost for the vessel is approx. USD 250 mill, including the VLS.

A long-term facility of USD 187,5 million has been drawn from Eksportkreditt Norge AS, guaranteed by SpareBank 1 SR-Bank ASA and GIEK.

Solstad Offshore ASA is among the largest offshore-shipping companies in Norway, providing advanced vessels and extensive maritime competence for operations related to the offshore petroleum industry. The company has about 1,800 employees, and operates 47 vessels all over the world. In addition the company has 1 large subsea vessel under construction.
Solstad Offshore is headquartered in Skudeneshavn, Norway and has branch offices in Brazil, Singapore, the Philippines, the United Kingdom and Australia.