Norway: SOFF Sells 50 pct in CSV Normand Oceanic to Subsea 7

Norway: SOFF Sells 50 pct in CSV Normand Oceanic to Subsea 7

Solstad Offshore ASA (SOFF), a Norway-based shipping company focused primarily on offshore oil & gas industry, has entered into an agreement with Subsea 7, under which Subsea 7 will acquire 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 approximately NOK 200 million (app. USD 35 million) for SOFF .

Offshore Energy Today Staff, March 30, 2012

 

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