Norwegian shipping company Solstad Offshore has informed that one of its vessels has received a contract extension from a subsea engineering, construction and services company, Subsea 7.
Subsea 7 has exercised its option to extend the existing contract for the 2009-built vessel Normand Subsea by approximately three and a half years, following renegotiation of terms and conditions.
Solstad said that the new contract extension will start in June 2016, with an option for Subsea 7 to extend the contract by a further two years.
Subsea 7 previously extended the contract for Solstad’s Normand Subsea in August 2014 and the start date for a one-year extension was in March 2015.
Solstad Offshore did not reveal any financial details of the contract extension saying that the commercial terms are confidential between the parties.
Normand Subsea is an offshore vessel built to perform Inspection, Maintenance and Repair (IMR) works. The 113 m long vessel has a deck area of 700 square meters. It is able to accommodate a crew of 90.
Subsea 7 on Wednesday received a contract extension from British oil company BP for the provision of subsea construction and IRM services in the North Sea.