Subsea 7 takes Solstad vessel stake

Solstad Offshore

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Eoin O'Cinneide

 30 March 2012 08:21 GMT

Solstad Offshore has sold a large holding in an offshore construction support vessel to Subsea 7 which has also extended its charter of the unit.

Norwegian vessel owner Solstad has also separately agreed a new five-year charter of another unit with Ocean Installer.

Subsea 7 is taking a 50% slice in the Normand Oceanic, Solstad revealed on Friday. The former has the vessel on charter for three years since earlier this month, but has also agreed to extend this deal to five years.

Solstad did not reveal the stake purchased price but said the transaction “will have a positive cash effect of approximately Nkr 200 million [$35.1 million]”.

Ocean Installer also revealed on Friday that is has agreed to charter Solstad’s offshore construction support vessel Normand…

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