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Fugro to buy Solstad's Rem Etive

Written by  OE Staff Tuesday, 14 February 2017 09:24

Fugro and Solstad have an agreement in place for the purchase of the Rem Etive subsea construction vessel.

Image of the Rem Etive, from Solstad.

Fugro said it has secured continued utilization of the high performance offshore inspection, repair, and maintenance (IRM) vessel, REM Etive, and has finalized a purchase agreement at conditions significantly more beneficial than a renewed charter agreement, with owner Solstad, the company announced today (14 February).

The move supports Fugro's portfolio of IRM contracts being executed by the company in the Asia Pacific region and is expected to strengthen the company’s position in relation to future subsea inspection business in the area.

Rem Etive has been operating in Southeast Asian waters for Fugro under a charter agreement since 2007 and is mobilized with a comprehensive range of Fugro equipment for specialized subsea inspection and field support projects.

Solstad said that the sale will be effective upon the completion of the existing contract, and delivery to the new owners (Fugro) will take place during Q2 2017.

"The sale will give a booked profit of US$$2.1 million (NOK 18 million) and a net cash effect of approximately $6 million (NOK 50 million) after repayment of the vessel debt," Solstad said.

“We are excited to secure the REM Etive and to continue her deployment for our clients in the APAC region,” said Mark Heine, divisional director marine and member of Fugro’s board of management. “With three multi-year IRM contracts already in place, two of which were awarded in recent weeks, this vessel is the best fit with our fleet to enable us to continue our delivery excellence and efficient performance in subsea IRM projects.”

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