Subsea 7 will become the sole owner of the Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term contract to a third party.
The company will take ownership of the vessel by acquiring the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic and Normand Oceanic Chartering, from Solstad Farstad for a nominal cash consideration, Subsea 7 said in an 18 October statement. The group will assume all obligations related to an outstanding loan of approximately $100 million, and Normand Oceanic and Normand Oceanic Chartering will become wholly-owned subsidiaries of the group.
Jean Cahuzac, CEO of Subsea 7, said, “Our agreement to acquire Normand Oceanic reflects our strategy to own high-specification vessels that differentiate our market leading engineering and construction services to the offshore energy industry. We are focused on actively managing our fleet composition to meet our clients’ requirements and market conditions.”