Solstad exercises $125m option to buy construction vessel Normand Maximus

Solstad Offshore said its wholly owned subsidiary Normand Maximus has exercised its option to buy the subsea construction vessel Normand Maximus from Maximus Shipping, a wholly owned subsidiary of Solstad Maritime, for US$125 million.

The transfer is scheduled for October 2027, when the vessel’s bareboat charter will end. Normand Maximus currently charters the vessel from Maximus Shipping, which owns it.

Solstad Offshore said it plans to fund the purchase price with external borrowing.

The bareboat charterparty was entered into on October 7, 2022. It gives Normand Maximus AS the right to acquire the vessel once five years of the charter have elapsed, subject to providing 12 months’ advance notice.