Subsea 7 agreed to acquire the remaining 50% shareholdings in its joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from its partner company Solstad Farstad ASA.
Subsea 7 will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstand while under long-term charter to Mexico’s Typhoon Offshore, and will assume all obligations related to an outstanding loan of approximately $100 million. Normand Oceanic AS, the company that owns the vessel, and Normand Oceanic Chartering AS will become wholly owned subsidiaries of Subsea 7.
In May, Solstad and Typhoon Offshore entered into a 3-year charter agreement.
Jean Cahuzac, Subsea CEO, 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."