SBM Offshore and Solstad Offshore order new deepwater installation vessel

The new installation vessel will build on the success of Normand Installer. [Photo: Solstad Offshore]

One of the world’s largest FPSO operators, Netherlands-headquartered SBM Offshore, has formed an joint venture with Norway’s Solstad Offshore that has signed a Letter of Intent with an undisclosed shipyard to order a new next-generation multi-purpose deepwater installation and construction vessel.

Targeted for delivery in the first half of 2029, the new vessel will support the installation of ocean infrastructure, including FPSOs, and will be owned by the new JV, in which Solstad Offshore will hold a 50.1% ownership interest and SBM Offshore 49.9%. Solstad will act as ship manager.

The joint venture has entered into an initial 14-year charter agreement with SBM Offshore, securing a minimum utilization of 270 days per year, with options for SBM Offshore to extend the charter period within each year, and up to 11 additional years. When the vessel is not utilized for SBM Offshore, the joint venture may charter the vessel to third parties.

The new installation vessel builds on the operational success of Normandhttps://www.solstad.com/vessel/normand-installer Installer and the existing partnership combining SBM Offshore’s installation expertise with Solstad Offshore’s track-record of offshore support vessel operations. The new vessel features an optimized design to install ocean infrastructure in shallow and deepwater

“This project represents an important strategic step for Solstad Offshore,” said Lars Peder Solstad, CEO of Solstad Offshore ASA, “Together with SBM Offshore, we are further developing a partnership that has evolved over more than two decades, building on the proven performance of Normand Installer and extending our installation capabilities into the future.”