Subsea 7 is to acquire the remaining 50% stake in its equity accounted joint ventures Normand Oceanic AS and Normand Oceanic Chartering AS, from Solstad Farstad ASA.
The move will make the subsea specialist 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 a third party.
Under the terms, the company will assume all obligations related to an outstanding loan of approximately $100 million.
Normand Oceanic AS and Normand Oceanic Chartering AS will become wholly-owned subsidiaries of Subsea 7.
Jean Cahuzac, chief executive, 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.”
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