Norwegian offshore vessel proprietor Solstad Offshore has revealed the anticipated completion date for its beforehand agreed sale of 37 platform provide vessels to the U.S. offshore vessel agency Tidewater.
Solstad Offshore in March said it would sell 37 PSVs to Tidewater in a move that will mark Solstad Offshore’s exit from the platform supply vessel sector.
In an announcement on Wednesday, Solstad Offshore stated the transaction was scheduled to be accomplished in “week 27.”
Given that we’re at present in week 26 of 2023, the transaction is anticipated to be accomplished subsequent week.
Under the settlement, ongoing PSV constitution events shall be transferred to Tidewater. It was stated again in March that the offshore workers related to Solstad Offshore’s PSV Fleet can be provided employment with Tidewater. Tidewater will even provide employment to sure of the onshore workers.
Solstad stated the sale would cut back its debt and strengthen its steadiness sheet and liquidity place, and that the sale represented a shift within the firm’s technique in a altering market, the place PSVs primarily help the oil and gasoline trade, whereas the AHTSs and CSVs can service all offshore power sectors, together with oil and gasoline and renewables.
Solstad stated in March that its focus going ahead can be on high-end development help vessels and AHTS vessels and project-related work, which more and more generate its EBITDA from the renewable power market.
