Solstad reveals that the sale of its 37 PSV vessels to Tidewater was successfully completed for the price of approximately $580 million.

Solstad had announced on 7th of March 2023 the sale of its PSV fleet to Tidewater for the price of approximately $580 million.

The transaction was completed on Wednesday with all 37 vessels being delivered to Tidewater. This will reduce Solstads interest bearing debt with approximately NOK 6 billion, as the company states.

«We are very pleased with the sale of our PSV fleet. This will strengthen the balance sheet of Solstad considerably and the remaining fleet of 40 high-end CSV and AHTS vessels will all be relevant for both oil & gas and renewable energy clients. As such, Solstad will be an important operator in the ongoing energy transition», says Lars Peder Solstad, CEO of Solstad Offshore.

The company expects the transaction to have a positive accounting effect of approximately NOK 250 million and to be reflected in the second quarter of 2023.