Mv Normand Tonjer

The Norwegian shipowner and offshore tonnage provider Solstad Offshore ASA (Solstad) states in a release that it has exercised its option to purchase the CSV “Normand Tonjer” from Norwegian Mpsv AS (Mpsv) at attractive terms.

The Construction Support Vessel “Normand Tonjer” was sold to Mpsv for a gross amount of $10m in 2021, and leased back on a bare boat agreement for a firm three-year period with options for two one-year extensions.

At the end of year two, Solstad informs that it had an option to buy the vessel back for the net amount of $4m. This option has been exercised, and today the purchase of the vessel was concluded.

The vessel owning SPV company is owned 55% by Solstad Offshore with the remaining ownership held by external shareholders.

The SPV company is part of the company structure that is 100% controlled by Solstad Offshore (called “Solstad RemainCo” under the refinancing agreement announced on 23 October 2023).

The “Normand Tonjer” is a Construction Support Vessel built in 2010, and the CSV vessel has been supporting the Ocean Bottom Node Seismic operations working for the same client since 2018.

Lars Peder Solstad, chief executive of Solstad, said: “We are very pleased to acquire CSV Normand Tonjer at what we believe are favorable terms for a vessel of such capabilities.”