What's Happening?
SBM Offshore and Solstad Offshore have announced a joint venture to construct a new multi-purpose deepwater installation and construction vessel. The vessel, expected to be delivered in the first half of 2029, will be owned by a joint venture with Solstad holding
a 50.1% stake and SBM 49.9%. Designed for both shallow and deepwater operations, the vessel will support the installation of ocean infrastructure, including FPSO units. The design is based on operational experience from the Normand Installer, a vessel jointly owned by the companies since 2006.
Why It's Important?
The construction of this vessel represents a strategic expansion for both SBM Offshore and Solstad Offshore, enhancing their capabilities in the offshore installation sector. The vessel's advanced features and design will enable it to undertake complex subsea construction and installation tasks, potentially increasing operational efficiency and project delivery reliability. This development is significant for the offshore energy industry, as it aligns with the growing demand for deepwater infrastructure and the need for innovative solutions in challenging environments.
What's Next?
The joint venture has secured a 14-year charter agreement with SBM Offshore, ensuring the vessel's utilization for at least 270 days per year. SBM has options to extend the charter, indicating long-term plans for the vessel's deployment. The companies will continue to collaborate on the vessel's construction and operational planning, with potential opportunities to charter the vessel to third parties when not in use by SBM.
