LUXEMBOURG – Subsea 7 has agreed to acquire the remaining 50% of its joint ventures Normand Oceanic and Normand Oceanic Chartering from Solstad Farstad.
This will give Subsea 7 sole ownership of theNormand Oceanic flex-lay and heavy construction vessel which Solstad is managing under a long-term charter to a third party.
In addition, Subsea 7 will assume all obligations related to an outstanding loan of about $100 million.
Both acquired entities will become wholly-owned subsidiaries of the company.
Jean Cahuzac, Subsea 7’s CEO, said the agreement “reflects our strategy to own high-specification vessels that differentiate our …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.”