Offshore staff
SKUDENESHAVN, Norway — Solstad Offshore has agreed to sell 37 platform supply vessels (PSVs) to Tidewater Inc. for about $577 million.
The transaction, which is consideration is contingent on third party and other approvals, would allow Solstad to reduce its debt, strengthening its balance sheet and liquidity position.
The company said it would then reposition itself as a leading owner/operator of high-end anchor-handler tug support and subsea vessels for offshore oil and gas and renewable energy, also expanding its service offering to include ROV services, tooling and project support, in cooperation with strategic partners.
Post-completion of the transaction, its fleet would comprise 41 offshore vessels, with plans to potentially divest a further six non-operational vessels.
Ongoing charter parties will, subject to consents from the charterer, be transferred/novated to Tidewater. Solstad will offer management services to Tidewater in a transition period to facilitate the handover for both parties and their clients.
Offshore employees associated with the PSV fleet, and some land-based staff, will be offered employment with Tidewater.
03.07.2023
