Subsea 7 S.A. (the Group) have announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from SolstadFarstad ASA for a nominal cash consideration.
Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstand while under long-term charter to a third party. The Group will assume all obligations related to an outstanding loan of approximately $100 million. Normand Oceanic AS and Normand Oceanic Chartering AS will become wholly-owned subsidiaries of the Group.
Jean Cahuzac, CEO, said, "Our agreement to acquire Normand Oceanic reflects our strategy to own high-specification vessels that differentiate our market leading 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."