Ocean Installer makes room for further investments – sells share in vessel
Apr 10, 2014
10th of April 2014
Ocean Installer sells its 70 per cent share in the CSV Normand Vision to its marine partner Solstad Offshore, giving Solstad 100 per cent ownership. The Normand Vision is still committed on a long-term charter with Ocean Installer and the sale does not affect the plans Ocean Installer has for the use of the vessel.
“This is a strategic decision that will contribute to the further growth of Ocean Installer. We maintain our operatorship of the Normand Vision, whilst at the same time increasing our liquidity and thereby our ability to make further investments in organisation and assets,” says Ocean Installer CEO Steinar Riise.
In 2012 Ocean Installer and Solstad Offshore placed a joint order for the advanced Subsea Construction Vessel (CSV) Normand Vision, the ownership distribution being 70-30, respectively. The agreement contained an option for Solstad to increase its share, and the two companies have now agreed to exercise this option. The new agreement puts the vessel on an 8-year firm charter with Ocean Installer, with further options of 1+1 year.
“The Normand Vision has been designed and equipped with the commercial and operational needs of Ocean Installer in mind, and we are very excited to introduce this class leading asset to our clients this summer,” Riise says.
The Normand Vision will be delivered end Q2, and go straight into Ocean Installer offshore operations for A/S Norske Shell and Statoil in the Norwegian sector of the North Sea.
About Ocean Installer
Ocean Installer is a subsea company headquartered in Stavanger, Norway and with offices in Aberdeen and Houston. Ocean Installer holds strong EPCI expertise within the SURF (Subsea, Umbilicals, Risers, Flowlines) segment and is rapidly expanding its operations and organisation within and beyond the North Sea basin.
Ocean Installer provides its clients with recognised first-rate assets and has secured long-term charters on three construction support vessels (CSV): Normand Clipper, Normand Mermaid and Normand Vision (to be delivered in Q2 2014). Ocean Installer will continuously invest and develop its assets to fulfill its ambition to be a key service provider within the SURF segment.
Ocean Installer is majority-owned by HitecVision, a leading investor in the oil and gas industry.
Ocean Installer holds FPAL and Achilles certifications, with systems established in accordance with the requirements set out in ISO 9001, 14001, 18001 and 31 000 standards.
For further information, please visit: www.oceaninstaller.com