Solstad, with stately help, orders $105M ship

Published Jul 14, 2009
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New contract to Solstad Offshore-Spotlight

Norwegian export guarantors in the government’s arm’s length credit guarantee agency have okayed financial coverage for Norway-based fleet owner Solstad Offshore to buy a large anchor-handling vessel for 680 million kroner ($105.3 million).

The deal will be made through Skrog 30, an entity owned by Norwegian bank Sparebank and the export-enabling agency dubbed GIEK. The original contract was placed with southwestern Norwegian shipyard Karmsund Maritime Services.

It’s understood the finished hull will be moved for commissioning to shipyard Ulstein, near the Norwegian martitime industrial cluster centered around coastal town Ålesund.

The financing — part of a $7 billion “bail-out” extended to Norwegian shipbuilding by the government late in 2008 — will be two loans totalling 90 percent of the vessel’s cost.

The ship itsself is a VS 490 design Solstad Offshore helped design. With its 300-ton bollard pull, the vessel is ready for anchor-handling in water over 1,000 meters deep.

Solstad had 50 vessels in operation or under construction and the company, like others deepwater fleets, is still counting on the deepwater offshore market to carry it into the future.

Tags: Solstad Offshore


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