The contract is subject to board approval by "the Norwegian Guarantee Institute for Export Credits" (GIEK).
The vessel, of type OSCV 06L, has been designed by shipbuilder STX OSV and Solstad, in close cooperation with Ocean Installer. This combination has resulted in a high-capacity CSV with a total project cost of approximately NOK 1,5 billion, including a 3000 t carusel, launching and recovery systems for ROV's (LARS), project management, spare parts and mobilisation. Included in the total cost is also a 150t VLS (vertical lay spread system) valued at approximately NOK 200 mill.
Solstad will, from time of delivery have a 30% ownership in the shipowning company, while Ocean Installer will hold the remaining 70%. Solstad has secured an option to increase its ownership to 50%.