Confirmation on contract for Normand CutterContracts, Tenders and Rates // February 6, 2004
The company referred to notification to the Oslo Stock Exchange on 17th November 2003, when it announced that Solstad was in final negotiations with Sonsub/Saipem for chartering of Normand Cutter.
The contract with the subsea company Sonsub/Saipem has now been confirmed, and the charterer has exercised their option to replace the agreement with a three-year contract plus 2 x 1 year options, for 365 days per year.
Commencement of the contract is May 2004, and the contract is expected to give a 12 per cent return on equity.
Normand Cutter, a cable maintenance vessel, is currently at Ulstein shipyard in Norway being converted to a pipelay/subsea construction vessel.