Solstad confirms details of deal with Reach SubseaCompany News // April 29, 2016
Solstad Offshore has confirmed that it has reached an agreement with Reach Subsea on changes to the terms for a charter contract for the CSV Normand Reach. The original contract expires in June 2019. The changes will take
effect from mid-June 2016.
Solstad will receive a significantly reduced charter rate for Normand Reach, in alignment with the current market for such vessels. As part compensation for the reduced rate, it will receive a consideration consisting of a cash amount of NKr 56 million, and shares and warrants limited to up to 9.5 pr cent of the shares of Reach Subsea.
The agreement also include a close cooperation between the companies on marketing and chartering Normand Reach.