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    Solstad confirms details of deal with Reach Subsea

    Company 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.

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