Subsea 7 to acquire Normand OceanicVessel & ROV News // October 18, 2017
Subsea 7 has reached an agreement to acquire the remaining 50 per cent shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from SolstadFarstad ASA for a nominal cash consideration.
Effective from the date of the transaction, the group will become the sole owner of Normand Oceanic, a flexlay and heavy construction vessel that is being managed by Solstad Farstand while under long-term charter to a third party. The Group will assume all obligations related to an outstanding loan of approximately US$100 million.
Normand Oceanic AS and Normand Oceanic Chartering AS will become wholly-owned subsidiaries of the group.