May 16, 2023
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Solstad Offshore, in a recent deal, has reportedly agreed to sell off 37 platform supply vessels to Tidewater for approximately $577 million.
The transaction, the consideration of which is contingent on a third party and other approvals, would permit Solstad to reduce its debt, strengthening its liquidity position and balance sheet.
The firm mentioned that it would reintroduce itself as one of the leading operators/owners of high-end anchor-handler tug supports and subsea vessels exclusively for offshore renewable energy and oil and gas, extending its services to incorporate ROV services, project support and tooling in cooperation with strategic partners.
Post-transaction completion, its fleet would boast 41 offshore vessels, with plans to divest additional six non-operational vessels.
The ongoing charter parties, subject to the consent received from their charterers, are likely to be novated/transferred to Tidewater.
Solstad is also expected to extend management-related services to Tidewater during the transition to facilitate the handover for both parties and their respective clients.
Offshore employees associated with the PSV fleet, and a few land-based staff, will be extended employment with Tidewater.
References: Offshore, Offshore Engineer
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