SBM Offshore and Solstad Offshore have formed a joint venture that entered into a letter of intent with a shipyard to build a multi-purpose deepwater installation and construction vessel, with delivery targeted for the first half of 2029.
The newbuild is designed to support subsea construction and installation work, including floating production, storage and offloading (FPSO) unit scopes, across both shallow and deepwater environments.
Ownership, management and charter structure
The vessel will be owned by a joint venture in which Solstad Offshore holds a 50.1% stake and SBM Offshore holds a 49.9% stake. Solstad Shipping will act as ship manager, while SBM Offshore will charter the vessel for its own projects.
When it is not required for SBM Offshore projects, the vessel may be chartered to third parties.
Utilization terms and how long SBM Offshore gets it
The joint venture has signed an initial 14-year charter agreement with SBM Offshore, securing minimum utilization of 270 days per year. SBM Offshore has options to extend the charter within each year and for up to 11 additional years.
The existing framework agreement covering the Normand Installer has been extended, giving SBM Offshore access to the vessel until 2034.
Spec profile and installation toolset
The vessel is equipped for subsea construction and installation work in water depths of up to 4,000 meters. Among the headline specs are a length of 132.6 meters, a beam of 32 meters, accommodation for 100 people, deadweight of approximately 11,200 tonnes, installed power of 26,900 kW and minimum bollard pull of 300 tonnes.
Installation equipment will include a 400-tonne main crane, a 350-tonne A-frame, an under-deck carousel with capacity exceeding 2,000 tonnes, a 500-tonne winch system, and two work-class remotely operated vehicles housed in dedicated hangars.
Design lineage from Normand Installer operations
The vessel design was developed jointly by SBM Offshore, Solstad Offshore and Salt Ship Design, drawing on operational experience from the Normand Installer. SBM Offshore and Solstad Offshore have jointly owned and operated the Normand Installer since 2006.
SBM Offshore said the vessel would support its full lifecycle EPCIO offering by integrating additional offshore installation work scopes and improving project delivery reliability.
Lars Peder Solstad, CEO of Solstad Offshore, said the project represents an important strategic step for Solstad Offshore and that it extends installation capabilities into the future.