An arbitration regarding a disputed 2024 charter hire related to the largest vessel in Solstad Offshore’s fleet has been resolved in the favor of the Norwegian offshore vessel owner, the company reported.
Solstad reported yesterday, May 14, that arbitration proceedings related to a disputed charter hire in 2024 for the construction support vessel (CSV) Normand Maximus have been concluded in its favor.
As a result of the ruling, Solstad will receive approximately $13 million in charter hire, in addition to an awarded interest compensation of approximately $1.5 million.
“The ruling has a positive liquidity effect of approximately USD 14,5 million to be received by the Company. There will be recognized a positive P&L effect in the Company accounts of approximately USD 7,5 million in the second quarter of 2026,” the company said in its announcement.
Normand Maximus is 178 meters long and can accommodate up to 180 people. It features a 900t AHC crane and 550t VLS and is said to be the largest vessel in the Solstad fleet.
The 2016-built CSV earlier this month secured a letter of intent (LoI) with what Solstad says is an international subsea contractor. The contract will begin in the first quarter of 2027, for a firm period until Q1 2029, and also includes an option for potential extension to Q1 2030.