Solstad Offshore wins arbitration case regarding disputed charter

Referring to disclosures regarding the arbitration proceedings in the company’s 2025 Annual Report and first quarter 2026 presentation, the company said the dispute regarded a charter hire in 2024 for Normand Maximus, the largest vessel in its fleet.

As a result of the ruling, the company will receive approximately US$13M in charter hire. In addition, an interest compensation of approximately US$1.5M was also awarded.

In a statement, Solstad Offshore said the ruling will have a positive liquidity effect of approximately US$14.5M. There will be recognized a positive profit and loss effect in the company’s accounts of approximately US$7.5M in the second quarter of 2026. 

In early May 2026, Solstad Offshore secured a letter of intent for a two-year contract for Normand Maximus with an unnamed subsea contractor. The contract is expected to commence in Q1 2027. The letter of intent is for a firm period to Q1 2029, followed by an option potentially extending the contract period to Q1 2030.

Under the agreement, Normand Maximus will support the client’s operations worldwide. As part of the charter party, Solstad Offshore will deliver, with support from Omega Subsea AS, two work-class ROVs with full manning, as well as tooling and survey services.

Normand Maximus has a 900-tonne active heave-compensated crane and a 550-tonne VLS. The vessel is 178 m long and can accommodate up to 180 people.