Solstad Offshore secures second offshore wind contract in Taiwan

The vessel will support Ørsted on the Greater Changhua 1 & 2a offshore windfarms in Taiwan.

The firm period on the contract is 15 months with options to extend the contract with 5 x 1 months. Commencement of the contract will be during Q2 2021.

Normand Jarl has previously worked in the offshore wind sector in Europe, having in 2017 been awarded a contract there by Ørsted.

In August 2020, the company was awarded a contract by an undisclosed EPIC contractor for the CSV Normand Baltic, this being its first contract in the offshore wind sector in Taiwan.

In a statement issued at the time, Solstad Offshore said the vessel will be utilised during the development phase of an unspecified offshore wind project in the country.

The company said the contract would commence in the first half of 2021 and have a duration of up to 220 days.

In May 2020, the Oslo-listed OSV owner finalised a ‘restructuring outline’ with a majority of its stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders.

The company said the move was a ‘significant milestone’ for one of the largest OSV owners in the world. Solstad Offshore and its subsidiaries have been working with their creditors towards a consensual financial restructuring since Q3 2018.

Apart from converting Nkr10Bn (US$946M) of debt into equity, Solstad’s restructuring will also require it to sell or scrap 37 older and less sophisticated vessels in its fleet, leaving it with approximately 90 vessels.