Solstad Offshore has secured a favorable ruling in arbitration proceedings linked to a disputed 2024 charter hire involving its construction support vessel Normand Maximus.
The Norwegian offshore vessel owner said the arbitration was concluded in its favor, resulting in payments of approximately $13 million in charter hire and around $1.5 million in interest compensation.
According to Solstad Offshore, the ruling will provide a positive liquidity effect of about $14.5 million. The company also expects to record an estimated positive profit and loss impact of approximately $7.5 million in its second-quarter 2026 accounts.
Built in 2016, Normand Maximus is the largest vessel in the company’s fleet. The CSV measures 178 m in length, can accommodate up to 180 personnel, and is equipped with a 900 t active heave compensated crane and a 550 t vertical lay system.
Earlier this month, Solstad Offshore announced that the vessel had secured a letter of intent with an unnamed international subsea contractor. The agreement is scheduled to begin in the first quarter of 2027 and run through Q1 2029, with an option to extend the contract until Q1 2030.
