SBM Offshore and Solstad Seal Joint Venture for Deep-Water Infrastructure Installation Vessel
SBM Offshore and Solstad Offshore have established a joint venture and signed a letter of intent with a shipyard to order a next-generation multipurpose vessel designed for the installation of oceanic infrastructure. The vessel is scheduled for delivery in the first half of 2029.
Partnership to Enhance Deep-Water Installation Capabilities
SBM Offshore and Solstad Offshore have formed a joint venture that has concluded a letter of intent with a selected shipyard to order a multipurpose deep-water installation and construction vessel. The new vessel will support the installation of oceanic infrastructure, including Floating Production Storage and Offloading (FPSO) units.
This partnership builds on the operational success of the Normand Installer and combines SBM Offshore's installation expertise with Solstad Offshore's proven experience in offshore vessel operations. It is designed with an optimized architecture for installing oceanic infrastructure in both shallow and deep waters.
Joint Venture Structure and Operating Terms
SBM Offshore will hold a 49.9% stake in the joint venture company, while Solstad Offshore will hold 50.1%. Solstad Shipping will manage the vessel, while SBM Offshore will charter it for its own projects. When not required for SBM Offshore's installation projects, the joint venture will be able to charter it to third parties.
The new vessel will enable SBM Offshore to maintain its comprehensive full life cycle offering (EPCIO) and create additional competitive advantages through improved delivery reliability and the integration of additional offshore installation work scopes. This will reduce execution risk for clients and enhance the predictability of EPCIO schedule and cost.
Scheduled Delivery in the First Half of 2029
The new vessel is expected to be delivered in the first half of 2029. This acquisition is part of SBM Offshore's ambition to contribute to the development of a sustainable blue economy through oceanic infrastructure.
