Solstad Offshore will no longer be forced into buying a leased multifunctional support vessel worth $122m.
The Oslo-listed shipowner warned in September that the terms of the lease for the 177-loa Normand Maximus (built 2016) meant the company might have to purchase the unit from owner Maximus Ltd if it could not find work.
The previous charterer, Italy's Saipem, tore up an eight-year charter four years early.
Solstad said on Friday the vessel has now secured a five-month contract with an unnamed client to support operations in South America.
The deal is scheduled to start this month at an undisclosed rate.
Solstad, which has been contacted for further comment, booked an impairment of NOK 862 ($96m) in the third quarter, mainly related to the Normand Maximus.
And the company is still facing a legal scrap over the early termination of the previous charter.
Solstad believes it is entitled to a termination fee of $44.3m from Saipem, which falls due on Friday.
Saipem claims for damages
But the shipowner said in its third-quarter results that Saipem had written a letter saying it has a claim for damages for alleged breach of the charter.
The figure is roughly equal to the fee owed. Saipem will withhold payment.
Solstad said it will "pursue collection of the termination fee as necessary".
The company's net loss was NOK 1.1bn in the period, compared with NOK 1bn in 2019.
The effects of the prolonged Covid-19 pandemic resulted in pressure on rates, increased costs and reduced utilisation, the company said.
The 127 ships brought in revenue of NOK 1.31bn against NOK 1.48bn the year before.
