Solstad Maritime is moving on from one of its older anchor-handling tug supply (AHTS) vessels.
The group’s third-quarter earnings announcement said it had agreed to sell the 16,090-bhp Normand Titan (built 2007) to an undisclosed buyer at an undisclosed price.
The ship has been in lay-up for several years.
The deal is expected to close in the first quarter of 2025.
VesselsValue estimates the ship is worth $17.9m, while MSI Horizon gives a range of $18.8m to $30m.
The Normand Titan is one of 33 ships owned by privately held Solstad Maritime, which was created after the $875m Aker Capital-backed refinancing deal split it and Solstad Offshore.
Solstad Offshore has eight vessels, retained the company’s public listing and has a 27.3% stake in Solstad Maritime.
For the quarter, the two companies together earned a NOK 794m ($72.2m) profit, with Solstad Offshore contributing NOK 173m and Solstad Maritime NOK 621m.
Solstad Offshore brought in NOK 766m in revenue and Solstad Maritime NOK 1.6bn.
Utilisation for the combined fleet hit 90% in the quarter.
Solstad Offshore has a contract backlog of NOK 1.5bn and Solstad Maritime NOK 7.9bn, most of it made up of construction support vessel work slated for next year.
Solstad Maritime is planning a NOK 0.50 per share dividend, totalling NOK 233m, with Solstad Offshore making NOK 64m.
In the third quarter of 2023 — before the refinancing deal was finalised — Solstad Offshore posted a NOK 20m loss and NOK 1.6bn in revenue.
