Norway's restructuring Solstad Offshore could be forced to buy a very expensive leased vessel that has seen its charter terminated early.
Italian charterer Saipem's Portuguese unit is returning the 177-loa multifunctional support vessel (MSV) Normand Maximus (built 2016) four years into an eight-year deal.
Oslo-listed Solstad had previously said it is entitled to a termination fee of $44m, but has now revealed that the terms of its bareboat lease with the vessel's owner, Maximus Ltd, require it to buy the unit unless a new charter is secured.
VesselsValue assesses the ship as worth nearly $122m.
Solstad holds a 25% ownership share in Maximus Ltd, but the vessel's beneficial owner is AGC Maritime Yield Fund of the UK.
"The vessel is one of the largest and most sophisticated...within its segment and Solstad expects that the vessel will be engaged on new projects within reasonable time," Solstad said.
Talks ongoing
The offshore company is exploring market opportunities and is engaging in dialogue with Maximus Ltd in a bid to agree a solution for the financial lease.
The scrapping of the charter means Solstad will lose $200m of contracted backlog.
Solstad shareholders are voting on a $2bn debt restructuring plan on 20 October.
The company said the completion of this vital refinancing is not expected to be affected by the charter termination.
Solstad also said it has won a new five-year deal, with options, for its 4,000-dwt platform supply vessel (PSV) Normand Skimmer (built 2012).
A "major international company" has booked the vessel to support operations off North-western Australia from the fourth quarter.
During the campaign, the PSV will operate from Dampier, servicing production activities in the region. No financial terms were revealed.
