Oslo-listed SolstadFarstad (SOFF) has sold its 50% share in a vessel-owning joint venture (JV) company to Norwegian partner Subsea 7.
The deal gives Subsea 7 full control of the 11,300-dwt construction vessel Normand Oceanic (built 2011).
It also releases the seller from its guarantee of 50% of the $100m debt financing for the ship.
"Given the difficult market conditions, SOFF's shareholding in [the joint venture] was not expected to generate any dividends for the foreseeable future," it said.
