Norway’s Solstad Offshore has pivoted further towards renewables with the sale of its platform supply vessel fleet to US owner Tidewater.

The Oslo-listed company is offloading 37 ships for $577m in cash.

The owner said the strategic move reduces its debt by NOK 6bn ($574m) and will considerably strengthen its balance sheet, debt service ability and liquidity position.

“The transaction repositions Solstad as one of the main global owners and operators of high-end anchor-handling tug supply [AHTS] and subsea construction support vessels [CSVs] that are essential to realise the energy transition,” it added.