Solstad Offshore’s construction support vessel (CSV) fleet continues to build a backlog, with the company announcing three new deals.
The Oslo-listed, Skudeneshavn-based offshore vessel owner said on Tuesday that it has signed two new contracts for the 122-loa Normand Samson (built 2009) and 96-loa Normand Baltic (built 2010).
The Normand Samson was hired for 260 days for work on a field development project in South America beginning in the first quarter of 2024, while the Normand Baltic was contracted to work for 180 days providing walk-to-work services for an offshore wind project in Asia from next month.
Tuesday’s announcement follows news on Friday that the 98-loa Normand Superior (built 2017) had its contract extended until the first quarter of 2026 by Ocean Infinity with further extension options for two years.
Solstad Offshore did not disclose rates for any of the contracts, but said all three are in line with present market conditions.
It also said it continues to see high demand for CSVs from renewable energy and traditional oil and gas clients.
The deals build on the momentum the company discussed in its second-quarter earnings release, in which it said CSV utilisation and rates were ticking upward.
For the quarter, it reported a NOK 134m ($12.5m) profit versus a NOK 1.18bn loss for the same period last year.
Its backlog was NOK 6.5bn, up from NOK 5.1bn year over year and in line sequentially.
On Friday, Solstad Offshore shares closed at NOK 20, down from the previous close of NOK 20.66.
Shares rallied to NOK 20.90 on Monday, before falling to NOK 20.62 in midday trading on Tuesday.