Solstad selger alle 37 PSV'er til Tidewater

To til har skifta namn, "Normand Falcon" har blitt til "Falcon Tide" den 22. August, og "Normand Service" har blitt til "Service Tide" den 23. August

"Falcon Tide" ut fra Aberdeen nyligt
FalconTide01.JPG


...og "Service Tide" inngående
ServiceTide01.JPG

Begge foto: George Saunders
 
"Normand Falnes" har skifta namn til "Falnes Tide", her på vei inn til Aberdeen 6. September
FalnesTide01.JPG

Foto: George Saunders
 
"Normand Supra" har skifta namn til "Supra Tide", her på vei inn til Aberdeen 8. September
SupraTide01.JPG

Foto: George Saunders
 
"Sea Flyer" har skifta namn til "Flyer Tide", her inn til Aberdeen i går
FlyerTide.jpg

Foto: George Saunders
 

Exit from PSV segment through a strategic sale of its PSV-fleet​

Skudeneshavn, Norway, 7 March 2023 – Subsidiaries of Solstad Offshore ASA ("Solstad", OSE: SOFF) have today signed an agreement with U.S. based Tidewater Inc. ("Tidewater", NYSE: TDW) for the sale of 37 platform supply vessels (the "PSV Fleet") (the "Transaction").

The total cash consideration payable for the PSV Fleet is approximately USD 577 million.

HIGHLIGHTS:
  • This strategic move reduces Solstad’s debt by approximately NOK 6 billion and will considerably strengthen Solstad’s balance sheet, debt service ability and liquidity position.
  • The transaction repositions Solstad as one of the main global owners and operators of high-end AHTS and Subsea vessels that are essential to realise the energy transition.
  • It further enables Solstad to increase its presence in the renewable energy segment, and expand its service offering, including ROV services, tooling and project support, in cooperation with strategic partners
  • Exiting the PSV segment will significantly reduce Solstad’s capex program in 2023 and 2024.
“The sale of the PSVs represents a shift in our strategy in a changing market. The PSVs mainly support the oil and gas industry, while the AHTSs and CSVs can service all offshore energy sectors, including oil and gas and renewables. This move is therefore in line with our strategy of being a key enabler in the energy transition. Further, the transaction will give Solstad greater financial leeway and a significantly improved debt and cash position going forward,” says Lars Peder Solstad, CEO of Solstad Offshore.
After the transaction has been completed, Solstad’s fleet* in operation will consist of 41 high-end offshore vessels. In addition, six vessels are non-operational and considered to be sold.

Solstad’s fleet will continue to support clients that operate in the offshore energy sector. Both offshore renewables and oil and gas are predicted to see significant investments in the coming years.

Solstad has one of the most sophisticated fleets of offshore vessels in the world and will maintain its global footprint in all key offshore regions, including the North Sea, Brazil and Asia Pacific.

“Following the transaction, the core competence of future Solstad will be even better applied to further developing the CSV and AHTS segments, including building up our service division and capitalizing on a stronger position in the renewable energy market. The generally higher margins for AHTS and CSVs will allow us to improve our financials, strengthen our renewable energy presence, and put us in a position to, over time, renew our fleet” Lars Peder Solstad adds.

The Transaction will considerably strengthen Solstad’s balance sheet by facilitating a repayment of approximately NOK 6 billion of the group’s total outstanding debt. The Transaction will improve Solstad’s debt servicing abilities and liquidity position.

Key pro forma financial effects of the Transaction as per 31 December 2022 can be summarised as follows (unaudited preliminary numbers):

Indicators (amounts in NOK million)2022*Excl. PSV Fleet**
Revenue6,4934,711
Firm backlog9,2006,300
EBITDA adjusted1,9951,687
EBITDA margin31%36%
Renewable % of income17%23%
Vessels***8649
Cash2,1702,170
Net interest-bearing debt21,11715,400

* P&L figures are YTD 4Q22 whereas balance sheet figures are per 4Q22
** Pro forma figures based on 4Q reporting
*** Two additional vessels are sold after quarter end

The Transaction will facilitate an exit from the PSV segment and in line with Solstad's strategy going forward with focus on high-end CSV and AHTS vessel and project related work. The AHTS and the CSV segments increasingly generate its EBITDA from the renewable energy market. An enhanced focus on these segments signals a strong commitment to the green transition and enables the group to pursue investments to further reduce its carbon footprint.

Ongoing charter parties will, subject to the necessary consents from the charterer, be transferred/novated to Tidewater. Absent such consents in time for completion of the Transaction, the economic interest in the charter party will be transferred to Tidewater and until the necessary consents are given or the charter party expires. Solstad will offer management services to Tidewater in a transition period to facilitate a smooth transfer for the parties and the customers.

The offshore employees associated with the PSV Fleet will be offered employment with Tidewater. Tidewater will also offer employment to certain of the onshore employees.

Completion of the Transaction is contingent on third party approvals such as certain charterers and competition authorities, buyers financing and fulfilment of conditions precedent. The Parties may abandon the Transaction if it is not completed within the longstop date 30 June 2023.

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Tidewater Platform Supply Vessels
ex Solstad vessels
Namesince YNamesince YNamesince YNamesince YNamesince Y
ARCTIC TIDE
2023​
NORMAND ARCTIC
2012​
CARRIER TIDE
2023​
NORMAND CARRIER
2020​
FAR SERVER
2010​
SEABED VIKING
2010​
SJÓBORG
2010​
FALCON TIDE
2023​
SEA FALCON
2013​
FALNES TIDE
2023​
NORMAND FALNES
2017​
REM FORTRESS
2011​
FLYER TIDE
2023​
SEA FLYER
2013​
FORTH TIDE
2023​
SEA FORTH
2013​
FORTUNE TIDE
2023​
NORMAND FORTUNE
2017​
REM FORTUNE
2013​
FROST TIDE
2023​
SEA FROST
2013​
LEADER TIDE
2023​
NORMAND LEADER
2017​
REM LEADER
2012​
REM PIONEER
2012​
NALEY TIDE
2023​
NORMAND NALEY
2017​
REM COMMANDER
2011​
SCOTSMAN TIDE
2023​
NORMAND SCOTSMAN
2022​
FAR SCOTSMAN
2012​
SEARCHER TIDE
2023​
NORMAND SEARCHER
2021​
FAR SEARCHER
2008​
SEEKER TIDE
2023​
NORMAND SEEKER
2023​
FAR SEEKER
2007​
SERENADE TIDE
2023​
NORMAND SERENADE
2019​
FAR SERENADE
2009​
SERVER TIDE
2023​
NORMAND SERVER
2017​
REM SERVER
2011​
SERVICE TIDE
2023​
NORMAND SERVICE
2018​
SEA SPIDER
2014​
SITELLA TIDE
2023​
NORMAND SITELLA
2019​
FAR SITELLA
2013​
SKIMMER TIDE
2023​
NORMAND SKIMMER
2019​
FAR SKIMMER
2012​
SKIPPER TIDE
2023​
NORMAND SKIPPER
2005​
SOLITAIRE TIDE
2023​
NORMAND SOLITAIRE
2021​
FAR SOLITAIRE
2012​
SPARK TIDE
2023​
NORMAND SPARK
2021​
SEA SPARK
2013​
SPEAR TIDE
2023​
NORMAND SPEAR
2021​
SEA SPEAR
2014​
SPICA TIDE
2023​
NORMAND SPICA
2023​
FAR SPICA
2013​
SPRINGER TIDE
2023​
NORMAND SPRINGER
2019​
SEA SPRINGER
2014​
STARLING TIDE
2023​
NORMAND STARLING
2019​
FAR STARLING
2013​
SUN TIDE
2023​
NORMAND SUN
2019​
FAR SUN
2014​
SUPPORTER TIDE
2023​
NORMAND SUPPORTER
2017​
REM SUPPORTER
2012​
SUPRA TIDE
2023​
NORMAND SUPRA
2019​
SEA SUPRA
2014​
SURFER TIDE
2023​
NORMAND SURFER
2019​
SEA SURFER
2014​
SWAN TIDE
2023​
NORMAND SWAN
2019​
SEA SWAN
2014​
SWIFT TIDE
2023​
NORMAND SWIFT
2019​
SEA SWIFT
2014​
SYGNA TIDE
2023​
NORMAND SYGNA
2019​
FAR SYGNA
2014​
SYMPHONY TIDE
2023​
FAR SYMPHONY
TANTALUS TIDE
2023​
NORMAND TANTALUS
2022​
SEA TANTALUS
2013​
TITUS TIDE
2023​
NORMAND TITUS
2019​
SEA TITUS
2014​
TORTUGA TIDE
2023​
NORMAND TORTUGA
2020​
SEA TORTUGA
2014​
TRIUMPH TIDE
2023​
NORMAND TRIUMPH
2022​
SEA TRIUMPH
2014​
 
Thanks a lot for the overview @patagonia

"Normand Server" skifta namn til "Server Tide" den 18. September, mens "Normad Sitella" skifta namn til "Sitella Tide" den 20. September
 
Nokre bekrefta namnbytter til:

"Normand Spica" skifta namn til "Spica Tide" den 25. September
"Normand Tortuga" skifta namn til "Tortuga Tide" den 26. September
"Normand Sun" skifta namn til "Sun Tide" den 26. September
"Normand Naley" skifta namn til "Naley Tide" den 26. September
"Normand Tantalus" skifta namn til "Tantalus Tide" den 28. September
 
Nokre bekrefta namnbytter til:

"Normand Leader" skifta namn til "Leader Tide" den 9. Oktober
"Normand Surfer" skifta namn til "Surfer Tide" den 11. Oktober
"Normand Serenade" skifta namn til "Serenade Tide" den 13. Oktober
 
Nokre bekrefta namnbytter til:

"Normand Springer" skifta namn til "Springer Tide" den 16. Oktober (Tidewater Marine UK Ltd)
"Normand Scotsman" skifta namn til "Scotsman Tide" den 18. Oktober (Pan Marine do Brasil Ltda)
"Normand Carrier" skifta namn til "Carrier Tide" den 21. Oktober (Tidewater Angola Marine Ltd)
 
Nokre bekrefta namnbytter til:

"Normand Swift" skifta namn til "Swift Tide" den 25. Oktober (Pan Marine do Brasil Ltda)
"Normand Spear" skifta namn til "Spear Tide" den 25. Oktober (Tidewater Marine UK Ltd)
"Normand Searcher" skifta namn til "Searcher Tide" den 27. Oktober (Tidewater Marine AS)
 
Minka nå, er vel bare sju igjen som ikkje har skifta namn:
"Sea Frost"
"Normand Skimmer"
"Normand Solitaire"
"Normand Spark"
"Normand Starling"
"Far Symphony"
"Normand Titus"


Merk at "Far Symphony" var einaste av PSV fra Farstad flåten som aldri fekk Normand prefix!

Og kun "Normand Arctic" og "Normand Skipper" som einaste fra originale Solstadflåten, resten på 35 skip kom til Solstad gjennom tidligere oppkjøp/sammenslåing
 
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9 av Solstad skipene som Tidewater kjøpte skal operere i Norge med kontor i Sandnes ifølge jobb annonse ifra Tidewater.

Desse ni vil eg tru?
STX PSV 12 LNG "Arctic Tide"
VS 485 Mk III "Fortune Tide"
VS 499 LNG PSV "Leader Tide"
UT 751E "Searcher Tide"
STX PSV 06 "Server Tide"
UT 754 WP "Solitaire Tide"
VARD 1 07 "Sun Tide"
STX PSV 06 "Supporter Tide"
VARD 1 07 "Sygna Tide"
 
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