Solstad CSV given early termination by Saipem

Solstad Offshore has received a notice of early termination from Saipem Portugal for the charter of 2016-built construction support vessel Normand Maximus.

The original charter, which commenced in 2016 upon delivery of the vessel, was for eight years although the contract included early termination provisions.

The early termination will see the charter end after just four years, leaving Solstad with a loss of backlog of around $200m, although the company will receive a termination fee of around $45m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
Back to top button