Solstad settles charter termination dispute with Saipem

Solstad Offshore and Saipem have settled all claims and counterclaims related to the time charter of 2016-built construction support vessel Normand Maximus.

Norwegian vessel owner received a notice of early termination of the charter party for the vessel in September last year, and has been in a dispute with Saipem on payment of the termination fee.

The settlement, announced on Thursday, entitles Normand Maximus Operations, subsidiary of Solstad, to a payment of $48.25m, which equals around 96% of the company’s gross claim.

Solstad said it is now in talks for a long-term solution for the lease financing arrangements for the vessel.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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