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.