SBM Offshore and Solstad Offshore have formed a joint venture to develop a next-generation multi-purpose deepwater installation and construction vessel, with delivery targeted for the first half of 2029.
The companies announced on June 1 that the joint venture has signed a Letter of Intent with a selected shipyard to build the vessel, which will support the installation of ocean infrastructure, including floating production, storage and offloading (FPSO) units.
According to SBM Offshore, the vessel is designed to support installation work in both shallow and deepwater environments.
“The new installation vessel builds on the operational success of Normand Installer and the existing partnership, combining SBM Offshore’s installation expertise with Solstad Offshore’s track-record of offshore support vessel operations,” SBM Offshore stated.
The company said the vessel will strengthen its engineering, procurement, construction, installation and operations (EPCIO) offering by improving delivery reliability and allowing more offshore installation work to be performed in-house.
SBM Offshore added that the vessel is expected to reduce execution risks for clients while improving schedule and cost predictability for offshore projects.
Under the ownership structure, SBM Offshore will hold a minority interest in the joint venture, while Solstad Offshore has the majority interest.
“The new vessel will be owned by a joint venture company in which SBM Offshore holds a 49.9% interest and Solstad Offshore holds a 50.1% interest. Solstad Shipping will act as ship manager, while SBM Offshore will charter the vessel for its own projects. When not required for SBM Offshore installation projects, the joint venture may charter the vessel to third parties,” the company explained.
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SBM Offshore is a global provider of deepwater ocean infrastructure and floating production systems, delivering services across the full asset lifecycle, from design and construction to installation and operation.
The company is one of the main FPSO operators supporting ExxonMobil’s Stabroek Block developments, which have transformed Guyana into one of the world’s fastest-growing oil producers.
