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Solstad Offshore says its subsidiary Normand Maximus AS has exercised a USD 125 million option to buy the subsea construction vessel Normand Maximus, with purchase and delivery planned for October 2027. The 6 October 2026 announcement records an option declaration—not a completed sale or transfer.
What Solstad announced
On 6 October 2026, Solstad Offshore ASA announced that its subsidiary Normand Maximus AS had declared its option to purchase Normand Maximus from Maximus Shipping AS for USD 125 million. The planned purchase and delivery are in October 2027. The announcement says the vessel will be delivered by Maximus Shipping AS to Normand Maximus AS, at which point the bareboat charterparty will terminate. Solstad Offshore announcement
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Until that planned delivery, the vessel has not been reported as transferred to Normand Maximus AS. The option price is the amount stated in the announcement; it is not an independent valuation of the vessel.
How the purchase option works
Maximus Shipping AS, the vessel’s owner, and Normand Maximus AS, its bareboat charterer, entered into their charterparty on 7 October 2022. The agreement allowed the charterer to purchase the vessel after five years of chartering, in October 2027, provided it gave 12 months’ advance notice. The price specified for the option is USD 125 million. The October 2026 declaration is the notice that sets the planned purchase in motion.
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The companies belong to separate Solstad group entities: Maximus Shipping AS is wholly owned by Solstad Maritime ASA, while Normand Maximus AS is a subsidiary of Solstad Offshore ASA. The transaction is therefore a planned purchase between subsidiaries of those separate companies, rather than a transfer reported as already complete.
How Solstad plans to finance it
Solstad Offshore said it intends to finance the purchase through external debt financing. Its announcement did not name a lender or disclose financing terms, and it did not say that a financing facility had been finalized. It also did not establish the final financial effect of the planned purchase for Solstad Offshore or Solstad Maritime.
What is known about the vessel’s work
In November 2024, Solstad Offshore announced a one-year contract award for Normand Maximus with an undisclosed client and said the vessel would be fully committed through December 2026. That announcement is historical context only: it does not establish the vessel’s contract status or utilization after December 2026. Solstad Offshore contract announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the option differs from a 2024 debt settlement
In a separate announcement dated 22 November 2024, Solstad Offshore reported agreements to discharge a USD 197 million residual claim related to the vessel’s financing. The company said those agreements reduced group net debt by approximately NOK 1 billion and estimated an annual positive accounting effect of approximately NOK 500 million from lower interest and depreciation. These were issuer-reported figures about the 2024 claim settlement, not the 2026 option price or a valuation of Normand Maximus. Solstad Offshore residual-claim announcement
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What the announcement does not establish
- The vessel’s fair market value or whether the USD 125 million option price is advantageous.
- The identity of the lender, financing terms, or completion of an external debt facility.
- The vessel’s contract status after December 2026.
- The final financial effect of the planned acquisition on either Solstad Offshore or Solstad Maritime.
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