SBM Offshore, Solstad partner to build new deepwater installation vessel

(WO) — SBM Offshore and Solstad Offshore have formed a joint venture to develop a new deepwater installation and construction vessel that will support future FPSO and offshore infrastructure projects.

The joint venture has signed a letter of intent with a selected shipyard to construct the vessel, with delivery targeted for the first half of 2029.

According to the companies, the vessel will be designed for installation and construction activities in both shallow- and deepwater environments and will support the deployment of offshore infrastructure, including floating production, storage and offloading (FPSO) units.

The project builds on the companies' existing partnership through the Normand Installer, combining SBM Offshore's offshore installation expertise with Solstad's experience in offshore vessel operations.

SBM Offshore said the new vessel will strengthen its engineering, procurement, construction, installation and operation (EPCIO) offering by enabling greater integration of offshore installation work scopes. The company expects the additional capability to improve project execution, enhance delivery reliability and reduce installation risk on future developments.

The vessel will be owned through a joint venture in which Solstad Offshore will hold a 50.1% interest and SBM Offshore will hold 49.9%. Solstad Shipping will serve as ship manager, while SBM Offshore will charter the vessel for its offshore projects. When not engaged on SBM projects, the vessel may be made available to third-party operators.

The investment comes as demand for offshore installation capacity continues to grow alongside new deepwater developments and floating production projects worldwide.