Solstad settles with Saipem

Image: Solstad.
Image: Solstad.

Solstad Offshore has settled its charter termination dispute with Saipem over the time charter of the Normand Maximus.


Solstad Offshore ASA has said that its subsidiary, Normand Maximus Operations Limited has reached a settlement with Saipem Comercio Maritimo Sociedade Unipessoal Lda over unpaid termination fees and other claims following the early termination of the time-charter of the Normand Maximus.

The company said in a statement today: “Normand Maximus Operations Limited and Saipem (Portugal) Comercio Maritimo Sociedade Unipessoal Lda, as time charterer of Normand Maximus, and Saipem SPA as time charter guarantor, have today entered into an agreement for settlement of all claims and counterclaims between the parties related to the time charter for Normand Maximus.

The settlement means Normand Maximus Operations is entitled to a payment of USD 48,25 million primo June 2021. This equals approximately 96% of Normand Maximus Operations Limited’s gross claim.

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