The charter party includes early termination provisions


Normand Maximus. (Credit: Solstad Offshore ASA)

Normand Maximus Operations Ltd, a wholly owned subsidiary of Solstad Offshore ASA and disponent owner of the vessel “Normand Maximus”, has today received a notice of early termination of the charter party for the vessel from the charterers, Saipem (Portugal) Comercio Maritimo LDA.

The charter party includes early termination provisions. The original charter period for the vessel was eight years. The early termination means that the charterers terminate the charter after approximately four years of chartering. The estimated back-log lost following the termination is approximately USD 200 million.  Normand Maximus Operations Ltd. will be entitled to an early termination fee of approximately USD 45 million following the termination.

Source: Company Press Release