American Shipping (AMSC) has agreed to acquire an offshore construction vessel, named Normand Maximus, from Maximus for around $157m.

AMSC will also sign a long-term bareboat agreement with offshore services provider Solstad Offshore’s subsidiary.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company will fund the deal using 70% debt, with the remainder being provided through both cash on hand and new equity.

AMSC has already secured indicative debt financing terms and support from crucial stakeholders to fund the deal.

AMSC CEO Pål Lothe Magnussen said: “We look forward to working together with Solstad as a long-term tonnage provider going forward. We have for some time been looking for the right growth opportunity and we are very satisfied with concluding on this transaction.”

See Also:

“The Transaction is accretive on all key financial metrics and is projected to produce more than 20% annual return on equity with strong running dividend yield.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The offshore services market is in recovery and is currently experiencing increased activity and positive outlook. We believe the timing of the Transaction is favourable and the risk/reward attractive.”

Constructed in 2016, Normand Maximus is claimed to be one of the most modern heavy-duty subsea construction vessels in the world.

Featuring a 2,600m working deck, the ship can accommodate 180 people. It also includes a carousel for flexible products with a capacity of approximately 4,000t.

The vessel will mainly be used for laying flexible pipes and umbilicals as well as installing subsea equipment.

Plans are also underway to use the vessel for the installation of power cables for the offshore wind industry.