SBM Offshore and Solstad Order New Deepwater Construction Vessel

Why It Matters

The vessel expands capacity for offshore oil‑and‑gas and renewable projects, strengthening both companies’ market positions in deepwater installation services.

Key Takeaways

• JV holds 49.9% SBM, 50.1% Solstad ownership
• Vessel delivery targeted for H1 2029
• Designed for shallow and deep water FPSO installations
• Excess capacity can be chartered to third‑party operators

Pulse Analysis

The offshore construction sector is entering a period of accelerated growth as oil‑and‑gas operators extend fields into deeper waters and renewable developers launch offshore wind and floating solar projects. Traditional installation fleets are aging, and the industry is seeking vessels that can handle a broad range of tasks—from laying subsea pipelines to installing floating production storage and offloading units (FPSOs). A new‑build, multi‑purpose deepwater installation and construction vessel therefore represents a strategic asset that can capture both legacy hydrocarbon work and emerging clean‑energy contracts.

SBM Offshore and Solstad Offshore have formalised their collaboration through a joint venture that will own the vessel, with SBM holding 49.9 % and Solstad 50.1 % of equity. Solstad Shipping will provide ship management services, while SBM will charter the vessel for its own EPCIO projects, ensuring a guaranteed utilization base. When the vessel is idle on SBM assignments, the JV can lease it to third‑party operators, creating an additional revenue stream and improving overall asset economics. Delivery is scheduled for the first half of 2029, giving both firms ample time to integrate the platform into their project pipelines.

The partnership positions both companies to compete more aggressively against rivals such as Tidewater and Bourbon, which already operate similar deepwater workboats. By combining SBM’s installation expertise with Solstad’s operational track record, the JV can offer end‑to‑end services that reduce client reliance on multiple contractors. The vessel’s flexible design, capable of operating in both shallow and ultra‑deep environments, aligns with the market’s shift toward modular, fast‑deployment solutions. If charter demand materialises as expected, the asset could generate several hundred million dollars in annual revenue over its 20‑year service life.