American Shipping Company acquires “Normand Maximus” from Maximus Limited

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The registered owner of “Normand Maximus”, Maximus Limited, has accepted an offer to sell “Normand Maximus” to AMSC with delivery expected in the fourth quarter of 2022, after “Normand Maximus” has completed its current contract, according to the press release. Solstad Offshore.

A subsidiary of SOFF has entered into a term sheet for an amended bareboat charter agreement ensuring that “Normand Maximus” will remain part of Solstad’s fleet for the long term. The modified bareboat charter with the new owner of “Normand Maximus”, being a subsidiary of AMSC, has a duration of 5 years from the delivery of “Normand Maximus” to AMSC, with options of 5+5 years. Bareboat charter also includes purchase options for the Solstad Group after 5 and 10 years.

Since the time charterer terminated the time charter party for “Normand Maximus” in September 2020, Normand Maximus Limited has been unable to pay the full charter rental. The vessel was traded around the world on short and medium term contracts with several customers after termination, and during this period received waivers from Maximus Limited for parts of her lease obligations pending discussions on a longer-term solution for the financing of “Normand Maxime”.

An agreement has been reached with the current owner of “Normand Maximus” which guarantees that the residual exposure of the group and SOFF as guarantor under the current bareboat charter of Normand Maximus expires on March 31, 2024 .

Under the agreement, Maximus Limited and Normand Maximus Limited stated that instead of Maximus Limited revoking the current waivers and exercising its rights under the bareboat agreement, a residual claim was determined.

The residual claim amounts to approximately 158 million USD and is part of the obligations guaranteed by SOFF. Interest accrues and is compounded. The residual claim under the current bareboat agreement matures on March 31, 2024, corresponding to the maturity date of SOFF’s senior secure facility agreements.

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