08.02.2019

Multiple contracts awarded

Solstad Offshore ASA has entered into contracts for three of its large PSVs.

Normand Service (ex. Sea Spider, 2014 built PX 105) or sister vessel has been contracted to GeoSea for a period of 180 days firm plus up to seven months of options. The vessel will support wind farm installation operations at the Moray Firth Eastern Development. Commencement is in Q2 2019.

Sea Spear and Sea Supra (2014 built PX 105 PSVs) have been fixed to an undisclosed client for three months firm each, plus options, with commencement in Q2 2019.

Sea Spear (2014 built PX 105 PSV) has been contracted to Saipem in the Mediterranean with commencement in February 2019 for a period of 45 days firm plus options.

In addition, Solstad has entered into a new contract for the AHTS, Far Sagaris (2009, UT 731CD, 286t BP) with Queiroz Galvão Exploração e Produção S.A (QGEP) in Brazil. This new charter contract is firm for 95 days with 180 days option with commencement in February 2019 and it is in direct continuation with current charter of Far Sagaris.

As previous announced AHTS, Normand Pioneer has replaced Far Sagaris at its previous charter contract with QGEP, that is firm up to Q1 2021.
Far Sagaris shall keep supporting production activities at the Atlanta Field in Santos Basin.

The latest awards contribute positively to the Solstad fleet contract backlog at rates that reflect a gradually improving market.

Skudeneshavn, February 8th, 2019

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18