SOLSTAD OFFSHORE ASA (SOFF) ORDERED A SUBSEA VESSEL AND SIGN A LONGTERM CONTRACT WITH REACH SUBSEA ASA

2/14/2013 4:00 AM EST

Solstad Offshore ASA (SOFF) has entered into a new 
contract with STX OSV AS for building  of a 
construction service vessel (CSV) of type OSCV 03.  
The vessel's contract value is around  NOK 600 
million and she will be delivered during  2nd 
quarter  2014.  SOFF has signed a 5 year firm charter 
agreement for the vessel with Reach Subsea ASA, 
starting from delivery from the shipyard. In 
addition, the charterer has option to extend the 
contract with further 3 x 1 year. The value of the 
firm part of the contract is approximately NOK 650 
mill. 

Reach Subsea represents a new client for Solstad 
Offshore, and is an exciting addition to a growing 
subsea market. Although the company is young, the 
people and management team in Reach Subsea are well 
known to Solstad Offshore and to the subsea market. 

The new vessel is 121 meters long, 23 meters wide and 
has a working deck of approximately 1.300 square 
meters. The vessel  will be equipped with a subsea 
crane with 250 ton lifting capacity and a cabin 
capacity of 100 persons. The vessel is designed 
according to the latest environmental standards with 
focus on low fuel consumption, and precautions in 
accordance with the Det Norske Veritas'  (DNV's) 
Clean Design requirements are incorporated in the 
design.

With this new investment, Solstad Offshore own and 
operates 21 subsea construction vessels, of which 2 
are under construction. All are chartered  to subsea 
contractors worldwide. In addition the Solstad fleet 
consist of 22 anchor handling vessels (AHTS) and 9 
platform supply vessels (PSV).

Skudeneshavn, 14. February 2013

Solstad Offshore ASA

Contacts: 
Lars Peder Solstad og Sven Stakkestad (Phone +47 52 
85 65 00)  
This information is subject of the disclosure 
requirements acc. to §5-12 vphl (Norwegian Securities 
Trading Act