Contract awards in Brazil

PETROBRAS – Petróleo Brasileiro S.A. has awarded SolstadFarstad a 1 year firm contract to the AHTS “Far Scout” (2001, AHTS UT 722L, 186t BP) and to the AHTS “BOS Turquesa” (2007, AHTS UT 722L, 190t BP). AHTS Far Scout will be equipped with Fugro’s FCV Work Class ROV suitable for 3.000m water depth. Both vessels will support exploration and production activities in Brazilian continental shelf. Commencement of the contract shall take place during 3Q 2018. Charterer has the option to extend the contract with further 1-year period.

Skudeneshavn, April 12th 2018

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

Solstad Farstad ASA
www.solstadfarstad.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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About Us

Philosophy, Objectives and StrategiesSolstad Offshore ASA’s (SOFF) philosophy is to run a profitable and integrated shipping company with high specification vessels in its market segment, using owned or chartered vessels. The core business is to offer services to petroleum related offshore activities.The Company aims to be a significant player and offer a wide range of services based on high quality vessels, equipment and maritime personnel with extensive experience. In the North Sea the aim remains to be one of the heavy weights in the industry, and internationally, a major player in deep waters, subsea- and construction related activities. Based on extensive market knowledge and maritime experience within the offshore industry, SOFF will continuously seek for profitable investments in areas closely related to the core business. The Company continues to focus on Health, Safety and Environment (HSE) as well as profitability and aims to meet the targets set in these areas. The most important target within HSE is to avoid injury to personnel and equipment, and any uncontrolled spillage from the vessels. SOFF’s strategy is to be customer-focused and deliver high quality services in accordance with customer demands and furthermore to actively develop services in close co-operation with existing and new customers. In general, the Company manages the total operation of the vessels including freight, crewing and technical management. The Company will evaluate where it is possible to operate cost effective operations with an optimal return on capital employed, in co-operation with suppliers and clients, particularly with a view to long-term strategic co-operations. This co-operation is important with regards to both risk and capital injection.

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