Contracts for CSV’s

Solstad Offshore has entered into a contract with DeepOcean AS for the CSV “Normand Jarstein”. The contract will commence in March for the 2019 season, with further options for 2020 and 2021.

DeepOcean will mobilize two WROV systems onboard and use the vessel on their projects within the oil & gas and renewables sectors.

Further to the above Solstad is pleased to announce that Rever Offshore UK Limited (earlier known as Bibby Offshore) have declared their 2019 option for charter of the CSV "Normand Clipper".

Operations will be in the North Sea and the contract period is minimum 120 days firm. Commencement of the contract is between 15th March and 15th April 2019.

Skudeneshavn January 9th, 2019

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

Solstad Offshore ASA
www.solstad.com

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section §5-12

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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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