New contracts and contract extensions

Solstad Farstad ASA (“SOFF”) are pleased to announce new awarded contracts and contract extensions for six vessels.

BP Egypt has declared the one-year option on the PSV Sea Swift resulting in continuous utilization of the vessel through to August 2019.

Equinor Brasil has extended present contracts for the PSV’s Far Scotsman and Far Serenade with 3 months each to December 2018.

In addition, SolstadFarstad have secured ongoing charters in the Bass Strait, Australia, for the AHTS’s Far Senator and Far Saracen and the PSV Sea Swan. These vessels will continue supporting the Semisub rig Ocean Monarch upon completion of the current Cooper Energy campaign, potentially keeping the vessels in the Bass Strait until Q1 2019.

Skudeneshavn, July 17th, 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 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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