Exit from PSV segment through a strategic sale of its PSV-fleet
Skudeneshavn, Norway, 7 March 2023 – Subsidiaries of Solstad Offshore ASA ("Solstad", OSE: SOFF) have today signed an agreement with U.S. based Tidewater Inc. ("Tidewater", NYSE: TDW) for the sale of 37 platform supply vessels (the "PSV Fleet") (the "Transaction"). The total cash consideration payable for the PSV Fleet is approximately USD 577 million. HIGHLIGHTS: · This strategic move reduces Solstad’s debt by approximately NOK 6 billion and will considerably strengthen Solstad’s balance sheet, debt service ability and liquidity position. · The transaction repositions