Contract awarded by Equinor

Solstad Offshore ASA has entered into a new contract with Equinor for the hire of anchor handling vessel (AHTS) Normand Ferking. The duration of the contract is 1 year firm, and in addition Equinor has the option to extend with further 2 x 1 year. Commencement is in direct continuation of current charter, thus the vessel is now firm to November 2020. Normand Ferking has worked for Equinor since she was delivered from yard in 2007.

Equinor has also declared 3 yearly options each on supply vessels (PSV) Normand Sun and Normand Sygna extending the contracts firm to July and September 2023 respectively. In addition, Equinor has the option to extend both contracts with further 2 x 1 year. Both vessels have worked for Equinor since delivered from yard in 2014.

“We are very pleased to extend our contractual relation with Equinor for the Normand Ferking, Normand Sun and Normand Sygna. Equinor is one of Solstad’s key clients globally, with several long-term contracts in place both in Norway, UK and Brazil” says Kenneth Lande, Head of Global AHTS/PSV segment in Solstad Offshore.

Skudeneshavn, November 6th, 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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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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