Awarded contract for two PSV’s in Norway

Wintershall DEA have awarded Solstad Offshore a 10 wells firm (estimated 30 months) + options contract to support their West Mira drilling campaign. Commencement of the contract will take place in August/September 2019, and will be covered by the large PSVs Normand Falnes ((VS 485 MkII, built 2011) and Normand Naley (VS 485 MkII, built 2011).

Normand Falnes is currently being reactivated from layup and have also been secured by Vår Energi for a 1 well (Approximately 80 days) contract to support their Scarabeo 8 drilling operation in the Norwegian Sea; starting early June 2019. As a result the vessel is fully committed up to commencement of the Wintershall DEA contract.

The latest contract awards contribute positively to the Solstad fleet backlog at rates that reflect improving market conditions for vessel Owners.

Skudeneshavn, May 22nd, 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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