New medium-term contracts

Solstad Offshore (“Solstad”) has signed contracts for several of its vessels with various Clients.

Technip FMC have extended the present frame agreement with Solstad for ploughing/trenching duties in the North Sea with 1 year. As part of the extension the parties have agreed to utilize the AHTS Normand Ranger for a minimum of 80 days plus options on various projects in 2020, with expected commencement in April.

Solstad has been awarded a contract with Repsol Sinopec Resources UK Limited, for the CSV Normand Jarl. The contract will commence in May 2020 and have a firm duration of 105 days.

Repsol Sinopec Resources UK Limited will utilize the vessel to support their maintenance activities in the North Sea.

The CSV’s Normand Baltic and Normand Australis has been awarded contracts for work offshore New Zealand and offshore Papua New Guinea. Both contracts will commence in January 2020 and each will have a duration of 60 days firm plus options.

Solstad has in addition to this entered into a 6 months contract with a major oil company for one of its large AHTS’s. The contract commences in December 2019 for operations in Brazilian waters.

Skudeneshavn, 20th December 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.

Tags:

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.

Subscribe