PSV Frame Agreement with Aker BP ASA

Solstad has entered into a frame agreement for the provision of supply vessel services with Aker BP ASA.

The Frame Agreement is for 3 years firm + 2x2 yearly options, whereas vessels will be called off each year based on Aker BP’s demand coming 12 months, and is expected to significantly contribute to an increased utilization of the Company’s PSV fleet.

“We are very pleased to be recognized as a quality provider of supply vessel services by Aker BP and look forward to strengthening our already close relation in the years to come. This is also a recognition of the service provided by our employees onboard our vessels”, says Kenneth Lande, EVP AHTS/PSV Strategic Regions.

Skudeneshavn, March 1st, 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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