Purchase of CSV Normand Tonjer

Solstad Offshore ASA (“Solstad” or “SOFF”) has exercised its option to purchase the CSV Normand Tonjer from Norwegian Mpsv AS (“Mpsv”) at attractive terms for Solstad.

The vessel Normand Tonjer was sold to Mpsv for a gross amount of USD 10 million in 2021 and leased back on a bare boat agreement for a firm three-year period with options for two one-year extensions.

At the end of year two, SOFF had an option to buy the vessel back for the net amount of USD 4 million. This option has been exercised and today, 20 December 2023, the purchase of the vessel was concluded.

“We are very pleased to acquire CSV Normand Tonjer at what we believe are favorable terms for a vessel of such capabilities,” says Lars Peder Solstad, CEO of Solstad.

The vessel-owning SPV company is owned 55% by SOFF with remaining ownership held by external shareholders. The SPV company is part of the company structure that is 100% controlled by SOFF (called “Solstad RemainCo” under the refinancing agreement announced on 23 October 2023).

Normand Tonjer is a CSV built in 2010. The vessel has been supporting Ocean Bottom Node Seismic operations working for the same client since 2018.

Skudeneshavn, 20 December 2023

Contacts

Lars Peder Solstad CEO, at +47 91 31 85 85

Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

www.solstad.com