Significant contract awards for multiple vessels within the SolstadFarstad fleet.

SolstadFarstad is announcing the award of several new contracts, which adds over 2500 vessel working days to the company’s backlog. Details of the contract awards are as follows;

Maersk Oil North Sea Ltd, a company of Total, has awarded SolstadFarstad ASA (“SOFF”) contracts for four Platform Supply Vessels (PSV) for operations in the UK North Sea. Sea Tantalus (2013, STX 05-L CD Design) and Far Server (2010, Havyard 832 CD Design) will support the semisubmersible drilling rig “Ocean Valiant” for a period of approx. 2 years, commencing in June 2018. Normand Flipper (2003, UT 745E Design) and Sea Springer (2014, PX 105 Design) will support the “Culzean” hook-up and commissioning for a period of approx. 9 Months, commencing in July 2018.

BP Egypt has contracted PSV Sea Spark (2013, PX 105 Design) for a period of one year. The contract commences early June 2018.

Lastly, Sea Supra (2014, PX 105 Design) and Sea Spear (2014, PX 105 Design) have been awarded contracts for three months plus options to an undisclosed client, commencing mid-2018.

Jon Are Gummedal EVP PSV/AHTS International stated “The awards mark a critical reflection of both an improving market and the strength of the Solstad Farstad fleet. Operating in all major offshore regions and being regarded as the premier provider of offshore vessels will continue to be key focus areas for Solstad Farstad.”

Skudeneshavn, June 6th, 2018

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18

SolstadFarstad ASA
www.solstadfarstad.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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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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