Norway: Solstad Announces Charter Contracts for its Construction Vessels

Solstad Offshore could today announce contracts for several of its construction vessels.

The company has signed charter agreements for the following vessels:

“Normand Tonjer” with Fugro Subsea Services Ltd for 200 days firm. Commencement of contract scheduled to March 2012.

“Normand Mermaid” with Fugro Geosciences International Ltd for 180 days firm period. Commenement of contract March 2012.

“NOR Tigerfish” with Allied Support Corp. for 120 days firm period with option for an additional 67 days. Commencement of contract scheduled to March 2012.

“Normand Flower” with Visser & Smit Marine Contracting BV, for 185 days firm with additional 100 days options. Commencment of contract scheduled to March 2012.

In addition, Global Industries Offshore L.L.C (Technip) have exersised their second (of a total of five) yearly options for the “Normand Commander”. Commencement June 2012.

The value of the firm part of the contracts nominated in NOK is approximately NOK 225 mill.

 (225 000 000 Norwegian kroner = 40.3299 million U.S. dollars)