Solstad Awarded Contract by Subsea 7

Solstad Offshore has received a Letter of Intent from Subsea 7 for the hire of a large construction service vessel for a fixed period of six years. Furthermore, Subsea 7 has the option to hire the vessel for another 4 x 1 years. The commencement of the contract is during the summer of 2008.

SOFF will have a new vessel constructed for this contract. The vessel design is developed in close cooperation between Solstad, Subsea 7 and Vik- Sandvik AS.

The commercial terms between the parties are confidential, however it gives Solstad an acceptable return on the investment.

Solstad is a leading owner and operator of offshore construction service vessels and will, after the delivery of the new vessel, operate a total of 11 vessels within this segment. The Company is very pleased to enter into this agreement with Subsea 7, the second contract with Subsea 7 during a short period of time.

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