Solstad Offshore Inks Contract with Ocean Installer for CSV

Solstad Offshore ASA (SOFF) has signed a contract with Ocean Installer AS (OI.II) for hire of SOFF's offshore construction vessel (CSV) Normand Clipper.

The duration of the contract is firm for 5 years with further 5 x 1 year option. Commencement is expected to be during second quarter of 2012.

The contract value is confidential between the parties, but gives SOFF an acceptable return on its investment. SOFF and OI.II intend to investigate and develop opportunities for further co-operation with regards to future assets.

Normand Clipper is a CSV built in 2001 and extensively upgraded in 2005. The vessel is very well suited for subsea construction work in both deep and more shallow waters. The vessel has a 250 t subsea crane, a deck area of approximately 1700 m2 and accommodation to approximately 100 people.

Ocean Installer is a newly established subsea construction company based in Stavanger, Norway. O.II is 100% owned by HitecVision.