Solstad Inks Deal for Construction Vessel with Subsea 7

Solstad Offshore ASA has entered into an agreement with Subsea 7 for the hire of a large construction service vessel currently under construction at Ulstein Verft AS. The contract is for 8 years firm, commencing upon delivery of the vessel from the yard in May 2007. The vessel will have a length of 130m, a width of 28m, 2.000 m2 working deck, a 250t offshore crane and will be equipped with DP class 3.

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

Solstad Offshore ASA is one of the worlds leading owner and operators of offshore construction service vessels and operates in total 10 vessels within this segment. The Company is very pleased to enter into this agreement with Subsea 7 for their operations world wide.