Solstad Acquires Stake in Rem

Solstad Rederi AS, a wholly owned subsidiary of Solstad Offshore ASA (SOFF), on Wednesday acquired 14,336,915 shares in Rem Offshore ASA (REM) at an average price of NOK 49.98 per share.

This block of shares represents an ownership of 36.6%. After this acquisition SOFF controls, directly (14,336,915 shares) and indirectly (1,950,000 shares) a total holding of 16,286,915 shares in REM, representing an ownership share of 41,6%. Average purchase price for total ownership share is NOK 49,36 per share.

SOFF intends to make an offer to REM's remaining shareholders. The acquisition is done based on SOFF's strong confidence in the marked and the company. SOFF will contact REM`s other large shareholder, Remy AS, controlled by Age Remoy, for further discussions.