Solstad Offshore Extends Subsea Agreement with Technip

Solstad Offshore has extended the frame agreement with Technip UK Limited for supply of vessels for construction and subsea services until end of 2011.

Through the agreement, Tehcnip has the option to utilize the Normand Pioneer, Normand Progress and other of company's vessels. The scope of the agreement is for a minimum of 1,800 days over 5 years for a minimum period of 360 days per year. Technip has the option to declare extended employment each year.

Technip and Solstad have had a close cooperation since 1997. The extension of the frame agreement confirms Solstads strong position in the construction service vessel marked.

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