StatoilHydro Enters LOI for Normand Draupne

Solstad Offshore has entered into a letter of intent with StatoilHydro for a long-term Contract for the AHTS-STBY vessel Normand Draupne. Contract duration is 1-year firm plus 6 x 2 months option; the Contract commences in direct continuation from current contract with StatoilHydro, which expires June 2008

The value of the firm part of the contract is approximately NOK 97 million.