Normand Skarven Terminates Sale of AHTS Vessel

Reference is made to the announcements dated May 26, Nov. 3 and Dec. 16 2008 with respect to the agreement for the sale of the AHTS Normand Skarven to a foreign buyer. The buyer has paid the deposit of 10% but not complied with its further payment obligations under the memorandum of agreement. The vessel's owner, Normand Skarven KS, has therefore terminated the sales agreement.

Solstad Offshore ASA (SOFF) holds a 71,7% ownership share in Normand Skarven KS. The vessel will continue its contract with StatoilHydro to primo February 2009.