Letter of Intent with Subsea 7 for Normand Oceanic

12 August 2011

Solstad Offshore ASA (SOFF) have signed a Letter of  Intent (LOI) with Subsea 7 for hire of SOFF's offshore construction vessel (CSV) 'Normand Oceanic'.

The agreement is for a firm charter period of 3 years with 3 x 1 year option. Commencement is currently expected to be April 2012.

The contract value is confidential between the parties, but gives SOFF an acceptable return on their investment in the vessel.

"Normand Oceanic" is built by STX OSV in Brattvaag, Norway, and was delivered to SOFF in April 2011. The vessel is purpose built for subsea work in deep waters and is equipped with a 400t subsea crane, a deck area of more than 2100 m2, DP class 3 and cabins for 140 people.