SOFF: CONTRACT WITH OCEAN INSTALLER AS FOR "NORMAND MERMAID"

Solstad Offshore ASA (SOFF) has signed a contract
with Ocean Installer AS (OI.II) for hire of SOFF's
offshore construction vessel (CSV) "Normand Mermaid"

The duration of the contract is firm for 5 years with
further 5 x 1 year option and it commences on the 1st
March 2013.

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

"Normand Mermaid" is a medium sized CSV built in
2002. The vessel is well suited for subsea
construction work in both deep and shallow waters.

Ocean Installer is a subsea construction company
based in Stavanger, Norway. OI.II is 100% owned by
HitecVision.

Skudeneshavn, 30th March 2012


Solstad Offshore ASA

Contact person:
Lars Peder Solstad (Tlf. +47 52 85 65 00)