SOFF: SALE OF 50% OWNERSHIP IN CSV "NORMAND OCEANIC" AND EXTENSION OF CONTRACT FOR THE VESSEL.

Solstad Offshore ASA (SOFF) has entered into an
agreement with Subsea 7 International Contracting
Limited (Subsea 7), whereby Subsea 7 will aquire 50%
of the CSV "Normand Oceanic" through purchase of
shares in a single purpose company to be incorporated.

"Normand Oceanic" was delivered to SOFF from yard in
April 2011 and commenced a charterparty with Subsea
7 on the 15th March 2012.

Further it is agreed that the duration of the firm
charterperiod will be extended from 3 years to 5
years on the same commercial terms as in the current
charterparty.

It is intended to complete the transaction by the end
of 2nd quarter 2012.

The transaction will have a positiv cash effect of
approx. NOK 200 million for SOFF.

Skudeneshavn, 30. March 2012

Solstad Offshore ASA

Contacts: Lars Peder Solstad og Sven Stakkestad
(Phone +47 52 85 65 00)