CONTRACT AWARD FOR "NOR SPRING"

Solstad Offshore ASA (SOFF) has been awarded a
bareboat charter contract for «Nor Spring» by Bibbi
Offshore Singapore Pte Ltd (Bibbi) for three years
for ROV, dive support and supply services in South
East Asia region. Bibby will take delivery of the
vessel 2nd part of May 2012.

During the charter period, Bibbi has an option to buy
the vessel at a preagreed price. The value of the
contract and the purchase option price is
confidential between the parties.

«Nor Spring» is owned by Jaya Marine, but is on
bareboat charter to SOFF. The abovementioned contract
implies that SOFF will declare its option to buy «Nor
Spring» under the bareboat agreement SOFF has with
Jaya Marine.

Skudeneshavn, 17th April 2012


Solstad Offshore ASA

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