Solstad Offshore ASA ( SOFF ) and Ocean Installer AS
have ordered a large, advanced construction support
vessel (CSV). The vessel will be built by STX OSV and
delivered in Q2 2014.

The contract is subject to board approval by "the
Norwegian Guarantee Institute for Export Credits"
(GIEK).

The vessel, of type OSCV 06L, has been designed by
shipbuilder STX OSV and Solstad, in close cooperation
with Ocean Installer. This combination has resulted
in a high-capacity CSV with a total project cost of
approximately NOK 1,5 billion, including a 3000 t
carusel, launching and recovery systems for ROV's
(LARS), project management, spare parts and
mobilisation. Included in the total cost is also a
150t VLS (vertical lay spread system) valued at
approximately NOK 200 mill.

Solstad will, from time of delivery have a 30%
ownership in the shipowning company, while Ocean
Installer will hold the remaining 70%. Solstad has
secured an option to increase its ownership to 50%.

The joint shipowning company has entered into a 5
year firm contract with Ocean Installer AS from time
of delivery from the yard. In addition, the charterer
has option to extend the contract with further 5 x 1
year. The commercial conditions are confidential
between the parties, but give the shipowning company
an acceptable return.

The vessel will be the third in Ocean Installer's
fleet of operated subsea vessels, following "Normand
Mermaid" and "Normand Clipper", both chartered long-
term from Solstad.

The new vessel is designed to operate efficiently
under demanding conditions and is well fitted for
SURF (Subsea, Umbilicals, Risers, and Flowlines)
operations. The vessel is 156.7 metres long, 27
metres wide and has an aft cargo deck area of 2100
square metres. She will be equipped with a 150t
Vertical Lay System (VLS) and a 3000t below deck
carousel, Remotely Operated Vehicles (ROVs) in
hangars launched through moonpools, and two AHC
offshore cranes (400t and 100t) that can both operate
down to depths of 3000 metres. Main engine power is
approximately 21000 kW. The accommodation facilities
will have a capacity of 140 persons. The vessel is
designed according to the latest environmental
standards with focus on low fuel consumption, and
precautions in accordance with Det Norske Veritas'
(DNV's) CLEAN DESIGN requirements are incorporated in
the design.

With this new investment, Solstad Offshore own and
operates 20 subsea construction vessels which are all
utilized on timecharter contracts with the main
subsea contractors.
In addition, 31 anchorhandlers(AHTS) and platform
supply vessels(PSV) belongs to the Solstad-fleet.

Skudeneshavn, 14. June 2012

Solstad Offshore ASA

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

This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act)

SOLSTAD OFFSHORE AND OCEAN INSTALLER ORDER HIGH-CAPACITY SUBSEA VESSEL AND SIGN LONG-TERM CHARTER AGREEMENT