SALE OF 50% OWNERSHIP IN CSV «NORMAND OCEANIC» COMPLETED

Reference is made to the stock exhange notice of 30th
March 2012 where Solstad Offshore ASA (SOFF) entered
into an agreement with Subsea 7 International
Contracting Limited (Subsea 7) for the sale of 50% of
the CSV «Normand Oceanic» combined with an extension
of the firm charterperiod for the vessel from 3 to 5
years. SOFF is pleased to anncounce that the
transaction now is complete.

A long-term facility of USD 152,5 million has been
drawn with Nordea Bank Finland Plc, as Faciltiy Agent
for refinancing of the vessel.

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

Skudeneshavn, 20th July 2012

Solstad Offshore ASA

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

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