Cooperation agreement for further development of Deep Well AS

The owners of DeepWell AS (DW), where Solstad
Offshore ASA (SOFF) have an ownership share of some
40%, have entered into a cooperation agreement with
HitecVision AS (HV) to enable further development of
the company. DW will in the near future do a share
issue towards HV of NOK 285 mill. The share issue is
based on an enterprise value of NOK 400 mill. SOFF's
ownership share in DW after the share issue will be
in excess of 20%.

DW is a Norwegian well intervention company focusing
on high-tech based wireline-services and integrated
operations. DW has their main office and base at
Karmøy and a department office in Stavanger. The
company has 124 employees with some NOK 190 mill in
revenues for 2012. Estimated revenues for 2013 are
some NOK 220 mill. DW has in addition to the
forthcoming share issue secured further growth
capital through the cooperation agreement for an
additional NOK 200 mill.

Deep Well's ambition is to grow the company further
on the Norwegian Continental Shelf and to develop and
expand the company's product and service portfolio as
well as to establish DW in the international well
intervention market.

Contacts: Lars Peder Solstad and Sven Stakkestad
(phone +47 52 85 65 00).

Skudeneshavn, 23. December 2013

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