As previously communicated to the market, Solstad Offshore ASA's subsidiary
Normand Maximus Operations Limited has been pursuing legally the unpaid
termination fee and other claims following the early termination by Saipem
(Portugal) Comercio Maritimo Sociedade Unipessoal Lda, of the time charter party
for "Normand Maximus".
Normand Maximus Operations Limited and Saipem (Portugal) Comercio Maritimo
Sociedade Unipessoal Lda, as time charterer of Normand Maximus, and Saipem SPA
as time charter guarantor, have today entered into an agreement for settlement
of all claims and counterclaims between the parties related to the time charter
for Normand Maximus.
The settlement entitles Normand Maximus Operations Limited to a payment of USD
48,25 million primo June 2021. This equals approximately 96% of Normand Maximus
Operations Limited's gross claim.
The dialogue for a long-term solution for the lease financing arrangements for
the Normand Maximus is ongoing, and reference is made to our Annual Report for
2020 for information on this issue.
Skudeneshavn, May 20th, 2021
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA
www.solstad.com
This information is subject of the disclosure requirements according to the
Norwegian Securities Trading Act section § 5-12.