23.12.2019

Bareboat Contract for DLB Norce Endeavour

Solstad Offshore ASA has entered into a bareboat Contract with Saipem Portugal Commercio Maritimo Limitada(Saipem Portugal), a subsidiary of Saipem S.p.A., for the DLB Norce Endeavour. The contract will commence on the 2^nd January 2020 and have a firm duration until 31^st May 2021 with an optional period of further 5 months.

As part of the bareboat Contract Saipem Portugal has the option, at its discretion and subject to, among others, Saipem  S.p.A.’s internal approvals, to purchase the DLB Norce Endeavour.

DLB Norce Endeavour is a 146 meters length lay barge vessel built in 2010, equipped with a main crane of 1100 mt lift capacity, to be employed for pipelaying activities worldwide.

The commercial terms are confidential between the parties.

Skudeneshavn, December 23^rd,  2019

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18