Contract Awards in the Asia Pacific region

Solstad Offshore ASA (“Solstad”) has been awarded a contract with a large international contractor for the CSVs Normand Navigator, Normand Frontier and Normand Australis.

The three vessels will be utilized for projects on the east coast of India. The contract will commence early Q1 2021 and have a combined potential duration of approximately 450 vessel days, in addition to mobilization and demobilization.

In addition, Solstad has been awarded another contract with a large international contractor for Normand Frontier, after completion of the project in India. This contract is in Australia and will commence in Q2 2021, for a duration up to 3 months, excluding mobilization and demobilization.

Furthermore, Solstad have negotiated and agreed an early release of Normand Frontier from its current contract with Ocean Infinity to be able to undertake the contract in India and Australia. The early release comes as Ocean Infinity continues its transition to unmanned and robotic technologies with the introduction of its Armada fleet. Solstad and Ocean Infinity have agreed mutually beneficial terms for the remaining part of the firm contract period for the Normand Frontier taking account of the opportunity to deliver the vessel on the India and Australia contract, under which Ocean Infinity is expected to provide both ROVs and personnel.

Skudeneshavn, December 17th, 2020

Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA