Contract for CSV Normand Ocean

Solstad Offshore ASA (“Solstad”) is pleased to announce a new contract for the CSV Normand Ocean with DeepOcean AS. The vessel will be utilized on DeepOcean`s IMR and light construction projects in the North Sea.

Normand Ocean has been on contract to DeepOcean since 2014 and with the new contract the vessel will be on firm contract to end of 2023. In addition, there is an option to extend the contract with one more year.

As part of Solstad and DeepOcean`s common goals to reduce CO2 emissions the Normand Ocean will be upgraded with a 1MWh battery system and shore power connection. This will allow the vessel to operate with same efficiency but with less emissions.

Through this agreement Solstad and DeepOcean are committed to jointly explore and initiate new steps to reduce emissions further by utilizing new technology that will be available over the next years.

Skudeneshavn, June 2nd , 2021

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

Solstad Offshore ASA

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.