Early termination of charter party – Normand Maximus

Normand Maximus Operations Ltd, a wholly owned subsidiary of Solstad Offshore ASA and disponent owner of the vessel “Normand Maximus”, has today received a notice of early termination of the charter party for the vessel from the charterers, Saipem (Portugal) Comercio Maritimo LDA.

The charter party includes early termination provisions. The original charter period for the vessel was eight years. The early termination means that the charterers terminate the charter after approximately four years of chartering. The estimated back-log lost following the termination is approximately USD 200 million.  Normand Maximus Operations Ltd. will be entitled to an early termination fee of approximately USD 45 million following the termination.

Skudeneshavn, 17 September, 2020

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.