13.03.2020

Sale of DLB Norce Endeavour

Solstad Offshore ASA (“SOFF”) in December 2019 entered into a bareboat Contract with Saipem Portugal Commercio Maritimo Limitada (“Saipem”), a subsidiary of Saipem S.p.A., for the DLB Norce Endeavour. As part of the bareboat Contract Saipem Portugal had the option, at its discretion and subject to, among others, Saipem internal approval, to purchase the DLB Norce Endeavour.

Saipem has now decided to declare the purchase option for DLB Norce Endeavour.

Delivery of the vessel to Saipem is scheduled to April 2020.

The sale of the DLB Norce Endeavour will have a minor accounting effect.

Skudeneshavn, March 13^th, 2020

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