Sale of PSV fleet to Tidewater successfully completed

Reference is made to the announcement 7 March 2023 on the sale of the Solstad PSV fleet to Tidewater for the price of approximately $580 million.

The transaction was completed today with all 37 vessels being delivered to Tidewater. This will reduce Solstads interest bearing debt with approximately NOK 6 billion.

«We are very pleased with the sale of our PSV fleet. This will strengthen the balance sheet of Solstad considerably and the remaining fleet of 40 high-end CSV and AHTS vessels will all be relevant for both oil & gas and renewable energy clients. As such, Solstad will be an important operator in the ongoing energy transition», says Lars Peder Solstad, CEO of Solstad Offshore.

The transaction will have a positive accounting effect of approximately NOK 250 million to be reflected in 2Q 2023.

Skudeneshavn, July 5, 2023

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

Solstad Offshore ASA