Solstad Offshore receives a major grant from Innovation Norway

Investing more than 300 MNOK in green technology.

Solstad Offshore ASA (“Solstad” or “Company”) targets a 50% global fleet emission reduction by 2030. Over the next 3 years the Company will be investing more than 300 million NOK in battery hybrid conversion projects linked to a grant award of 87 MNOK from Innovation Norway.

A total of 11 vessels are planned to be upgraded over the next three years. The vessels will undergo battery hybrid conversions and will be able to connect to shore power in ports and harbors. After completion of this program Solstad will have a total of 21 battery hybrid vessels in its fleet.

The planned upgrades will lead to an annual reduction of 12.000 tons CO2 emissions and is an important measure to reach the Company’s target of 50 % emission reductions by 2030 and ultimately zero emission by latest 2050.

In 2021, Innovation Norway introduced a condemnation scheme to support removing older vessels from the market and at the same time fund upgrades of existing vessels with green technology. The scheme will contribute to increased investments in the Norwegian fleet and reduce the emissions in line with the action plan set by the Norwegian Government.

Solstad announced recycling seven vessels in October 2021, and this will be performed at specialized yards in Norway in accordance with the strictest national and international regulations.

“This major grant from Innovation Norway allows us to step-up up our green technology investment program. The list of vessels includes some of our largest construction vessels that will after conversion contribute to considerable CO2 emission reductions.”

Tor Inge Dale, Chief Sustainability Officer, Solstad Offshore

“Innovation Norway is pleased to see that this funding arrangement can assist on speeding up both the needed work to recycle older offshore vessels as well as provide considerable contributions to fund important decarbonization projects in this segment.”

Sigbjørn John Huun, Special Advisor, Innovation Norway

Skudeneshavn December 22nd, 2021

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

Solstad Offshore ASA