Solstad Offshore Sells CSV Normand Clough

Solstad Offshore ASA (SOFF) acquired the CSV “Normand Clough” in connection with the division of Rem Offshore ASA in 2009. The vessel has from delivery been engaged on a long term contract with SapuraClough Offshore Pty Ltd. (SapuraClough).

In the charterparty SapuraClough had the option to purchase the vessel after 5 years. This purchase option is now declared.

The terms of the transaction are confidential between the parties. The booked value of the vessel is equivalent to the option price. The transaction thus results in a limited net accounting effect for SOFF but will have a positive cash effect of approx. NOK 200 mill.

It is intended to complete the transaction during 4th quarter 2013.

[mappress]

Press Release, August 15, 2013