Statoil Hires Normand Ferking

Solstad Offshore ASA (SOFF) has entered into a new contract with Statoil for hire of SOFF’s anchor handling vessel (AHTS) “Normand Ferking”

“Normand Ferking” has worked on contract for Statoil since she was delivered from the shipyard in 2007.  The duration of the new contract is firm for 3 years. In addition Statoil has the option to extend with further 3 x 1 year.

The new contract will commence in direct extension on the current charter agreement during September 2013.

As a part of the agreement, Solstad will supply ROV services from “Normand Ferking”. Agreement has been reached with DeepOcean AS for this service.

The commercial terms between the parties are confidential, but it gives SOFF an acceptable return on the investment.

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Press Release, February 26, 2013