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Annual Report 2010
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Extended information regarding 100% Ownership in NOR Offshore Ltd (NOR)
Reference is made to stock exchange announcement dated 6 April 2011 on the agreement between Solstad Offshore ASA ("SOFF") and Nortrans Invest Pte. Ltd. ("Nortrans") regarding SOFF's acquisition of Nortrans' 40.9 % share in Nor Offshore Ltd. ("NOR") making SOFF the owner of 100 % of the shares in NOR.
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Solstad Offshore increases ownership in NOR Offshore Ltd.
Solstad Offshore ASA (SOFF) has entered into agreement with NOR’s other shareholder, Nortrans Invest Pte. Ltd for the purchase of their 40,9% ownership share in NOR. SOFF will, after the transaction, own 100% of the share capital in NOR.
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Contract awards for Normand Master and Normand Mariner
Solstad Offshore ASA (SOFF) has entered into two long term contracts with Petrobras SA for the "Normand Mariner" and "Normand Master" (23.500 bhp AHTS build in -02 and -03). The two contracts have a duration of 4 years firm with an option to extend each contract for an additional 4 more years. The value of the firm part of the contracts is approximately USD 130 mill.
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Financial Report - Q4 2010
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SUCCESSFULLY COMPLETED BOND ISSUE
Reference is made to the notification sent on 16 February 2011 regarding a new contemplated bond issue in Solstad Offshore ASA (SOFF). A NOK 700 million unsecured bond issue with expected maturity date on 25 February 2016 has now successfully been completed. Settlement date is expected to be 25 February 2011. The bond issue was substantially oversubscribed.
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CONTEMPLATING THE ISSUANCE OF A NEW UNSECURED BOND ISSUE
Solstad Offshore ASA (SOFF) is contemplating the issuance of a new senior unsecured bond loan in the Norwegian bond market with maturity in February 2016.
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Contract awards
Solstad Offshore ASA today announced that it has signed several new contracts and contract extensions.
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Onshore power supply on Husøy
As a part of the our energy and fuel saving campaign, we have now installed a new electrical shore supply system at our base on Husøy. The goal is to use this supply instead of the vessel diesel generators when ships are moored for longer periods of time at the base. Normand Mermaid was the first vessel to test this system.
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Maritim ungdomsgaranti
Solstad Offshore, Eidesvik Offshore, Østensjø Rederi, Gulf Offshore Norge og Simon Møkster Shipping utsteder med dette en antallsregulert garanti om kadettplass frem til oppnådd laveste sertifikat. Dette defineres nærmere som en garanti om kadettplass frem til oppnådd tilstrekkelig fartstid innenfor normert tid til å søke slikt sertifikat basert på normert studietid ved Høgskolen Stord/Haugesund eller ved den maritime fagskolen ved Karmsund videregående skole.
TERMS AND CONDITIONS SOLSTAD OFFSHORE ASA · P.O.BOX 13 · N-4297 SKUDENESHAVN · NORWAY · T:(+47) 52856500 · FIRMAPOST@SOLSTAD.NO