Contract Awards with Petrobras and Gaz de France

Solstad Offshore ASA (SOFF) has been awarded a long term contract for the AHTS Normand Borg with Petrobras SA. The contract duration is 4 years firm with option for an additional 4 years. Commencement during 2nd half 2010. The value of the firm contract is approximately NOK 380 mill.

SOFF has further entered into a contract with Gaz De France (GDF) for the AHTS vessel Normand Draupne for oil recovery- and rescue operations in the North Sea. Contract duration is 7 months firm 8 months option. Commencement during 3rd quarter 2010. The value of the firm part of the contract is approximately NOK 22 mill.