Financial report for the 2nd Quarter 2011 / 1st half year 2011

• Operating income for the second quarter was NOK 702 million (NOK 675 million in 2010).
• Cash flow from operations (EBITDA 1)  was NOK 209 million  (NOK 288 million)
• Operating income for the first six months was NOK 1,384 million (NOK 1,231 million)
• EBITDA the first six months was NOK 458 million  (NOK 490 million)
• Weakened USD and GBP versus NOK had a negative impact on operating income for the first six months.
• Increased share in Solstad Offshore Asia Pacific Ltd (previously know as NOR Offshore Ltd) from 59.1% to 100%.
• 3-year contract for Normand Oceanic