Solstad Offshore ASA - Capital/Financing Update 2015

Construction contract for a new light construction/IMR vessel

BOA IMR AS (a BOA Offshore AS subsidiary) has

entered, with certain conditions, into a

shipbuilding contract for a light construction / IMR

vessel with NorYards Fosen AS, with delivery

scheduled for spring 2017 from its yard in Fosen,

Norway.

The vessel with main dimensions of 108 x 24 meters

is designed by NorYards in cooperation with BOA

Offshore and targets to be one of the most energy

efficient in its segment and with optimized

capacities available for the clients. The vessel

will be equipped with a 150t AH crane and a smaller

working crane for 3000 meter working depth,

accommodation for 125 passengers, a 1500 square

meter deck with moon pool and two working ROVs. The

vessel will be classified by DnV with amongst others

the notations of Ice 1-A, Well Stimulation and LFL.

Hence the vessel will have a widespread usage

potential for our clients.

BOA IMR AS will be majority owned by BOA Offshore,

while yard owner Calexco S.a.r.l. will take an

ownership of approx. 35 % of the shares. BOA has

already paid in substantial parts of the equity in

the project and limited equity from BOA is required

until delivery in 2017. Long term financing is

ensured with one large Norwegian shipping bank,

while the shipyard provides construction financing.

The vessel will be under BOA Offshore AS management

and will be chartered to BOA Marine Services Inc.

For additional information:

Helge Kvalvik, CEO Boa Offshore AS

Cell + 47 979 79 772

Albert Strand, Director Finance and Risk

Boa Offshore AS

Cell + 47 907 44 461

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