Solstad Offshore ASA - M&A Activity 2015

Sale and lay-up of vessels

Solstad Offshore (SOFF) has sold and currently

delivered, the AHTS "Normand Jarl", built in 1985.

In addition, a Memorandum of Agreement (MOA) has

been signed for sale of the AHTS "Normand Skarven",

built in 1986, with expected delivery during June.

SOFF owns 72, 5% of "Normand Skarven"

whilst "Normand Jarl" is 100% owned.

There will be a minor booked gain on the sales, but

a positive cash effect of approx. Nok 45 mill.

Due to a continued weak offshore market,

particularly for the PSV segment, SOFF has decided

to put the PSVs "Normand Skipper" and "Normand

Vester" into lay-up. "Normand Skipper" is currently

trading the North Sea spot market while "Normand

Vester" is due to end a long-term contract in Brazil

during June and will go into lay-up thereafter.

As a consequence of the two sales and lay-ups, about

50 offshore employees will be made redundant.

"The redundancies are very regrettable, and SOFF

aims to carry out the process in an orderly manner

and in close co-operations with the employee

representatives" says Lars Peder Solstad, CEO of

Solstad Offshore.

Skudeneshavn, 22 May 2015

Solstad Offshore ASA

Contact persons: Lars Peder Solstad (mobile +47

91318585) / Sven Stakkestad (mobile +47 90515802)

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian

Securities Trading Act)"

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