Solstad Offshore ASA - M&A Activity 2021

Long term contract award for PSV in Norway

As part of the Frame Agreement between Aker BP and Solstad Offshore, the

companies have entered into a new contract for the PSV Far Solitaire. The new

contract is for 3 years firm + 6 yearly options and will commence in direct

continuation of the current contract, keeping the vessel fully utilized to 4Q

2024. The vessel has been on contract with Aker BP since 2018 and will continue

to support their activities on the Norwegian Continental Shelf.

Far Solitaire will be upgraded with a battery-hybrid system as a part of both

Solstad and Aker BP's efforts to reduce emissions from operations. When upgraded

in December 2021 Far Solitaire will be the 9th PSV Solstad operate on the

Norwegian Continental Shelf with a battery-hybrid system and shore power

connection installed. This is one of many important steps to reach Solstad's

long term decarbonization target.

Skudeneshavn, September 29th, 2021

Contacts

Lars Peder Solstad CEO, at +47 91 31 85 85

Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

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