Solstad Offshore ASA - M&A Activity 2024

Long-term contract for CSV Normand Ocean

Solstad Offshore ASA ("Solstad") announces a new five-year contract for the CSV

Normand Ocean with Prysmian Powerlink Srl (Prysmian). With this contract, the

vessel will be on a firm contract with Prysmian until 2032, with an additional

two-year option.

Prysmian has contracted the CSV Normand Ocean to support the installation of

power cable systems on the company's global projects.

The firm contract will commence during the first or second quarter of 2027 and

run until 2032. If the two-year option is exercised, Normand Ocean will support

Prysmian until 2034.

With this contract, Normand Ocean joins CSV Normand Pacific, which is on a firm

contract with Prysmian until the end of 2030.

"We are pleased to announce another long-term contract with Prysmian, which

expands our partnership with the company that started back in 2016. Both Normand

Ocean and Normand Pacific play important roles in the ongoing energy transition,

in which Solstad has a large and growing footprint," says Lars Peder Solstad,

CEO at Solstad Offshore.

In 2023, Solstad grew its total operating income from offshore renewable energy

activities by 65 percent, to NOK 1.76 billion, compared to the prior year.

Normand Ocean, built in 2014, is an advanced DP2 subsea construction vessel

equipped with a 150-ton active heavy compensated subsea crane. The vessel is an

effective working platform for various demanding offshore activities.

Normand Ocean is owned by Solstad Maritime AS, in which Solstad Offshore ASA

holds an ownership share of 27,3 percent.

Skudeneshavn, 25. June 2024

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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