Solstad Offshore Announces Charter Agreement

Solstad Offshore ASA has entered into an agreement with Subsea 7 for the hire of a large construction service vessel currently under construction at Ulstein Verft AS. The contract is for 8 years firm, commencing upon delivery of the vessel from the yard in May 2007. The vessel will have a length of 426.5 ft. (130 m), a width of 92 ft. (28 m), an offshore crane and will be equipped with DP class 3. The commercial terms between the parties are confidential, but it gives Solstad Offshore ASA an acceptable return on the investment.