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Solstad Offshore

Our fleet consists of 35 fully owned/jointly owned and leased supply vessels plus 6 supply vessels under construction (4 in Norway and 2 through Nor Offshore Pte Ltd (NOR) in Singapore). 26 of the supply vessels are operated from the main office in Skudeneshavn and the branch office in Aberdeen.

Current trading areas are North Sea, Brazilian Continental Shelf, Gulf of Mexico and Asia. The remaining fleet (9 supply vessels plus 2 new builds) are operated by NOR in Singapore. For more details on the fleet see the fleet overview.

The Company’s four new builds in Norway, 3 CSV and 1 large PSV/ROV, emphasize the continued focus on the construction service market as well as drilling and development in unsheltered and deep waters. The new build CSV is long-term contracted to Subsea 7 from delivery in 3rd quarter 2009.

Through its 50% share in NOR, SOFF is focusing on the Asian and Australian markets. NOR was established in December 2004 and has a fleet of 11 vessels (incl. 2 under construction), five of which are operating with a somewhat higher specification than is traditional for this market. Six of the supply vessels have contracts for bare boat hire with purchase options and the remaining five will be owned by NOR.

NOR has newly ordered a Derrick Lay Barge (DLB) with lifting and pipe laying capacity. Delivery is planned to take place by the end of 2009. The DLB will be equipped with a 1100 ton crane, pipe laying equipment and greater cabin capacity. The aim of this investment is to be a player in the construction market in Asia and Australia.