Solstad: Contract awards for Normand Master and Normand Mariner

Solstad Offshore ASA (SOFF) has entered into two long term contracts with Petrobras SA for the "Normand Mariner" and "Normand Master" (23.500 bhp AHTS build in -02 and -03). The two contracts have a duration of 4 years firm with an option to extend each contract for an additional 4 more years. The value of the firm part of the contracts is approximately USD 130 mill.
"Normand Master" and "Normand Mariner" will commence their contracts with Petrobras SA during 3rd quarter this year. SOFF will then have 11 vessels working, directly or indirectly, with Petrobras SA in Brazil.
In addition, BG Tunisia, has awarded Nor Offshore, a subsidiary of SOFF, a 1 year contract for the vessel "Nor Star" (5500 bhp AHTS build in -05) in direct continuation of present contract expiring in May 2011. In addition, BG has an option to extend the contract with 1 year. The commercial conditions for this contract are confidential between the parties.
Source: Solstad Offshore ASA