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    SOFF   NO0003080608

SOLSTAD OFFSHORE ASA

(SOFF)
  Report
Real-time Quote. Real-time Oslo Bors - 12/03 10:25:14 am
4.86 NOK   -2.80%
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Solstad Offshore : Aker Solutions and DeepOcean create offshore renewables alliance

10/14/2021 | 02:47am EST
October 14th, 2021 - Solstad Offshore ASA (Solstad Offshore), Aker Solutions ASA
(Aker Solutions) and DeepOcean Norway AS (DeepOcean) and have joined forces to
create Windstaller Alliance. The new partnership aims to provide the world's
most cost-efficient and complete product supply, fabrication and marine services
offering within offshore wind. The alliance will also pursue other offshore
renewables segments.

Windstaller Alliance will combine the already well-established capabilities and
expertise of the three offshore industry leaders. This will form an integrated
and highly flexible one-stop-shop provider. The alliance will be able to offer
product deliveries, fabrication services as well as marine and subsea operations
and associated engineering services within offshore renewables industries.

"In terms of competence, size and asset base, Windstaller Alliance's offering is
probably unrivalled in the marketplace. However, it is how we will integrate and
join the three companies' offerings that will create the real value for both
operators and us suppliers," says Lars Peder Solstad, CEO of Solstad Offshore.

The Windstaller Alliance will market the three companies' offering, identify and
pursue business opportunities where they cost-efficiently can combine their
technologies, capabilities, experience and resources to deliver an unrivalled
service to the offshore renewables sector.

The Windstaller Alliance aims to cut the amount of supplier interfaces, thereby
reducing technical and commercial project risk as well as execution time through
better integration of services, project management and maritime asset
utilization.

"Today's supply chain for the offshore renewables market is highly fragmented
and, in our view, sub-optimal in terms of efficiency, cost, risk and
environmental footprint. Windstaller Alliance is able to take an integrated
approach where appropriate, while unlocking value for both operators and
suppliers, at the same time reducing the total carbon footprint of offshore
renewable projects," says Guro Høyaas Løken, Head of the Windstaller Alliance.

MARKET-LEADING ASSETS AND COMPETENCE BASE

Windstaller Alliance has access to a substantial product, fabrication and marine
services portfolio with related engineering and project management capabilities
through Aker Solutions and DeepOcean. Aker Solutions also has more than 15,000
employees and world class expertise within complex fabrication of substructures
for wind turbines, including four state-of-the-art yards and a broad product
offering within subsea and topside equipment.

Ocean service provider DeepOcean adds extensive experience from offshore
renewables, including dedicated assets for the renewables markets, including
trenchers and cable repair spreads. The company provides the alliance with
specialized subsea installation and service solutions for offshore renewables
through 900 employees, and more than 50 ROVs.

Solstad Offshore, which has supported offshore wind farm installations,
operations and maintenance since 2009, contributes through a global presence
with more than 3,600 employees and a fleet of 90 vessels available to the
alliance.

ALLIANCE OFFERING

The alliance members will cooperate to jointly identify market opportunities and
agree on a case-by-case basis which prospects and solutions to pursue. The exact
execution scope and cooperation model on a specific project will be set up based
on client preferences and market conditions.

In the preparatory phase for marine operations of offshore renewables projects,
Windstaller Alliance will deliver engineering services as well as subsea survey,
inspection and site preparation services.

The alliance may also provide product deliveries such as subsea technologies
plus fabrication of substructures carrying wind turbines, plus yard services
such as logistics, site management and crane operations. The alliance will
furthermore provide services to optimize product designs from a marine
operations perspective. In the installation phase, Windstaller Alliance has the
specialist competence to provide trenching and inter-array cable lay services,
and to conduct towing, mooring, hook-up and commissioning operations.

During the operations phase of an offshore renewables field, the alliance will
offer life of field IMR (inspection, maintenance and repair) services, CSOVs and
maintenance, modification and operations support for offshore structures.

"Windstaller Alliance can also offer project management capabilities. We believe
we have an ideal set-up to tear down existing efficiency silos, reduce project
risk and client cost. However, we will of course also provide a fully flexible
delivery and contracting model tailored to clients' needs. The difference is
that they can obtain life-of-field support in one place," says Øyvind Mikaelsen,
CEO of DeepOcean.

SUSTAINABILITY DRIVE

Windstaller has also outlined a commitment to reach a zero emissions target.

Supporting this goal, Solstad Offshore, Aker Solutions and DeepOcean have all
announced targets to cut emissions by 45-50 percent by 2030.

A third of DeepOcean's fleet is aimed to be on hybrid power by 2022, and the
company considers a pilot upgrade to hydrogen fuel cells. Solstad Offshore's
fleet currently has 15 vessels on battery or shore power, and the company
expects to upgrade 30 percent of its 90-strong vessel fleet to hybrid solutions
by 2025.

Aker Solutions, meanwhile, aims to achieve a 50% reduction in emissions by 2030.

"Aker Solutions is one of few contractors able to offer complete product
solutions for offshore wind farms, including substructures and topsides for
offshore wind power platforms, subsea solutions and offshore installation.
Together with the alliance partners, we are dedicated to supporting the offshore
renewables industry. Through the use of modern, low-emission vessels and a range
of services specially designed for the renewables market, our biggest
contribution to the industry will be to do things in a safer, smarter and more
sustainable way," says Stephen Bull, executive vice president of renewables at
Aker Solutions.

Windstaller Alliance will be a non-incorporated, asset light alliance, with no
joint ownership or liabilities for vessels or other assets, except for
specifically agreed projects.

For further information, please contact:
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

Skudeneshavn, October 14th, 2021

Solstad Offshore ASA
www.solstad.com

This information is subject of the disclosure requirements according to the
Norwegian Securities Trading Act section § 5-12.

About Windstaller Alliance
Windstaller Alliance is combining the expertise of three offshore industry
leaders to deliver an integrated and highly flexible offering of products,
fabrication services, subsea services, marine operations and related engineering
services for offshore renewables. Windstaller Alliance aims to cut the amount of
supplier interfaces, thereby reducing technical and commercial project risk as
well as time usage through better integration of services, project management
and asset utilization. The key differentiation is that developers and operators
can now obtain life-of-field support from one dedicated supplier. See
www.windstalleralliance.com

About Solstad Offshore ASA
Solstad Offshore is a world-leading owner and operator of high-end offshore
vessels across segments offering maritime excellence to the global offshore
energy markets. The company's vision is to deliver industry-leading sustainable
operations.

Solstad Offshore employs approximately 3,600 highly skilled people spread
between 50 nationalities located on our 9 offices and around 90 vessels
operating globally.

About Aker Solutions ASA
Aker Solutions delivers integrated solutions, products and services to the
global energy industry. The company enables low-carbon oil and gas production
and develops renewable solutions to meet future energy needs. By combining
innovative digital solutions and predictable project execution, Aker Solutions
accelerate the transition to sustainable energy production. The company employs
approximately 15,000 people in more than 20 countries.

About DeepOcean
DeepOcean is a world-leading ocean services provider, enabling energy transition
and sustainable use of ocean resources, offering survey, engineering, project
management, installation, maintenance, and recycling services for oil and gas,
offshore renewables, deep sea minerals, and other ocean services.

Across the global offices, DeepOcean is a trusted independent solutions provider
with highly skilled industry experts, using world-class fit-for-purpose tools
and technology to drive cost-efficient and safe operations. The company delivers
innovative engineering solutions focusing on remote and unmanned operations and
digitally-enabled services while continuously striving to lower the carbon
footprint.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
AKER SOLUTIONS ASA 2.09% 23.96 Real-time Quote.45.65%
SOLSTAD OFFSHORE ASA -2.80% 4.86 Real-time Quote.-49.38%
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Financials
Sales 2020 4 844 M 528 M 528 M
Net income 2020 7 241 M 789 M 789 M
Net Debt 2020 18 208 M 1 984 M 1 984 M
P/E ratio 2020 0,10x
Yield 2020 -
Capitalization 367 M 39,9 M 39,9 M
EV / Sales 2019 6,23x
EV / Sales 2020 3,91x
Nbr of Employees 3 600
Free-Float 29,4%
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Managers and Directors
Lars Peder Solstad Chief Executive Officer
Kjetil Ramstad Chief Financial Officer
Harald Espedal Chairman
Tor Johan Tveit Chief Operating Officer
Olaug Hillesland Director-Administration & Communication
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