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    SOFF   NO0003080608

SOLSTAD OFFSHORE ASA

(SOFF)
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Solstad Offshore : Normand Maximus - Saipem - Settlement agreement

05/20/2021 | 07:38am EDT

As previously communicated to the market, Solstad Offshore ASA's subsidiary Normand Maximus Operations Limited has been pursuing legally the unpaid termination fee and other claims following the early termination by Saipem (Portugal) Comercio Maritimo Sociedade Unipessoal Lda, of the time charter party for "Normand Maximus".

Normand Maximus Operations Limited and Saipem (Portugal) Comercio Maritimo Sociedade Unipessoal Lda, as time charterer of Normand Maximus, and Saipem SPA as time charter guarantor, have today entered into an agreement for settlement of all claims and counterclaims between the parties related to the time charter for Normand Maximus.

The settlement entitles Normand Maximus Operations Limited to a payment of USD 48,25 million primo June 2021. This equals approximately 96% of Normand Maximus Operations Limited's gross claim.

The dialogue for a long-term solution for the lease financing arrangements for the Normand Maximus is ongoing, and reference is made to our Annual Report for 2020 for information on this issue.

Skudeneshavn, May 20th, 2021

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA
www.solstad.com

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

http://publish.ne.cision.com//Release/ViewReleaseHtml/DCFC3760758A2211E0C856B0705FC7D6

https://mb.cision.com/Main/16896/3350725/1420296.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
SAIPEM S.P.A. -3.68% 1.951 Delayed Quote.-8.12%
SOLSTAD OFFSHORE ASA 1.27% 6.4 Real-time Quote.-34.17%
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Financials
Sales 2020 4 844 M 552 M 552 M
Net income 2020 7 241 M 825 M 825 M
Net Debt 2020 18 208 M 2 073 M 2 073 M
P/E ratio 2020 0,10x
Yield 2020 -
Capitalization 475 M 54,3 M 54,1 M
EV / Sales 2019 6,23x
EV / Sales 2020 3,91x
Nbr of Employees 3 528
Free-Float 33,9%
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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 Administration & Communication Director
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