Reference is made to
The time charter for "Normand Maximus" entitled
The notice period for the termination under the time charter is 45 days meaning that the termination of the time charter will be effective and the vessel redelivered on or around
SOFF holds a 25% ownership share in the leasing company
The financial lease is guaranteed by SOFF and includes customary prepayment events and default provisions. These may i.a require the SOFF Subsidiary to purchase the vessel if the SOFF Subsidiary is not able to secure new employment for the vessel. The vessel is one of the largest and most sophisticated vessels within its segment and SOFF expects that the vessel will be engaged on new projects within reasonable time. SOFF and the SOFF Subsidiary are exploring the market opportunities and is now engaging in dialogue with the leasing company
It is not expected that the completion of the restructuring of the SOFF group to be considered by the general meeting of the Company on
Skudeneshavn,
Contacts
Kjetil Ramstad CFO, at +47 907 59 489
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/64F099F1EFCFC8CAE0C856B0705FC7D6
https://mb.cision.com/Main/16896/3208855/1313699.pdf
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