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    SOFF   NO0003080608

SOLSTAD OFFSHORE ASA

(SOFF)
  Report
Real-time Quote. Real-time Oslo Bors - 06/17 10:19:48 am
6.15 NOK   -1.28%
06/10SOLSTAD OFFSHORE  : Contract awards for PSVs in UK
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06/08SOLSTAD OFFSHORE  : New share capital
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06/02SOLSTAD OFFSHORE  : Contract for CSV Normand Ocean
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Solstad Offshore : Update - Normand Maximus

10/01/2020 | 07:12am EDT

Reference is made to Solstad Offshore ASA's ("SOFF") stock exchange notice dated 17 September 2020 in which it was advised that Saipem (Portugal) Comercio Maritimo ("Saipem") had early terminated the time charter for "Normand Maximus".

The time charter for "Normand Maximus" entitled Saipem to terminate the charterparty for convenience against payment of an early termination fee to SOFF's wholly owned subsidiary Normand Maximus Operations Limited (the "SOFF Subsidiary") as disponent owner of "Normand Maximus".

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 2 November 2020. The termination fee is in the amount of approximately USD 44 million.

Normand Maximus is financed under a financial lease entered into between Maximus Limited as owner of "Normand Maximus" and the SOFF Subsidiary as bareboat charterer.

SOFF holds a 25% ownership share in the leasing company Maximus Limited.

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 Maximus Limited with a view to agree on a solution for the financial lease taking into account the early termination by Saipem.

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 20 October 2020 will be affected by the termination of the time charter contract.     

Skudeneshavn, 1 October 2020

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 907 59 489

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/64F099F1EFCFC8CAE0C856B0705FC7D6

https://mb.cision.com/Main/16896/3208855/1313699.pdf

(c) 2020 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
SAIPEM S.P.A. -1.88% 2.194 Delayed Quote.-0.50%
SOLSTAD OFFSHORE ASA -1.28% 6.15 Real-time Quote.-35.10%
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06/10SOLSTAD OFFSHORE  : Contract awards for PSVs in UK
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06/08SOLSTAD OFFSHORE  : New share capital
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06/02SOLSTAD OFFSHORE  : Contract for CSV Normand Ocean
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05/28SOLSTAD OFFSHORE  : Sale of vessel
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05/25SOLSTAD OFFSHORE  : Financial report for the 1st quarter 2021
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05/25SOLSTAD OFFSHORE  : Annual General Meeting 2021 held
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05/21SOLSTAD OFFSHORE  : Invitation to Presentation of First Quarter 2021 Results
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05/20SOLSTAD OFFSHORE  : Normand Maximus - Saipem - Settlement agreement
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05/20SOLSTAD OFFSHORE  : Excellent seafarers
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Financials
Sales 2020 4 844 M 567 M 567 M
Net income 2020 7 241 M 848 M 848 M
Net Debt 2020 18 208 M 2 133 M 2 133 M
P/E ratio 2020 0,10x
Yield 2020 -
Capitalization 462 M 54,2 M 54,1 M
EV / Sales 2019 6,23x
EV / Sales 2020 3,91x
Nbr of Employees 3 528
Free-Float 36,6%
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Managers and Directors
NameTitle
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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