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    SOFF   NO0003080608

SOLSTAD OFFSHORE ASA

(SOFF)
  Report
Real-time Quote. Real-time Oslo Bors - 06/21 10:25:15 am
6.09 NOK   +0.66%
06/10SOLSTAD OFFSHORE  : Contract awards for PSVs in UK
AQ
06/08SOLSTAD OFFSHORE  : New share capital
AQ
06/02SOLSTAD OFFSHORE  : Contract for CSV Normand Ocean
AQ
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Solstad Offshore : Update - Normand Maximus

10/01/2020 | 07:13am 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.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
SAIPEM S.P.A. 0.00% 2.153 Delayed Quote.-2.36%
SOLSTAD OFFSHORE ASA 0.66% 6.09 Real-time Quote.-36.98%
All news about SOLSTAD OFFSHORE ASA
06/10SOLSTAD OFFSHORE  : Contract awards for PSVs in UK
AQ
06/08SOLSTAD OFFSHORE  : New share capital
AQ
06/02SOLSTAD OFFSHORE  : Contract for CSV Normand Ocean
AQ
05/28SOLSTAD OFFSHORE  : Sale of vessel
AQ
05/26SOLSTAD OFFSHORE  : Presentation of the 1st quarter results 2021
AQ
05/25SOLSTAD OFFSHORE  : Financial report for the 1st quarter 2021
AQ
05/25SOLSTAD OFFSHORE  : Annual General Meeting 2021 held
AQ
05/21SOLSTAD OFFSHORE  : Invitation to Presentation of First Quarter 2021 Results
AQ
05/20SOLSTAD OFFSHORE  : Normand Maximus - Saipem - Settlement agreement
AQ
05/20SOLSTAD OFFSHORE  : Excellent seafarers
PU
More news
Financials
Sales 2020 4 844 M 564 M 564 M
Net income 2020 7 241 M 843 M 843 M
Net Debt 2020 18 208 M 2 120 M 2 120 M
P/E ratio 2020 0,10x
Yield 2020 -
Capitalization 457 M 53,3 M 53,2 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
Sector and Competitors
1st jan.Capitalization (M$)
SOLSTAD OFFSHORE ASA-36.98%52
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