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    Confirmation on contract for Normand Cutter

    Contracts, Tenders and Rates // February 6, 2004
    Solstad in Norway has confirmed that a contract with the subsea company Sonsub/Saipem has been confirmed.

    The company referred to notification to the Oslo Stock Exchange on 17th November 2003, when it announced that Solstad was in final negotiations with Sonsub/Saipem for chartering of Normand Cutter.

    The contract with the subsea company Sonsub/Saipem has now been confirmed, and the charterer has exercised their option to replace the agreement with a three-year contract plus 2 x 1 year options, for 365 days per year.

    Commencement of the contract is May 2004, and the contract is expected to give a 12 per cent return on equity.

    Normand Cutter, a cable maintenance vessel, is currently at Ulstein shipyard in Norway being converted to a pipelay/subsea construction vessel.

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