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    Solstad wins more work

    Contracts, Tenders and Rates // March 15, 2002
    Solstad Offshore reports that it has entered into a number of time charter contracts.

    The contracts are: Normand Progress, 150 days in Mexico for a Mexican charter; Normand Progress, 400 days in West-Africa for SBM, start-up in August 2002 (this contract is an extension of the seasonal contract entered into last year; Normand Mermaid, 150days in the North Sea for DeepOcean, commencing May 2002.

    Normand Mermaid is a newbuilding, which will be delivered in May 2002 from Ulstein Verft. Solstad owns 51 per cent of this vessel. The new building is a P103 design, developed by Solstad, DeepOcean and Ulstein Verft for the subsea market.

    Solstad owns 33.3 per cent of DeepOcean which recently entered a two year frame agreement with Norsk Hydro on survey operations. The company has a similar contract with Statoil. Solstad's Normand Tonjer and Østensjø's Edda Freya will be utilised to coverthese contracts.

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