STX OSV Holdings Limited has secured a contract for the design and construction
of a large offshore construction vessel for Ocean Installer and Solstad Offshore. The contract is valued at approximately NKr 1.4 billion.

Ocean Installer and Solstad will have joint ownership of the vessel, which is to be operated by Ocean Installer. The vessel is scheduled for delivery from STX OSV in Norway in the second quarter of 2014. The hull will be delivered from STX OSV in Romania. The contract is subject to board approval by the Norwegian Guarantee Institute for Export Credits (GIEK), which is expected to be received on or around 20 June 2012.

The vessel, an OSCV 06L, has been designed by STX OSV and Solstad in close co-operation with Ocean Installer, and is designed primarily for for subsea, umbilicals, risers, flowlines operations.