Solstad Offshore’s 56 million, shares in Reach Subsea.
HAUGESUND: the agreement is that the companies have agreed to alter the terms of the lease of the vessel” Normand Reach “.
the new agreement means that Solstad get considerably less paid to rent the ship to Reach. To compensate this gets Solstad a cash amount of NOK 56 million and shares in Reach, as well as warrants for up to 9.5 percent stake in Reach Subsea ASA.
The original contract expires in June 2019. The agreed changes has effect from mid-June 2016, according to a press release of Solstad Offshore.
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