Floatel International Ltd: Contract Award

16 Dec 2022 15:39 CET

The Company is pleased to announce that the Group has been awarded a contract by
Aker BP ASA for two simultaneous projects in the Norwegian sector of the North
Sea where two accommodation support vessels are required.

Both the Floatel Superior and Floatel Endurance will provide offshore
accommodation services for NOA Topside and the Krafla Topside, commencing
following the transportation and installation of the respective Topsides.

The contract will commence in mid-2026 and has firm hire periods of 7 and 10
months respectively, with several options to extend. The contract award is
subject to Aker BP obtaining plan for development and operations (PDO) approval
from Norwegian authorities.

Peter Jacobsson, Group CEO of Floatel International, comments on this award that
the Company is very pleased to be given the trust and opportunity to provide
their services to Aker BP on these projects.

Given the magnitude of the combined projects, it is also a significant
contribution to strengthen the Company order backlog and provide stability for
the future.

The fact that the contract is awarded at such an early stage also shows that the
market demand for high-end semisubmersible accommodation support vessels is
increasing.

We are convinced that the demand for our vessels will be high in the future and
that the market will be prosperous, Jacobsson comments.

Jacobsson also points out that a contract to provide one customer with two units
under the same contract is not very common in the Norwegian market. Hence this
is by Floatel International considered to be a true recognition of the excellent
track record proven by Floatel units on the Norwegian market since it was
initially entered in 2010.

Floatel International Group, with its headquarter in Norway and management from
Gothenburg, Sweden, has since entering into operation 13 years ago executed some
10,200 days, whereof 56% has been performed in the North Sea region.

For further information, please contact:

Peter Jacobsson, CEO
Tel: +47 46 50 01 33; Mob: +47 934 00 232
Tomas Hjelmstierna, CFO
Tel: +47 46 50 01 33; Mob: +47 934 00 381


INFORMATION ABOUT FLOATEL INTERNATIONAL LTD

Floatel International Ltd was established in 2006 to satisfy market demand for a
new generation of offshore flotels. The Company's vision is to own and operate a
modern, safe, and reliable flotel fleet. The Company has since 2021 its
principal place of business in Norway.

Floatel Group of companies employs some 450 people internationally, including
offshore personnel.

Floatel International Group owns and operates five semisubmersible accommodation
vessels, and all vessels were delivered within the period 2010 to 2016. Two
vessels, Floatel Endurance and Floatel Superior are approved to operate in the
Norwegian sector, and four vessels including Floatel Endurance and Floatel
Superior, are approved for the UK sector.

All vessels are equipped with a dynamic positioning system and are built
according to the latest HSE requirements providing quality and comfort for the
guests onboard. The accommodation capacity of the Floatel fleet ranges from 440
beds to 560 beds. All vessels are equipped with large deck areas, workshops, and
crane support, able to assist complicated offshore hook-up projects and
maintenance and modifications of existing offshore facilities.

Floatel has two bond issuances listed on Nordic ABM, Oslo Exchange with ticker
codes FLOAT04 and FLOAT05.

For further information about Floatel International Group, please visit our
website: www.floatel.no

More information:
Access the news on Oslo Bors NewsWeb site

578485_Floatel - Press_Release AkerBP NOA Krafla.pdf