NPRO: Termination of lease agreement for Stavanger property with attractive location

Aker Solutions MMO AS (former Aker Offshore Partner AS) has, in accordance with existing lease contract, made use of their right to terminate the lease agreement for Badehusgaten 33-39 in Stavanger, taking effect from 31 March 2013. The parties have agreed that payable rent in the period from 1 January 2013 until 31 March 2013 will be increased by 30 per cent compared with the premises laid down in the contract.

The total area of the property is 21 528 square meters, and the tenant pays an annual rent of NOK 35.2 million at present.

Norwegian Property has initiated a process to assess the potential for future use of the property. The building plot area is of 9 772 square meters and the property consists of three buildings in total. The eldest building was totally rehabilitated in 1999, and the other two were constructed in 1985 and 1999 respectively. With central location close to the sea and with short distance to the city center of Stavanger, the property is considered to be attractive both for the purpose of office and residential use in the future.

This information is subject of the disclosure requirements acc. to § 5-12.


For additional information, please contact:

Svein Hov Skjelle, EVP & CFO, tel +47 930 55 566,

Elise Heidenreich-Andersen, SVP IR, tel. +47 951 41 147,