Solstad Shipping AS (Solstad Rederi AS) was founded in 1964 by Captain Johannes Solstad in Skudeneshavn, which still is the Company's and the vessels' Home Port During the first 10 years the Company bought and operated 11 dry-cargo (liner-type) vessels and took delivery of 3 new builds (semi-container type). The size of the above vessels ranged from abt. 7,000 DW to abt. 11,000 DW. The Company's offshore activities began in 1973 when an order for 4 supply vessels was placed with a Dutch Shipyard, and during the next two years, the Company took delivery of 6 supply vessels and 3 anchor-handling/tug/supply vessels. From 1974 to 1982 the Company owned and operated a combined fleet of offshore vessels as well as dry cargo vessels and, during the same period, took delivery of several new builds of dry cargo and supply vessels. Two AHTS Vessel and 3 AHT were built in New Foundland and 4 semi-container vessels were built in Rostock, East Germany. However, The last dry cargo vessel was sold in 1982 and for the next eight years Solstad Shipping AS owned and operated offshore/supply vessels only. From 1982 onwards the Company has built 17 advanced and sophisticated supply/offshore (including 2 cable vessels) vessels at Norwegian shipyards. In addition to the Norwegian built vessels, 2 AHT-supply vessels were built in Shanghai in 1984. All the new buildings delivered are designed by Ulstein, including the Chinese built vessels, and 11 of the above vessels are also built by Ulstein. During the same period the Company also bought 4 second-hand supply vessels. The Company went public on The Oslo Stock Exchange market in October 1997, and the new name of the Public Company is SOLSTAD OFFSHORE ASA. However, SOLSTAD SHIPPING AS which is 100% owned by Solstad Offshore ASA is the Managing and Marketing Company for the said Public Company. The vessels are operating world-wide. Currently 18 of the 29 ships are working outside the North Sea. Solstad has branch offices in Aberdeen and Rio de Janeiro. At present 2 new builds are on order in Brazil. Delivery of these will take place during 2004 and will be managed and operated by Norskan Offshore Ltda (a joint Company with Solstad and District Offshore). By the end of 2003, Solstad Offshore ASA will have employed approximately 730 seamen, of which around 540 are Norwegians.