30.04.2019

Annual Report 2018

Please find attached the Annual Report 2018 for Solstad Offshore ASA (“The Company”). The Annual Report is also available from the company’s web site www.solstad.com.

Compared to the Company’s financial reporting for the fourth quarter of 2018, the Company’s consolidated loss for 2018 is increased by NOK 153 million, and the Company’s consolidated equity is decreased by NOK 220 million. The increased loss and reduced equity are mainly due to increased accruals for onerous contracts and certain matters relating to the implementation of IFRS 9.

As per year-end, the Company’s consolidated equity was negative by NOK 851 million. As communicated to the market, the Company is in discussions with its key financial creditors to obtain a financial restructuring. If successful, this could remedy its negative equity situation and provide ground for a long-term financial platform for the Company. The Annual Report’s going concern assumption depends on the outcome of the Company’s restructuring efforts, and the Audit Report includes an emphasis of matter in respect of going concern in relation to the ongoing restructuring process. Reference is made to the Annual Report for further information.

Skudeneshavn, April 30th, 2019

Contacts
Lars Peder Solstad CEO, at +47 913 18 585
Anders Hall Jomaas CFO, at +47 40 04 29 18