Annual Report 2019

Please find attached the Annual Report 2019 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 2019,  the Company’s consolidated result for 2019 changed from NOK -2,877 million to NOK -3,129 million, and the Group’s consolidated equity is decreased by NOK 252 million.

The decreased result and equity are mainly due to additional impairments of the Company’s vessels defined as sales candidates.

As per year-end, the Company’s consolidated equity was negative by NOK 3,835 million.

As communicated to the market on 8 May 2020, Solstad signed a Restructuring Implementation Agreement for a financial restructuring of the Company with a vast majority of the Company’s key stakeholders. This includes all secured finance providers, except for three financial providers in the subsidiary’s Solship Invest 3 AS and Farstad Shipping AS. The final solution is subject to approval by creditors and shareholders.

If successful, this could remedy the Company’s 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, May 27th, 2020

Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad Offshore ASA

This information is subject of the disclosure requirements according to § 5-5 (5) and § 5-12 of vphl (Norwegian Securities Trading Act).