12.04.2019

Company update on Solship Invest 3 AS

Reference is made to the stock exchange communication of Solstad Offshore ASA of July 20^th, 2018 regarding the agreed suspension of instalments and bareboat payments of Solship Invest 3 AS and its subsidiaries (together “SI3”) until December 31^st, 2019. 

To preserve additional liquidity, SI3 has resolved to also suspend payment of interest on certain financial debt until June 20^th, 2019. All of the affected creditors have approved such suspension, except for one minority creditor of one of the subsidiaries of SI3. Payments of interest and principal towards such creditor has been suspended by the relevant subsidiary until June 20^th, 2019 on a unilateral basis.

Notwithstanding the above, the vast majority of the creditors of both SI3 and the creditors of the other parts of the Solstad Offshore group remains supportive of the restructuring efforts of the group. The consenting SI3 creditors have confirmed that the agreed suspension of all principal and interest towards  them will remain in place until June 20^th, 2019.

The Solstad Offshore group otherwise continues its operations in its ordinary course.

Skudeneshavn April 12^th, 2019

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