Exercise of warrants, conversion of convertible loan

Reference is made to the stock exchange notice by Solstad Offshore ASA (the “Company”) dated September 9th, 2021 regarding the sale of the vessel “Sea Ocelot” (the “Vessel”).

Further reference is made to the warrants issued to certain banks by decision of the Company’s general meeting held on October 20th, 2020 giving such banks (as well as other banks) the right to receive new shares in the Company as compensation for any part of their claim against SOFF related to certain vessels (including the Vessel) not covered by the proceeds from the sale of such vessels (the “Warrants”). Reference is also made to the Company’s stock exchange notice of October 20th, 2020 regarding the issuance of a convertible loan to Aker Capital AS, Hemen Holding Limited and Jarsteinen AS as an anti-dilution measure following completion of i.a. the exercise of warrants as set out above.

Following completion of the sale of the Vessel, 27,555 new shares have been issued as a result of partial exercise of Warrants, while 13,447 new shares have been issued following partial conversion of the convertible loan, in total 41,002 new shares. There are still some outstanding Warrants related to the Vessel which may be converted to shares later, subject to further discussions with the involved parties.

As a result, the Company’s share capital is now NOK 75,330,943 consisting of 75,330,943 shares, each with a par value of NOK 1.

Skudeneshavn, October 8th, 2021

Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

This information is subject of the disclosure requirements pursuant to section 4.2.4 of Rule Book II for companies listed on Euronext Oslo Børs.