Exercise of warrants, conversion of convertible loan

Reference is made to the stock exchange notice by Solstad Offshore ASA (the “Company”) dated 17 December 2021 regarding the sale of the vessel “Far Scout” (the “Vessel”).

Further reference is made to the warrants issued to certain banks by decision of the Company’s general meeting held on 20 October 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 20 October 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, 71,902 new shares have been issued today as a result of exercise of Warrants, while 35,089 new shares have been issued following partial conversion of the convertible loan, based on the shareholding in the Company per 17 December 2021, in total 106,991 new shares.

As a result, the Company’s share capital is now NOK 75,715,649 consisting of 75,715,649, each with a par value of NOK 1.

Skudeneshavn, January 17th 2022

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.