Extraordinary general meeting held: Approval of restructuring
Reference is made to previous stock exchange notices by Solstad Offshore ASA (the “Company”) concerning the proposed fully financed restructuring of the Solstad Offshore group, including the stock exchange notice on 29 September 2020 for the summons of an extraordinary general meeting on 20 October 2020 (the “EGM”).
All resolutions were approved by the EGM as proposed, including inter alia the share capital increases by conversion of NOK 9.7 billion in debt and by contribution in cash directed against certain creditors and investors, and the election of Harald Espedal, Frank Reite, Peder Sortland, Thorhild Widvey, Ellen Solstad and Ingrid Kylstad as members of the Company’s board of directors (the “Board”), to take effect from and including 23 October 2020. The minutes from the EGM are attached to this notice.
“The resolutions from today’s General Meeting mark a new beginning for Solstad Offshore. The oil service industry was hit hard by the activity drop after the drastic fall in oil prices in 2015, and the Company was left with no other choice than to start a process with creditors and shareholders to restructure the Company’s balance sheet. I am very grateful to everyone who has contributed in this process, including creditors, shareholders, advisers and not at least the dedicated team of internal resources from Solstad Offshore. It has been a long process, but we are pleased with the result. Solstad Offshore is now significantly stronger and may continue to be a reliable partner for our clients, suppliers and employees. With a fleet of about 100 vessels involved with the oil & gas sector as well as offshore wind activities world-wide, and more than 3,500 highly skilled employees, both on- and offshore, Solstad Offshore will remain one of the main players in the offshore vessel industry going forward”, says CEO Lars Peder Solstad.
Pursuant to the EGM resolutions, the Company’s board of directors has, as regards some of the items on the agenda, been authorised to set subscription levels and prices and to allocate new shares and other securities among the eligible investors. A separate stock exchange notice will be published later today once such board decisions have been made.
Skudeneshavn, 20 October 2020
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 5-12 of the Norwegian Securities Trading Act.