Notice of Extraordinary General Meeting

In connection with the ongoing restructuring of the Solstad Offshore group, the Board of Directors of Solstad Offshore ASA has today resolved to summon an extraordinary general meeting of Solstad Offshore ASA to be held at the company’s office in Skudeneshavn on 20 October 2020 at 9:30 am.

As further set out in the summons, the board proposes a share capital reduction followed by share capital increases by conversion of up to NOK 9.7 billion in debt and by contribution in cash directed against certain creditors and investors. It is also proposed to consolidate the company’s shares, to issue standalone rights to subscribe the company’s shares (warrants), to issue a convertible loan and to authorise the board to complete a repair issue of shares against existing shareholders who will not be invited to participate in the foregoing transactions. Total proceeds from the cash private placement, convertible loan and repair issue will be up to NOK 72.5 million. Existing non-participating shareholders will, as a result of the proposed share capital increases, be diluted to a minimum of approximately 0.22% of the total number of shares issued at completion of the transaction. Following completion of the subsequent repair issue, their ownership may be increased up to 2%, assuming full subscription. Thereafter, their shareholding may be diluted to approximately 1.7%, assuming full exercise of all warrants and full conversion of the convertible loan.

It is expected that the share will trade exclusive the share consolidation and the right to participate in the repair issue from 21 October 2020. The Company will issue a separate stock exchange announcement later with the key dates for the share consolidation and repair issue once these dates are decided.

For further details, please see the summons.

Due to the restrictions caused by Covid-19 and the advice from the Norwegian government in connection therewith, all shareholders are encouraged to exercise their shareholder rights without physical attendance at the general meeting by using the enclosed proxy form.

Please find attached notice of attendance form, proxy authorization form and invitation to attend the annual general meeting as well as published on the Company website at www.solstad.com.

A printed or electronic invitation are sent to all shareholders.

To register follow link: DNB VPS

Skudeneshavn, September 29th, 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 according to the Norwegian Securities Trading Act section § 5-12.