Restructuring implementation agreement – update

Reference is made to the stock exchange notice 8 May 2020 where Solstad Offshore ASA (the “Company”) and its subsidiaries (“SOFF” or the “Group”) informed that it had agreed a Restructuring Implementation Agreement (the “RIA”) for a restructuring of the Group (the “Restructuring”).

Reference is also made to the stock exchange notice earlier today in which it was advised that the bondholders in the Group have voted in favour of the Restructuring.

The Company is pleased to announce that credit committee approvals have been provided by a vast majority of the secured lenders participating in the Restructuring today, and it is expected that such approval will be provided by the remaining relevant secured lenders on completion of internal processes during the course of the next 5-10 days.

Furthermore, the Company is also pleased to announce that both Aker Capital AS (a subsidiary of Aker ASA), Hemen Holding Ltd and Lars Peder Solstad (acting through entities controlled by him) have confirmed their intention to subscribe for shares in the Restructuring.

Lars Peder Solstad, CEO comments:

We highly appreciate the support given by a wide range of stakeholders to Solstad Offshore ASA today, including both secured and unsecured lenders, bondholders and industrial shareholders. The continued support of all these important stakeholders, combined with an excellent fleet of vessels, a highly competent organization and presence in the most important geographical markets and segments, will position the Company well to meet the uncertain market conditions ahead.

Skudeneshavn, 29 May 2020

Contact Lars Peder Solstad CEO, at +47 91 31 85 85

Solstad Offshore ASA

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.