Reference is made to the stock exchange communication of Solstad Offshore ASA (the “Company”) of March 31st, 2020 in which it was announced that the Company and a large majority of its stakeholders had established a common plan to finalise the negotiations for the restructuring of the Company on the basis of a restructuring outline (as described in the communication, the “Restructuring Outline”).
Since March 31st, 2020 the Company and a majority of its stakeholders have progressed notably in finalising documentation for a binding restructuring in accordance with the Restructuring Outline. However, some additional time will be required to conclude an agreement among all required stakeholders. In continued support of the restructuring process, and with a view to enter into a restructuring agreement within a week, the suspension periods referred to in the stock exchange communication of March 31st, 2020 have been extended by all but one of the relevant creditors throughout May 8th, 2020.
Skudeneshavn, April 30th, 2020
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18
This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act § 5-12.