31.10.2019

Restructuring update

Reference is made to the previous stock exchange notices of Solstad Offshore ASA (“SOFF”) regarding the SOFF group’s ongoing restructuring process, and the agreed suspension and deferrals of payments under its financing agreements (the “Suspension”).

SOFF is pleased that the parties have agreed to extend the Suspension until March 31^st 2020, subject to agreed milestones being met throughout the suspension period. The process involves the stakeholders expected to be affected, and SOFF is satisfied with the progress of the restructuring.

The extended Suspension is an important step towards a solid financial platform through a consensus-based restructuring.

It is acknowledged by all parties involved that securing contracts and operating the business in its ordinary course is a key priority and the parties are acting accordingly. The SOFF group continues to operate in its ordinary course during the Suspension.

The bondholders of SOFF’s bond issue with ISIN NO 001 0713548 have agreed to a suspension of the payments under such bond issue until December 20^th 2019. SOFF will request an extension of such suspension beyond December 20^th 2019, in order to match the suspension period for the bond issue with that of the Suspension. Some of the entities in the Solship Invest 1 AS silo will request their financial creditors to approve similar suspensions with effect from January 1^st 2020. Alongside the agreed extension, Solship Invest 3 AS upholds its unilateral suspension of debt servicing towards its one creditor that did not agree to the initial Suspension.

Skudeneshavn, October 31^st, 2019

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18