Solstad Offshore ASA

Annual / Quarterly Financial Statement • Nov 3, 2025

Interim Balance Sheet Statement for Solstad Offshore ASA as of 31.08.2025

Balance sheet

(USD 1,000)

		2025 Note
	31.08
ASSETS
Fixed assets
Financial fixed assets
Investment in subsidiaries	85,698
Total financial fixed assets	85,698
Total fixed assets	85,698
Current assets
Receivables
Other current receivables	597
Receivables from group companies	70,196
Total receivables	70,793
Bank deposits and cash equivalents	221
Total current assets	71,014
TOTAL ASSETS	156,712
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital	14,338
Share premium	50,510
Total restricted equity	64,848
Earned quity	(34,196)
Other equity
Total earned quity	(34,196) 30,652
Total Equity
Liabilities
Other non-current liabilities
Interest bearing liabilities	88,942
Total non-current liabilities	88,942
Current liabilities
Accounts payable	7
Liabilities to group companies	32,895
Other current liabilities	4,217
Total current liabilities	37,119
Total liabilities	126,060
TOTAL EQUITY AND LIABILITIES	156,712

Board of Directors in Solstad Offshore ASA

Skudeneshavn, October 29, 2025 Harald Espedal Chairman Frank Ove Reite Director Ellen Solstad Director Peder Sortland Director Ingrid Kylstad Director

Interim Balance Sheet Statement for Solstad Offshore ASA as of 31.08.2025

Notes

Notes to the interim balance statement

(USD 1,000)

NOTE 1 – Accounting principles

General

The interim balance sheet accounts have been prepared in accordance with the Accounting Act and Generally Accepted Accounting Principles in Norway. There is no change in accounting principles during 2025 compared to the financial statement for 2024, except for change of accounting currency and presentation currency from NOK to USD, see note 2 for further information. The most important accounting principles are described below.

Foreign Currency

All monetary balance sheet items denominated in foreign currencies are translated into USD at the exchange rate prevailing at the balance sheet date.

Use of Estimates

In the preparation of the accounts, estimates and assumptions are used which affect the accounts. Actual figures may differ slightly from the estimates.

Cost of Borrowing

The cost of borrowing is capitalized at the time of borrowing and the cost is charged over the maturity period of the loan.

Evaluation and presentation of current assets

Stocks are valued as the lowest of either the acquisition or the estimated sales value. Receivables are recorded at face value with deduction for anticipated loss.

Financial Fixed Assets

Non-current investment in shares and other investments are valued at the lowest of either the acquisition cost or the estimated sales value if the reduction in the sales value is not considered temporary.

Taxes/Deferred Tax

Deferred tax/deferred tax assets are calculated, using the liability method, at 22 percent based on temporary differences between the accounting and tax-related values existing at the end of the financial year and any tax deficits are carried forward. Temporary tax increases and decreases are recorded in the balance sheet as net figures.

Classification of Items in the Accounts

Assets determined for long-term ownership or use and receivables which are due more than one year after the expiry of the financial year are recorded as fixed assets. Any remaining assets are classified as current assets. Liability which is due more than one year after the expiry of the financial year is recorded as non-current debt.

Contingencies

Contingent losses that are probable and quantifiable are recorded to the accounts, whilst contingent gain/income is not.

Shares and Holdings in Other Companies

Current investments related to shares are not treated as a trading portfolio and are valued at the lowest of cost price and market value.

Shares in Subsidiaries, Associates and Jointly-Owned Companies

Shares in subsidiaries, associates and jointly-owned companies are recorded in the parent company accounts at cost and written down to the extent that there is a significant deficit value which is not considered temporary.

Treasury shares

Treasury shares are recorded as a nominal value under the item "share capital". The difference between nominal and acquisition cost is entered as "other equity".

NOTE 2 Change in accounting currency and presentation currency

Accounting currency - USD

In 2024, the Company assessed that its functional currency was the US Dollar (USD) with effect from 1 January 2024. However, the accounting currency remained Norwegian Krone (NOK) throughout 2024 (see Annual Report 2024 for reference).

In 2025, the Company has decided to change its accounting currency from NOK to USD, aligning it with the underlying functional currency. This change has been applied retrospectively from 1 January 2024, the date when the functional currency was changed. Accordingly, all transactions from 1 January 2024 have been accounted for using USD as the accounting currency.

Presentational currency - USD

As the company has adopted USD as accounting currency it also has elected to change the presentational currency to USD. The change aims to streamline financial reporting and minimize translations translation adjustments arising from accounting currency to presentational currency. Furthermore, this alignment gives consistency between the group figures and company figures. The Solstad Offshore ASA Group also changed its presentation currency from NOK to USD from 01.01.2025. The main balance sheet currency rates towards NOK used is as follows;

	USD/NOK
Per 01.01.2024	10.172
Per 31.12.2024	11.3534
Per 31.08.2024	10.0759

The change in accounting currency has been applied retrospectively in accordance with Norwegian accounting act. This means that the financial statements for 2025 and comparative periods have been restated as if USD had been the accounting currency from 1 January 2024. All assets, liabilities, income, and expenses have been translated into USD using appropriate exchange rates at the respective transaction dates or period-end, as applicable. The retrospective application ensures comparability and consistency in the presentation of financial information across periods. No other changes in accounting policies or estimates have been made in connection with this change. There are no revaluation effects since the company has chosen to change the presentation currency also.

NOTE 3 – Interim Balance usage

The Solstad Offshore ASA group is going through a legal restructuring within the group. The interim balance is prepared to facilitate this restructuring to be able to give dividend.