Solstad Offshore ASA — Capital/Financing Update 2017

Jun 22, 2017

Boa Offshore AS - Summons to Bondholder's Meeting

Boa Offshore AS - Summons to Bondholder's Meeting

Reference is made to the stock exchange notice

dated 29 November 2016 in which Boa Offshore AS

(BOFF) on behalf of itself and its subsidiaries

(the "Group") announced that a financial

restructuring was initiated.

BOFF on behalf of the Group, has since the

initiation of the financial restructuring been in

constructive dialogue with an ad-hoc committee of

bondholders, representing each bond issued by the

Group, as well as the Group's lending banks and

GIEK.

The outcome of these discussions constitutes a

restructuring proposal, which now will be put

forward for voting. Summons for a joint Bond-

holder's Meeting have today been submitted to

Nordic Trustee ASA for each of the following

bonds issued by the Group (together the

"Bonds Issues"):

- ISIN NO 001 0720790 - FRN Boa OCV AS Senior

Secured Bond Issue 2014/2019 ("OCV Bonds")

- ISIN NO 001 0675051 - FRN Boa SBL AS Senior

Secured Bond Issue 2013/2018 ("SBL Bonds")

- ISIN NO 001 0699077 - FRN Boa Offshore AS Senior

Unsecured Bond Issue 2013/2018 ("Unsecured Bonds")

- ISIN NO 001 0741895 - FRN Boa Offshore AS

Subordinated Callable Bond Issue 2015/2018

("Subordinated Bonds")

The meetings will be held on 6 July 2017. Votings

will be carried out separately for each of the Bond

Issues.

Please find the summons attached.

For further information, please contact:

Helge Kvalvik, CEO: Tel +47 97 97 97 72, or

Albert Strand, Director Finance and Risk:

Tel +47 90 74 44 61

About Boa Offshore:

Boa Offshore is a Norwegian-based global offshore

supply vessel owner and operator with a well-

diversified fleet of 34 units focused on subsea,

barges, tugs, seismic, AHTS, engineering and project

management. The company has the most sophisticated

semi-submersible barge fleet in the world and holds

the global market-leading position for heavy lift

barges. The Boa group is an experienced and focused

operator with more than 40 years of history.