Solstad Offshore ASA — Capital/Financing Update 2017

Jan 4, 2017

REM Offshore ASA / Solship Invest 1 AS - Result of bond buy back offer to bondholders in "REM Offshore ASA Secured Bond Issue 2016/2024" (ISIN NO 001 077994.5)

REM Offshore ASA / Solship Invest 1 AS - Result of bond buy back offer to bondholders in "REM Offshore ASA Secured Bond Issue 2016/2024" (ISIN NO 001 077994.5)

Capitalized terms used herein shall have the meaning

assigned to them in the announcement dated 15 December

2016, unless otherwise stated herein.

Reference is made to Solship Invest 1 AS's (former REM

Offshore ASA) (the "Issuer") announcement 15 December

2016 regarding the buy-back offer to bondholders

in "REM Offshore ASA Secured Bond Issue 2016/2024"

(ISIN NO 001 077994.5) (the "Bond").

The Buy-Back Offer closed at 12:00 CET on 3 December

2017. The Issuer confirms that it has decided to

purchase a nominal amount of NOK 92.3 million of bonds

as per the Buy-Back Offer, for offers up to and

including a price of 65% of par value including any

accrued but unpaid interest (the "Repurchase Price").

The Issuer will purchase 88.1% of the Bonds that were

offered at the Repurchase Price (including "at market"

offers). The Bonds that are repurchased by the Issuer

in the Buy-Back Offer will be cancelled as soon as

possible, and the outstanding amount under the Bond

will be adjusted correspondingly.

Settlement pursuant to the Buy-Back Offer is expected

to take place on January 6, 2017. All purchases will

be made at the Repurchase Price.

The results of the Buy-Back Offer are being published

on www.stamdata.no, the information service of the

Bonds' trustee, Nordic Trustee. Requests for more

information may be directed to the Manager for the Buy-

Back Offer, ABG Sundal Collier, at +47 22 01 60 00.

This announcement is neither an offer to purchase nor

the solicitation of an offer to sell any of the

securities described herein, nor shall there be any

offer or sale of such securities in any jurisdiction

in which such offer, solicitation or sale would be

unlawful. The terms of the Buy-Back Offer are

described pursuant to the Buy-Back Offer to

Bondholders dated 15 December 2016. This announcement

must be read in conjunction with the full terms of the

Buy- Back Offer.