Solstad Offshore ASA - Capital/Financing Update 2020

Preliminary results of the Subsequent Offering

NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO

THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG, NEW ZEALAND, SOUTH AFRICA OR

JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE

UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT

THE END OF THE PRESS RELEASE.

Reference is made to the previous stock exchange notices by Solstad Offshore ASA

(the "Company") pertaining to the subsequent offering of up to 1,336,973 new

shares, each with a par value of NOK 1.00 (the "Offer Shares") at a subscription

price of NOK 2.80 per share (the "Subsequent Offering").

The subscription period for the Subsequent Offering expired today at 16.30 CET.

Preliminary counting indicates that the Company has received subscriptions for

approximately 7.1 million new shares in the Subsequent Offering, which is

consequently fully subscribed.

The final allocation of the new shares in the Subsequent Offering is expected to

take place on 10 November 2020 in accordance with the allocation criteria set

out in the prospectus dated 19 October 2020. The final result of the Subsequent

Offering will be published shortly thereafter, and letters regarding allocation

of new shares and the corresponding subscription amount to be paid by each

subscriber, are expected to be distributed later the same day.

The payment date of the new shares in the Subsequent Offering is set to 11

November 2020.

The Company has engaged Arctic Securities AS as manager and Wikborg Rein

Advokatfirma AS as legal advisor in connection with the Subsequent Offering.

Skudeneshavn, 9 November 2020

Contacts

Lars Peder Solstad CEO, at +47 91 31 85 85

Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

www.solstad.com

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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