Solstad Offshore ASA — Capital/Financing Update 2020

Oct 20, 2020

Key information relating to subsequent offering

Reference is made to the stock exchange notice by Solstad OffshoreASA earlier today (the "Notice") regarding the approval by the extraordinary general meeting of the restructuring of the Solstad Offshore group and the final decisions by the board of directors, including with respect to the authorisation to the board to complete the Subsequent Offering (as defined in the Notice).

Please see below the final key dates for the Subsequent Offering:

Date on which the terms and conditions of the Subsequent Offering were announced: 29 September 2020 Last day including right: 20 October 2020 Ex-date: 21 October 2020 Record date: 22 October 2020 Date of approval: 20 October 2020

Maximum number of new shares: 1,336,973 shares, on consolidated basis (please refer to the key information on the share consolidation published on 19 October 2020)

Subscription price: NOK 2.80 per share

For further details on the Subsequent Offering, reference is made to the prospectus prepared by the Company in connection with the restructuring as published on 19 October 2020.

Skudeneshavn, 20 October 2020

Contact Lars Peder Solstad CEO, at +47 91 31 85 85 Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad OffshoreASA www.solstad.com

This information is published in accordance with the requirements of the Continuing Obligations.