Solstad Offshore ASA — Capital/Financing Update 2020

Sep 24, 2020

Contract extensions with key clients in Norway

Contract extensions with key clients in Norway

Solstad Offshore ASA ("Solstad") is pleased to announce contract extensions with

key clients Equinor and Aker BP.

Equinor has declared an option to extend the contract for anchor handling vessel

"Normand Ferking" with 1 more year to November 2021. Equinor has the option to

extend the contract with further 2 x 1 years. "Normand Ferking" has been on

contract with Equinor since 2007.

In addition, as part of the Frame Agreement between Aker BP ASA and Solstad,

Aker BP ASA has extended present contract for the PSV "Far Solitaire" with 12

months, commencing 1st January 2021.

Both vessels will continue to support the oil & gas activities on the Norwegian

Continental Shelf.

Skudeneshavn, September 24th, 2020

Contact

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