Solstad Offshore ASA - Capital/Financing Update 2020

Restructuring implementation agreement - Update

Reference is made to the stock exchange notice May 29th, 2020 where Solstad

Offshore ASA ("SOFF") informed that credit committee approvals have been

provided by a vast majority of the secured lenders participating in the

restructuring of SOFF and its subsidiaries, and that remaining relevant secured

lenders were expected to provide approvals within 5-10 days.

SOFF is pleased to advise that the outstanding credit committee approvals from

the relevant secured lenders have been granted, which means that the

Restructuring Implementation Agreement which was entered into and announced on

May 8th, 2020 has been declared effective.

SOFF is proceeding with the implementation of the Restructuring Implementation

Agreement and the financial restructuring, which requires agreement on long form

documentation and satisfaction of customary conditions precedent.

Skudeneshavn, June 9th, 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 according to the

Norwegian Securities Trading Act section § 5-12.

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