Solstad Offshore ASA — Capital/Financing Update 2020

May 18, 2020

Denne melding til obligasjonseierne er kun utarbeidet på engelsk. For informasjon vennligst kontakt Nordic Trustee AS

To the bondholders in:

ISIN NO 001 0741895 FRN Boa Offshore AS Subordinated Callable Bond Issue 2015/2018

Oslo, 18 May 2020

Information to Bondholders – TBK Assets Realization and Rest Claim Payment

Nordic Trustee AS acts as bond trustee (the "Bond Trustee") for the above mentioned bond issue (the "Bond Issue" and the "Bonds") issued by Boa Offshore AS (the "Issuer"). Capitalised terms used, but not defined herein shall have the meaning set forth in the amended and restated Bond Agreement dated 17 July 2017 (the "Bond Agreement").

The Issuer has received proceeds from the TBK Assets Realization, which will be distributed to the Bondholders pursuant to Clauses 10.1.2 and 13.4.7 of the Bond Agreement. The distribution to the Bondholders amounts to NOK 11,274,193 ("TBK Asset Realization Payment").

The Issuer will also make a payment on the Rest Claim, which will be distributed to the Bondholders pursuant to Clause 10.1.3 of the Bond Agreement. The distribution to the Bondholders amounts to NOK 75,200 ("Rest Claim Payment"). The distribution to the Bondholders of the TBK Asset Realization Payment and the Rest Claim Payment will in total be NOK 11,349,393 ("Bondholder Distribution").

The Bondholder Distribution will be carried out at par value pro rata in accordance with the procedures of the Securities Depository to the Bondholders as of end of business 20 May 2020. The Bondholder Distribution will be made on 25 May 2020. No accrued interest will be settled in connection with the Bondholder Distribution, but will be attributed to the remaining Bonds on the next Interest Payment Date in the form of Additional Bonds.

The Fixed Rate for the interest period to be settled on 17 July 2020 will be 0.73884 %.

The currently outstanding amount is NOK 41,337,019.

Yours sincerely Nordic Trustee AS

Lars Erik Lærum