Solstad Offshore ASA - Capital/Financing Update 2020

PSV contracts awarded in UK

Solstad Offshore ASA is pleased to announce contract extensions for the PSV's

Sea Frost and Normand Skipper with Equinor UK Limited ("Equinor"). Both vessels

have been supporting Equinor's operations since July 2017 and January 2019

respectively. Contracts are now firm until January 2023 plus one-year option

thereafter.

PSV, Far Spica has also been awarded a contract with TAQA Bratani Limited for

one well firm plus one well option commencing in the second half of March 2020,

supporting the semi-submersible drilling rig MSS1.

In addition, the PSV's Normand Service and Normand Titus has been contracts by

an undisclosed client to support a pipe-laying vessel in the North Sea for an

estimated duration of eight to ten weeks. The project is estimated to commence

in mid-April 2020.

Skudeneshavn, March 18[th], 2020

Contacts

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

Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad Offshore ASA

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