Solstad Offshore ASA - Capital/Financing Update 2021

Exercise of warrants, conversion of convertible loan

Reference is made to the stock exchange notice by Solstad Offshore ASA (the

"Company") dated 16 November 2021 regarding the sale of the vessel "Far Swan"

(the "Vessel"). Further reference is made to the warrants issued to certain

banks by decision of the Company's general meeting held on 20 October 2020

giving such banks (as well as other banks) the right to receive new shares in

the Company as compensation for any part of their claim against SOFF related to

certain vessels (including the Vessel) not covered by the proceeds from the sale

of such vessels (the "Warrants"). Reference is also made to the Company's stock

exchange notice of 20 October 2020 regarding the issuance of a convertible loan

to Aker Capital AS, Hemen Holding Limited and Jarsteinen AS as an anti-dilution

measure following completion of i.a. the exercise of warrants as set out above.

Following completion of the sale of the Vessel, 63,182 new shares have been

issued today as a result of exercise of Warrants, while 30,833 new shares have

been issued following partial conversion of the convertible loan, in total

94,015 new shares.

As a result, the Company's share capital is now NOK 75,608,658 consisting of

75,608,658 shares, each with a par value of NOK 1.

Skudeneshavn, December 10th, 2021

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 pursuant to section

4.2.4 of Rule Book II for companies listed on Euronext Oslo Børs.

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