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 12 November 2021 regarding the sale of the vessel "Rem

Provider" (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, 58,522 new shares have been

issued today as a result of exercise of Warrants, while 28,559 new shares have

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

87,081 new shares.

As a result, the Company's share capital is now NOK 75,514,643 consisting of

75,514,643 shares, each with a par value of NOK 1.

Skudeneshavn, December 7th, 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.

AI assistant