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 September 9th, 2021 regarding the sale of the vessel "Sea

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

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

20th, 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 October 20th, 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, 27,555 new shares have been

issued as a result of partial exercise of Warrants, while 13,447 new shares have

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

41,002 new shares. There are still some outstanding Warrants related to the

Vessel which may be converted to shares later, subject to further discussions

with the involved parties.

As a result, the Company's share capital is now NOK 75,330,943 consisting of

75,330,943 shares, each with a par value of NOK 1.

Skudeneshavn, October 8th, 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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