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 17 March 2021 regarding the sale of the vessels "Lady Astrid"

and "Lady Caroline" (the "Vessels"). 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 Vessels) 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 Vessels, 61,766 new shares will be

issued as a result of exercise of Warrants, while 30,143 new shares will be

issued following partial conversion of the convertible loan, in total 91,909 new

shares.

Upon registration of the share capital increase, expected on or about 16 April

2021, the Company's share capital will be NOK 74,964,591 consisting of

74,964,591 shares, each with a par value of NOK 1.

Skudeneshavn, April 14th 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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