Solstad Offshore ASA - Delisting Announcement 2021

Recycling of seven vessels

Subsidiaries of Solstad Offshore ASA has sold seven vessels for recycling. The

vessels are Sea Tiger, Normand Atlantic, Normand Borg, Normand Neptun, Sea

Pollock, Far Strider and Far Sovereign

The vessels to be recycled are defined by Solstad as non-strategic, they are of

older age and considered to be irrelevant for present and future markets.

«We are pleased that we finally can start green recycling of a major number of

our oldest vessels. These have all have been in lay-up over a considerable time.

This will allow us to increase focus on upgrades and emission reductions from

our core fleet of modern offshore vessels going forward." Tor Inge Dale, Chief

Sustainability Officer

The vessels will be delivered to the shipyard in the near future.

The sale of the vessels will result in an immaterial accounting effect for Q4

-2021.

Recycling of these vessels is an important part of Solstad's efforts to be in

the forefront of sustainable and environmental operations. These vessels will be

recycled at the Green Yard Feda and Green Yard Kleven shipyards in Norway.

"We at Green Yard are proud and grateful for this agreement with Solstad

Offshore. The agreement has a historical scope when it comes to the

environmentally friendly recycling of ships in Norway, and it proves that our

circular economy business model is really bearing fruit. We are pleased that the

activities at our two yards, Green Yard Feda and Green Yard Kleven, can be

further developed for a greener future, while securing local jobs." Hans Jørgen

Fedog, CEO, Green Yard Group AS

The shipyards are specialized within ship recycling and they follow the

strictest national and international agreements and regulations in accordance

with EU Ship Recycling Regulations (EU SRR) and Hong Kong-convention (HKC).

Skudeneshavn, October 5th, 2021

Contacts

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

Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

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