Solstad Offshore ASA — Earnings Release 2018

Feb 28, 2019

Financial report for the 4th quarter 2018

Financial report for the 4th quarter 2018

• Revenues for the full year of 2018 was MNOK 4,830 vs MNOK 3,776 in 2017, while EBITDA amounted to MNOK 1,017 vs MNOK 983 in 2017

• Impairment of book value of vessels results in a write down of MNOK 2,046 for Q4 2018 and MNOK 2,896 for the full year

• Year-end equity negative with MNOK 631

• Revenues for Q4 2018 was MNOK 1,192 and EBITDA MNOK 247

• The Company’s combined cash position increased by MNOK 21 to MNOK 1,351 during Q4 2018

• Market recovery is slow and charter rates are not at sustainable levels

• Agreement with certain financial creditors to suspend and defer payments of principal and interest until June 20th, 2019, while negotiations with financial creditors and other stakeholders continue

The full Q4-2018 report is enclosed, together with the full restated Q3-2018 report as communicated on January 23rd, 2019.

Skudeneshavn, February 28th, 2019

Contacts

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

Anders Hall Jomaas CFO, at +47 52 85 65 00

Solstad Offshore ASA

www.solstad.com

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.