Solstad Offshore ASA — Earnings Release 2020

Nov 19, 2020

Financial report for the 3rd quarter 2020

• Successful restructuring of the Company was approved by an extraordinary general meeting on 20 October 2020
• This report is made based on the Company not being restructured as of 30 September 2020, the fourth quarter 2020 will be reflecting the strengthen balance sheet and positive equity
• The effects of the prolonged COVID-19 pandemic resulted in pressure on rates, increased cost and reduced utilization in the quarter
• Revenues for the third quarter of 2020 was MNOK 1,316 vs MNOK 1,480 in 2019, while EBITDA (adjusted) for the second quarter was MNOK 395 vs MNOK 515 in 2019
• Adjusted EBITDA reduction of MNOK 89 year to date 2020 compared to similar period in 2019 (MNOK 1,089 vs MNOK 1,178)
• Impairment of MNOK 862 in the quarter mainly related to Normand Maximus
• The COVID-19 pandemic and the decline in the offshore activity will affect the Company's performance also going forward

Skudeneshavn, November 19 th , 2020

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 according to the Norwegian Securities Trading Act section § 5-12.