Solstad Offshore ASA — Earnings Release 2020

May 29, 2020

Boa Offshore AS - Consolidated First quarter report 2020

Boa Offshore AS - Consolidated First quarter report 2020

Boa Offshore AS reports consolidated operating revenues of NOK 197m in 1Q 2020 (NOK 396m in the same quarter 2019). Operating profit before depreciation (EBITDA) was NOK 46m (NOK 66m). Net financial items was NOK -37m (NOK -60m) and Net profit was NOK -25m (NOK -33m).

For further information, please contact:

Helge Kvalvik, CEO: Tel +47 97 97 97 72, or

Albert Strand, Director Finance and Risk: Tel +47 90 74 44 61

About Boa Offshore:

Boa Offshore is a Norwegian-based global offshore supply vessel owner and operator with a well- diversified fleet of 30 units focused on subsea, barges, tugs, AHTS, engineering and project management. The company has the most sophisticated semi-submersible barge fleet in the world and holds the global market-leading position for heavy lift barges. The Boa group is an experienced and focused operator with more than 40 years of history