Solstad Offshore ASA — Earnings Release 2020

May 27, 2020

Financial report for the 1 st quarter 2020

• The Company's revenue in 2020 is expected to be negatively affected by the COVID-19 pandemic and sharp decline in the oil price.
• On May 8th, 2020, Solstad signed a Restructuring ImplementationAgreement with a vast majority of its creditors for a financial restructuring of the Group. Following implementation and effective date, this agreement will significantly improve the company's overall ability to handle the uncertain markets ahead.
• Revenues for the first quarter of 2020 was MNOK 1,203 vs MNOK 1,146 in 2019, while EBITDA (adjusted) for the first quarter was MNOK 284 vs MNOK 223 in 2019
• The quarter was significantly impacted by non-cash currency losses and termination of financial leases on four vessels.

Skudeneshavn, May 27 th, 2020

Contacts Lars Peder Solstad CEO, at +47 91 31 85 85 Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad OffshoreASA www.solstad.com

This information is subject of the disclosure requirements according to § 5-5 (5) and § 5-12 of vphl (Norwegian Securities TradingAct).