Solstad Offshore ASA — Earnings Release 2019

Feb 28, 2020

Boa Offshore AS - Consolidated Fourth quarter report 2019

Boa Offshore AS - Consolidated Fourth quarter report 2019

Boa Offshore AS reports consolidated operating revenues of NOK 211m in 4Q 2019 (NOK 371m in the same quarter 2018). Operating profit before depreciation (EBITDA) was NOK 34m (NOK 50m). Net financial items was NOK -61m (NOK -52m) and Net profit was NOK -127m (NOK -90m).

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