Solstad Offshore ASA - Earnings Release 2021

Financial report for the 2nd quarter 2021

· Revenues for the second quarter of 2021 was MNOK 1,264 vs MNOK 1,332 in 2020,

while EBITDA adjusted for the second quarter was MNOK 309 vs MNOK 411 in 2020.

· Revenues year to date was MNOK 2,601 vs MNOK 2,535 in 2020 and EBITDA adjusted

year to date 2021 was MNOK 741 vs MNOK 694 in 2020.

· The offshore activity is slowly improving, both within oil & gas and offshore

-wind and Solstad has signed a number of new contracts, all at improved terms.

· The company's active fleet has been increased from 75 to 80 vessels during the

quarter. All reactivations has been done based on new contracts.

· Sold 12 of 37 vessels classified as non-strategic vessels.

Skudeneshavn, August 24th, 2021

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.

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