Solstad Offshore ASA - Earnings Release 2021

Financial report for the 1st quarter 2021

· Revenues for the first quarter of 2021 was MNOK 1,337 vs MNOK 1,203 in 2020,

while EBITDA adjusted for the first quarter was MNOK 432 vs MNOK 284 in 2020.

· Full settlement agreed with Saipem on the termination fee for Normand Maximus

charter. Total termination fee of MUSD 44,3 booked in 1Q 2021.

· The quarter is affected by seasonal low activity.

· Increased bidding activity within Oil & Gas and Offshore Wind bodes for

improved market balance going forward particularly for the CSV-fleet.

· The active fleet has been increased from 73 to 75 vessels during the quarter.

All reactivations have been done based on new contracts.

· Sold 8 of 37 vessels classified as non-strategic vessels, year to date

Skudeneshavn, May 25th, 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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