Solstad Offshore ASA - Earnings Release 2022

Financial report for the 3rd quarter 2022

· A quarter with high utilization and improved commercial terms across all

geographical regions and vessel segments.

· The market continue to strengthen despite a challenging macroeconomic

environment.

· Revenues for 3Q 2022 increased by 24 percent to MNOK 1,861 vs MNOK 1,500 in 3Q

· EBITDA adjusted increased by 44 percent to MNOK 721 vs MNOK 500 in 3Q 2021.

The highest quarterly EBITDA adjusted result in the Company's history.

· Continued weakening in NOK against USD is materially impacting unrealized

currency loss in quarter.

· The positive order intake continues in 3Q 2022 with new contracts signed for

approximately BNOK 2,3.

· During the quarter, 80 vessels have been in operation at an average

utilization of 92 percent.

Skudeneshavn, November 17th, 2022

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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