Solstad Offshore ASA — Earnings Release 2022

Aug 18, 2022

Financial report for the 2nd quarter 2022

• Strong quarter with high utilization and improved commercial terms across all geographical regions and vessel segments.
• Revenues for 2Q 2022 increased by 38% to MNOK 1,750 vs MNOK 1,264 in 2Q 2021. EBITDA adjusted increased by 98% to MNOK 613 vs MNOK 309 in 2Q 2021.
• Highest quarterly EBITDA result in the company's history.
• High order intake in 2Q 2022, with new contracts worth approximately BNOK 2. The market outlook for the company's services continue to improve.
• During the quarter, 80 vessels have been in operation at an average utilization of 91 precent.
• Entered into an agreement for long-term control of CSV Normand Maximus.
• Solstad Offshore jointly with partners, established Remota AS to offer remote operations of vessels and subsurface activity.

Skudeneshavn, August 18th, 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.