Solstad Offshore ASA - Earnings Release 2023

Financial report for the 3[rd] quarter 2023

· Solstad delivered another strong quarter in terms of operating income and

EBITDA, and achieved a solid EBITDA margin at 49%.

· The CSV segment concluded a quarter with high utilization and improved

commercial terms across geographical regions.

· Operating income from continued operations for 3Q 2023 increased by 17

percent to MNOK 1,624 compared to MNOK 1,387 in 3Q 2022.

· EBITDA adjusted from continued operations increased by 31 percent to MNOK

797 compared to MNOK 606 in 3Q 2022.

· High utilization of 90 percent for vessels in operation during the quarter.

· The agreement with Tidewater for the sale of 37 PSVs was closed on 5 July

· Order intake of MNOK 3,800 in 3Q 2023, equivalent to a book-to-bill ratio of

2.3x.

· Solstad is building a Service division that enables us to offer additional

services, such as ROVs, tooling, project personnel, engineering support etc.

· The Company has been in dialogue with its creditors and other stakeholders

to explore the possibilities for the refinancing of the Group within the

maturity date. On 23 October 2023 a financing solution supported by Aker Capital

AS, AMSC ASA, DNB Bank ASA and Eksportfinans Norge AS was announced (the

'Refinancing'). Solstad Offshore ASA will have 27% direct ownership of Solstad

NewCo ("Solstad Maritime"). Solstad Maritime will be reflected as an investment

in associates and accounted for using the equity method in line with IAS 28.

Skudeneshavn, November 30[th], 2023

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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