Solstad Offshore ASA - Interim / Quarterly Report 2020

Financial report for the 4th quarter 2020

- Successful restructuring of the Company was approved by an extraordinary

general meeting on 20 October 2020

- This report is reflecting the changes to the Company following the closing of

the restructuring.

- Equity strengthen with MNOK 12,212 compared to previous quarter and booked

equity end of year of MNOK 4,200

- Liquidity strengthen with MNOK 1,358 compared to previous quarter and year end

cash position of MNOK 2,412

- The effects of a lower oil price are that E&P companies are re- scrutinizing

their spending plans and postponing or canceling projects resulting in reduced

utilization in the quarter

- Revenues for the fourth quarter of 2020 was MNOK 1,175 vs MNOK 1,247 in 2019,

while EBITDA adjusted for the fourth quarter was MNOK 204 vs MNOK 265 in 2019

- EBITDA adjusted for 2020 was MNOK 1,293 vs MNOK 1,411 in 2019

- The COVID-19 pandemic and the decline in the offshore activity will affect the

Company's revenues, utilization and increased cost, also going forward

Skudeneshavn, February 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 to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.

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