Solstad Offshore ASA — M&A Activity 2020

Oct 30, 2020

Contract award for subsea vessels in Brazil

Solstad Offshore ASA is pleased to announce that the current contract of RSV Far Saga with PETROBRAS has been extended for a period of one year starting on Oct 30 th , 2020. Far Saga has been operating in Brazilian water since 2014.

In addition, PETROBRAS has confirmed the replacement of Far Saga by Normand Poseidon on a new RSV contract for a period of 3 years firm (ref announcement dated 11 th May 2020). Commencement of the Contract will take place during 1Q 2021.

Both vessels willsail under Brazilian flag and willsupport exploration and production activities in Brazilian continentalshelf

Skudeneshavn, October 30 th , 2020

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