Solstad Offshore ASA — M&A Activity 2020

Mar 13, 2020

Sale of DLB Norce Endeavour

Sale of DLB Norce Endeavour

Solstad Offshore ASA ("SOFF") in December 2019 entered into a bareboat Contract

with Saipem Portugal Commercio Maritimo Limitada ("Saipem"), a subsidiary of

Saipem S.p.A., for the DLB Norce Endeavour. As part of the bareboat Contract

Saipem Portugal had the option, at its discretion and subject to, among others,

Saipem internal approval, to purchase the DLB Norce Endeavour.

Saipem has now decided to declare the purchase option for DLB Norce Endeavour.

Delivery of the vessel to Saipem is scheduled to April 2020.

The sale of the DLB Norce Endeavour will have a minor accounting effect.

Skudeneshavn, March 13[th], 2020

Contacts

Lars Peder Solstad CEO, at +47 91 31 85 85

Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad Offshore ASA

www.solstad.com