Solstad Offshore ASA — Share Issue/Capital Change 2016

Oct 28, 2016

Preliminary results of the Subsequent Offerings

Preliminary results of the Subsequent Offerings

Reference is made to the previous announcements made

by Solstad Offshore ASA ("Solstad Offshore" or

the "Company") and the prospectus dated 9 September

2016 (the "Prospectus") related to the subsequent

offerings in Solstad Offshore directed towards (i)

shareholders in Solstad Offshore of up to 3,188,811

class A-shares in Solstad Offshore (the "Solstad

Subsequent Offering"), and (ii) shareholders in Rem

Offshore ASA of up to 1,600,000 class B-shares in

Solstad Offshore (the "Rem Subsequent Offering"),

hereinafter referred to as the "Subsequent Offerings".

The application period of the Subsequent Offerings

expired on 27 October 2016 at 16:30 CET. A preliminary

counting of the applications indicates that the

Solstad Subsequent Offering was oversubscribed with

approximately 4,646,840 class A-shares applied for out

of a total of 3,188,811 class A-shares available and

that the Rem Subsequent Offering was not fully

subscribed with approximately 83,965 class B-shares

applied for out of a total of 1,600,000 class B-shares

available. The total gross proceeds from the

Subsequent Offerings will be approximately NOK 41

million.

Allocation of class A-shares in the Solstad Subsequent

Offering and a conditional allocation of class

B-shares in the Rem Subsequent Offering will be

resolved on or about 28 October 2016 by the Board of

Directors of Solstad Offshore in accordance with the

allocation criteria set out in the Prospectus. The

final result of the Subsequent Offerings is expected

to be published on or about 28 October 2016. Letters

of allocation in the Solstad Subsequent Offering and

conditional letters of allocation in the Rem

Subsequent Offering will be distributed to investors

giving notification of allocated new shares and the

corresponding amount to be paid by each applicant.

Skudeneshavn, 28 October 2016

Solstad Offshore ASA

Contacts: Lars Peder Solstad (CEO) and Sven Stakkestad

(deputy CEO), phone +47 52 85 65 00

This information is subject to the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.