Solstad Offshore ASA — Share Issue/Capital Change 2020

Oct 20, 2020

Extraordinary general meeting held: Approval of restructuring

Extraordinary general meeting held: Approval of restructuring

Reference is made to previous stock exchange notices by Solstad Offshore ASA

(the "Company") concerning the proposed fully financed restructuring of the

Solstad Offshore group, including the stock exchange notice on 29 September 2020

for the summons of an extraordinary general meeting on 20 October 2020 (the

"EGM").

All resolutions were approved by the EGM as proposed, including inter alia the

share capital increases by conversion of NOK 9.7 billion in debt and by

contribution in cash directed against certain creditors and investors, and the

election of Harald Espedal, Frank Reite, Peder Sortland, Thorhild Widvey, Ellen

Solstad and Ingrid Kylstad as members of the Company's board of directors (the

"Board"), to take effect from and including 23 October 2020. The minutes from

the EGM are attached to this notice.

"The resolutions from today's General Meeting mark a new beginning for Solstad

Offshore. The oil service industry was hit hard by the activity drop after the

drastic fall in oil prices in 2015, and the Company was left with no other

choice than to start a process with creditors and shareholders to restructure

the Company's balance sheet. I am very grateful to everyone who has contributed

in this process, including creditors, shareholders, advisers and not at least

the dedicated team of internal resources from Solstad Offshore. It has been a

long process, but we are pleased with the result. Solstad Offshore is now

significantly stronger and may continue to be a reliable partner for our

clients, suppliers and employees. With a fleet of about 100 vessels involved

with the oil & gas sector as well as offshore wind activities world-wide, and

more than 3,500 highly skilled employees, both on- and offshore, Solstad

Offshore will remain one of the main players in the offshore vessel industry

going forward", says CEO Lars Peder Solstad.

Pursuant to the EGM resolutions, the Company's board of directors has, as

regards some of the items on the agenda, been authorised to set subscription

levels and prices and to allocate new shares and other securities among the

eligible investors. A separate stock exchange notice will be published later

today once such board decisions have been made.

Skudeneshavn, 20 October 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

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.