Solstad Offshore ASA - Share Issue/Capital Change 2021

Exercise of warrants, conversion of convertible loan

Reference is made to the stock exchange notice by Solstad Offshore ASA (the

"Company") dated May 10th, 2021 regarding the sale of the vessel "Far Splendour"

(the "Vessel"). Further reference is made to the warrants issued to certain

banks by decision of the Company's general meeting held on October 20th, 2020

giving such banks (as well as other banks) the right to receive new shares in

the Company as compensation for any part of their claim against SOFF related to

certain vessels (including the Vessel) not covered by the proceeds from the sale

of such vessels (the "Warrants"). Reference is also made to the Company's stock

exchange notice of October 20th, 2020 regarding the issuance of a convertible

loan to Aker Capital AS, Hemen Holding Limited and Jarsteinen AS as an anti

-dilution measure following completion of i.a. the exercise of warrants as set

out above.

Following completion of the sale of the Vessel, 55,002 new shares will be issued

as a result of exercise of Warrants, while 26,842 new shares will be issued

following partial conversion of the convertible loan, in total 81,844 new

shares.

Upon registration of the share capital increase, expected on or about June 7th,

2021, the Company's share capital will be NOK 75,046,435 consisting of

75,046,435 shares, each with a par value of NOK 1.

Skudeneshavn, June 4th, 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 of the disclosure requirements pursuant to section

4.2.4 of Rule Book II for companies listed on Euronext Oslo Børs.

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