Solstad Offshore ASA - Share Issue/Capital Change 2022

Exercise of warrants, conversion of convertible loan

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

"Company") dated 7 April 2022 regarding the sale of the vessels "Far Santana",

"Normand Ivan", "Normand Trym", "Normand Vibran", "Rem Supplier" and "Sea

Trout"(the "Vessels"). Further reference is made to the warrants issued to

certain banks by decision of the Company's general meeting held on 20 October

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 Vessels) 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 20 October 2020 regarding the issuance of a convertible

loan to Aker Capital AS 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 Vessels, 399,788 new shares have been

issued today as a result of exercise of Warrants, while 135,002 new shares have

been issued following partial conversion of the convertible loan, in total

534,790 new shares.

As a result, the Company's share capital is now NOK 77,308,609 consisting of

77,308,609, each with a par value of NOK 1.

Skudeneshavn, May 9th 2022

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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