SOFF: Solstad Offshore ASA's banks approve the Financing Plan

Solstad Offshore ASA's banks approve the Financing Plan. Sale-and-leaseback agreement for the vessel Normand Maximus entered into. Conditions for subscription of new shares and convertible loan subscribed 31 August 2016 satisfied.

Reference is made to stock exchange announcements of 22 June 2016 and 13 July 2016 regarding the plan for a strengthening of Solstad Offshore ASA's (the "Company") balance sheet (the "Financing Plan").

As follows from the stock exchange announcement of 13 July 2016 regarding the results of the extraordinary general meeting, completion of the general meeting's resolutions regarding the share capital increase and private placement, as well as the raising of the convertible loan, are conditional upon the Financing Plan having been finally approved by the Company's banks and bondholders, and that a sale-and-leaseback agreement for the vessel Normand Maximus has been entered into, all on terms satisfactory to Aker Capital AS.

The Company is pleased to announce that the Company's banks have approved the Financing Plan on terms satisfactory to Aker Capital AS. The Company is further pleased to confirm that a sale-and-leaseback agreement for the vessel Normand Maximus has been entered into. The bondholders in SOFF04 approved the Financing Plan on 6 July 2016, cf. separate stock exchange announcement on the same date.

Accordingly, all conditions for completion of the share capital increase and the issuance of the convertible loan, subscribed 31 August 2016, are now met. In accordance with this, the resolutions will now be completed. The Company will provide a separate stock exchange upon registration of the share capital increase and the convertible loan in the Norwegian Register of Business Enterprises.

Reference is made to stock exchange announcement 31 August 2016 for details on the number of shares and rights to shares which will be held by Aker Capital AS and the Solstad Family Companies (as defined therein) upon registration of the share capital increase and issuance of the convertible loan, and which share of the votes and shares this will constitute.

Skudeneshavn, 30 September 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.