Company update

Reference is made to the stock exchange communications of Solstad Offshore ASA ("SOFF") of October 22nd and December 5th, 2018.

As set out in the aforementioned communication, SOFF has commenced discussions with inter alia the bondholders under SOFF's outstanding bond with ISIN NO 001 0713548 (the "Bondholders") to improve the overall liquidity situation of the SOFF-group and to create a robust long-term platform for the company.

On December 19th, 2018 the Bondholders accepted to suspend and defer payments of interest falling due under the bond agreement in the period commencing December 20th, 2018. The Bondholder's suspension and deferral is conditional on a principal and interest suspension being agreed with the financial creditors of relevant subsidiaries of SOFF and will be valid for the corresponding period.

Further information on such suspension will be provided in due course.

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18

Skudeneshavn, December 19th 2018
Solstad Offshore ASA

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12

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About Us

Solstad Offshore ASA’s ("Solstad") philosophy is to run a profitable and integrated shipping company with high specification vessels in its market segment, using owned or chartered vessels. The core business is to offer services to oil, gas and renewable energy offshore activities. The Company aims to be a significant player and offer a wide range of services based on high quality vessels, equipment and maritime personnel with extensive experience. In the North Sea the aim remains to be one of the heavy weights in the industry, and internationally, a major player in deep waters, subsea- and construction related activities. Based on extensive market knowledge and maritime experience within the offshore industry, we will continuously seek for profitable investments in areas closely related to the core business. The Company continues to focus on Health, Safety and Environment (HSE) as well as profitability and aims to meet the targets set in these areas. The most important target within HSE is to avoid injury to personnel and equipment, and any uncontrolled spillage from the vessels. Our strategy is to be customer-focused and deliver high quality services in accordance with customer demands and furthermore to actively develop services in close co-operation with existing and new customers. In general, the Company manages the total operation of the vessels including freight, crewing and technical management. The Company will evaluate where it is possible to operate cost effective operations with an optimal return on capital employed, in co-operation with suppliers and clients, particularly with a view to long-term strategic co-operations. This co-operation is important with regards to both risk and capital injection.

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