Company update on Solship Invest 3 AS

Reference is made to the stock exchange communication of Solstad Offshore ASA of July 20th, 2018 regarding the agreed suspension of instalments and bareboat payments of Solship Invest 3 AS and its subsidiaries (together "SI3") until December 31st, 2019.

To preserve additional liquidity, SI3 has resolved to also suspend payment of interest on certain financial debt until June 20th, 2019. All of the affected creditors have approved such suspension, except for one minority creditor of one of the subsidiaries of SI3. Payments of interest and principal towards such creditor has been suspended by the relevant subsidiary until June 20th, 2019 on a unilateral basis.

Notwithstanding the above, the vast majority of the creditors of both SI3 and the creditors of the other parts of the Solstad Offshore group remains supportive of the restructuring efforts of the group. The consenting SI3 creditors have confirmed that the agreed suspension of all principal and interest towards them will remain in place until June 20th, 2019.

The Solstad Offshore group otherwise continues its operations in its ordinary course.

Skudeneshavn April 12th, 2019

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

Solstad Offshore ASA

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


About Us

Philosophy, Objectives and StrategiesSolstad Offshore ASA’s (SOFF) 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 petroleum related 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, SOFF 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. SOFF’s 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.