Exercise of warrants, conversion of convertible loan

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Reference is made to the stock exchange notice by Solstad Offshore ASA (the "Company") dated 17 March 2021 regarding the sale of the vessels "Lady Astrid" and "Lady Caroline" (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, 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 Vessels, 61,766 new shares will be issued as a result of exercise of Warrants, while 30,143 new shares will be issued following partial conversion of the convertible loan, in total 91,909 new shares.

Upon registration of the share capital increase, expected on or about 16 April 2021, the Company's share capital will be NOK 74,964,591 consisting of 74,964,591 shares, each with a par value of NOK 1.

Skudeneshavn, April 14th 2021

Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

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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