Financial report for the 1st quarter 2022

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  • High order intake in 1Q 2022, with signed new contracts worth approximately NOK 2.6 billion. The market outlook for the Company’s services continue to improve.
  • During the quarter, 78 vessels have been in operation at an average utilization of 81 precent.
  • The quarter affected by high maintenance and docking activity.
  • Revenues for 1Q 2022 decreased by 7% to MNOK 1,245 vs MNOK 1,337 in 1Q 2021. Adjusted EBITDA decreased by 52% to MNOK 208 vs MNOK 432 in 1Q 2021.
  • The decrease in revenue and EBITDA is due to a one-time termination fee of MNOK 378 booked in 1Q 2021. Adjusted for this, revenue and EBITDA in 1Q 2022 increased compared to last year.
  • The divestment program of non-strategic vessels has been completed and represent a total reduction of the Company’s debt by approximately MNOK 778.

Skudeneshavn, May 9th, 2022

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 according to the Norwegian Securities Trading Act section § 5-12.