Primary insider notification

Jarsteinen AS, a company controlled by Solstad Offshore ASA's (the "Company") CEO Lars Peder Solstad and family, has on November 20th , 2020 purchased shares in the Company at a price of NOK 5,79 per share from other shareholders controlled by himself and family, as follows: 151,015 shares from Ivan AS, 18,860 shares from SOFF Invest AS, 807 shares from Vindbalen AS and 494 shares from Solhav Invest X AS, after which these companies own zero shares in the Company.

As a result of the transactions, Jarsteinen AS owns a total of 3,101,709 shares in the Company, constituting 4.14 % of the shares in the Company.

Skudeneshavn, November 20th, 2020

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

Solstad Offshore ASA
www.solstad.com

This information is subject of the disclosure requirements pursuant to sections 4-2 and 5-12  of the Norwegian Securities Trading Act.

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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