SOFF: Financial report for the 1[st] quarter 2020

· The Company's revenue in 2020 is expected to be negatively affected by the
COVID-19 pandemic and sharp decline in the oil price.
· On May 8th, 2020, Solstad signed a Restructuring Implementation Agreement with
a vast majority of its creditors for a financial restructuring of the Group.
Following implementation and effective date, this agreement will significantly
improve the company's overall ability to handle the uncertain markets ahead.
· Revenues for the first quarter of 2020 was MNOK 1,203 vs MNOK 1,146 in 2019,
while EBITDA (adjusted) for the first quarter was MNOK 284 vs MNOK 223 in 2019
· The quarter was significantly impacted by non-cash currency losses and
termination of financial leases on four vessels.

Skudeneshavn, May 27th, 2020

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

Solstad Offshore ASA
www.solstad.com

This information is subject of the disclosure requirements according to § 5-5
(5) and § 5-12 of vphl (Norwegian Securities Trading Act).