Exercise of Warrants, Conversion of Convertible Loan

Source: www.gulfoilandgas.com 5/9/2022, Location: Europe

Reference is made to the stock exchange notice by Solstad Offshore ASA (the "Company") dated 7 April 2022 regarding the sale of the vessels "Far Santana", "Normand Ivan", "Normand Trym", "Normand Vibran", "Rem Supplier" and "Sea Trout"(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 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, 399,788 new shares have been issued today as a result of exercise of Warrants, while 135,002 new shares have been issued following partial conversion of the convertible loan, in total 534,790 new shares.

As a result, the Company's share capital is now NOK 77,308,609 consisting of 77,308,609, each with a par value of NOK 1.


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