NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, HONG KONG,
SOUTH AFRICA OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES,
CANADA, AUSTRALIA, JAPAN, HONG KONG OR SOUTH AFRICA.

Jarsteinen AS (the "Seller") has retained Pareto Securities AS as Sole Manager
and Sole Bookrunner (the "Manager") to execute a block sale of existing shares
(the "Offering") in Solstad Offshore ASA (the "Company").

The Seller has, as of this announcement, successfully sold 2,200,000 shares in
the Company (the "Offer Shares"), which equals approximately 2.7% of the
Company's outstanding shares, at a price of NOK 42.00 per Offer Share, which
again equals gross proceeds of NOK 92.4 million.

The Offering was multiple times covered and ended up being completed as a club
deal towards approx. 10 investors in the pre-sounding phase of the Offering.

Before the Offering, the Seller owned 8,235,966 shares in the Company which
equals approx. 10.0% of the Company's outstanding shares. Following the
Offering, the Seller owns 6,035,966 shares in the Company which equals approx.
7.3% of the Company's outstanding shares. The Seller has entered into a 90-day
customary lock-up with the Manager on the remaining shares in the Company held
by the Seller after the Offering.

The Seller is a close associate of primary insiders in the Company due to being
indirectly owned 60% by Lars Peder Solstad (CEO in the Company) and 20% by Ellen
Solstad (member of the Company's board of directors). The purpose of the
Offering was to fund (i) a substantial payable tax for Lars Peder Solstad after
Jarsteinen AS exercised warrants in the Company where the related profit is
taxed as salary, and (ii) subscription in the upcoming rights issue in Solstad
Maritime Holding AS ("SMH") in line with the opportunity offered to all
shareholders in the Company. The Seller is committed to be a long-term
shareholder and remains the third largest shareholder in the Company.

The notification of allocation in the Offering is expected to be communicated on
or about 23 May 2024 (trade date) before 09:00 CEST. The settlement in the
Offering is expected to take place on or about 27 May 2024 (settlement date) on
a delivery versus payment basis (DVP T+2). The Offer Shares will be tradeable on
Oslo Børs from T.

The Seller will receive the net proceeds from the Offering. The Company will not
receive any proceeds from the Offering.

Please refer to the attached notification of trading for further details.

This disclosure is made pursuant to article 19 of the EU Market Abuse Regulation
and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Important Notices:

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or its
securities in the United States or to conduct a public offering of securities in
the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation (EU) 2017/1129 as amended together with any
applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are "qualified investors" within the meaning of the
Prospectus Regulation as it forms part of English law by virtue of the European
Union (Withdrawal) Act 2018 and that are (i) investment professionals falling
within Article 19(5) of the Financial Services  and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Seller believes that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict and are beyond their control.

By their nature, forward-looking statements are subject to numerous factors,
risks and uncertainties that could cause actual outcomes and results to be
materially different from those projected. Readers are cautioned not to place
undue reliance on these forward-looking statements. Except for any ongoing
obligation to disclose material information as required by the applicable law,
the Seller does not have any intention or obligation to publicly update or
revise any forward-looking statements after they distributes this announcement,
whether to reflect any future events or circumstances or otherwise.

Neither the Manager nor any of its respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the Manager
nor any of its respective affiliates accepts any liability arising from the use
of this announcement.

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