SOLSTAD OFFSHORE ASA NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTOTHE UNITED STATES ,CANADA ,AUSTRALIA ,HONG KONG ,NEW ZEALAND ,SOUTH AFRICA ORJAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE. Reference is made to the previous stock exchange notices bySolstad Offshore ASA (the "Company") pertaining to the subsequent offering of up to 1,336,973 new shares, each with a par value ofNOK 1.00 (the "Offer Shares ") at a subscription price ofNOK 2.80 per share (the "Subsequent Offering"). The subscription period for the Subsequent Offering expired today at 16.30 CET. Preliminary counting indicates that the Company has received subscriptions for approximately 7.1 million new shares in the Subsequent Offering, which is consequently fully subscribed. The final allocation of the new shares in the Subsequent Offering is expected to take place on10 November 2020 in accordance with the allocation criteria set out in the prospectus dated19 October 2020 . The final result of the Subsequent Offering will be published shortly thereafter, and letters regarding allocation of new shares and the corresponding subscription amount to be paid by each subscriber, are expected to be distributed later the same day. The payment date of the new shares in the Subsequent Offering is set to11 November 2020 . The Company has engagedArctic Securities AS as manager and Wikborg Rein Advokatfirma AS as legal advisor in connection with the Subsequent Offering. Skudeneshavn,9 November 2020 ContactsLars Peder Solstad CEO, at +47 91 31 85 85 Kjetil Ramstad CFO, at +47 90 75 94 89Solstad Offshore ASA www.solstad.com This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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