Solstad Offshore ASA ("Company") has today published its Integrated Annual Report for 2024. The annual accounts and report has been approved by the Board of Directors. The audited annual report is reflecting an immaterial positive change to the Net Result of MNOK 21 compared with the fourth quarter presentation held 12. February 2025. Equity has improved with MNOK 178 mainly driven by a currency translation adjustment.

During 2024 the Company has shown progress both operationally and financially. The company was refinanced in 2024 in connection with the settlement of the approximately NOK 2 billion "Normand Maximus Residual Claim". Operating income in 2024 was MNOK 2,791 compared to MNOK 6,979 in 2023. The reduction from 2023 was predominantly driven by the deconsolidation of Solstad Maritime. The adjusted EBITDA for the year was of MNOK 1,425, which is down from MNOK 2,830 the previous year. Operating result before financial items and tax (EBIT) was MNOK 1,046 compared to MNOK 1,944 in 2023. Profit Before Tax ended at MNOK 1,353 compared to MNOK 345 in 2023. Booked equity at year-end 2024 was MNOK 3,269, an increase of 79% from MNOK 1,825 at year-end 2023.

The Integrated Annual Report is enclosed to this announcement. The Company has also published its annual financial statements in European Single Electronic Format (ESEF), also enclosed to this announcement and available on the Company's website: www.solstad.com/solstadoffshoreasa/

Skudeneshavn, 1 April, 2025

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 section 5 -12 of the Norwegian Securities Trading Act.