Vessel sale and refinancing

05 Jul 2024 17:19 CEST

Reference is made to the stock exchange notices published on 5 April 2024 and 28
June 2024, regarding a sale of 9 vessels to a major shareholder in exchange for
35.7% of the Company’s shares and MUSD 117.5 debt assumption. The transaction
has now been completed and the shares repurchased by the Company will be
cancelled with immediate effect. Following the cancellation, the Company has a
share capital of USD 153,544,315 divided into 153,544,315 shares, each with a
par value of USD 1.

Simultaneously with the closing of the vessel sale, the Company has completed
the refinancing of certain parts of its debt. Debt of USD 69m maturing in 2024
related to seven Sea1 Offshore vessels has been repaid. Existing loans with
longer maturities have been repaid by USD 20m and amended to remove restrictions
and undertakings imposed on the Company in the 2021 restructuring. Two new
credit facilities are in place.

For further information, please contact:
Bernt Omdal, Chief Executive Officer, Sea1 Offshore Inc. Phone +47 915 22 299
Vidar Jerstad, Chief Financial Officer, Sea1 Offshore Inc. Phone +47 934 26 335

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