2024 Publication of Annual Report

01 Apr 2025 20:44 CEST

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.

More information:
Access the news on Oslo Bors NewsWeb site

642795_SOFF_Annual_report_2024.pdf
642795_5967007LIEEXZXHGO849_2024_12_31_0_en.zip