FINAL SETTLEMENT RELATED TO EXIT FROM FINANCIAL LEASES

Solstad Offshore ASA (SOFF) previously owned three
vessels which were leased on long-term charters from
British holding companies. In 2008, the company
acquired the vessels through companies in which
Solstad Offshore owns 62.5% (2 vessels) and 50.1% (1
vessel). The conditions, and particularly the tax
conditions, in these agreements could result in
additional costs for the company.

An agreement has been established between the
previous owners, British tax authorities and the
company on a settlement which results in an expense
posting in the 4th quarter of 2012 of approximately
GBP 9,7 million (around NOK 83 million), in addition
to the company's share of the cost for the 50,1%
owned joint venture of GBP 1,9 mill (NOK 16 mill).
This settlement is significantly lower than the
amount in the initial negotiations (ref. notes to the
2011 Annual Accounts).

The payment will be made immediately. The majority
of this amount (approx. GBP 11 million) is financed
through bank loans.

Skudeneshavn, 14. Febr 2013

Solstad Offshore ASA

Contact person:
Sven Stakkestad (Tlf. +47 52 85 65 00)

This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act)