Reference is made to the stock exchange notice 8 May 2020 where Solstad Offshore
ASA (the "Company") and its subsidiaries ("SOFF" or the "Group") informed that
it had agreed a Restructuring Implementation Agreement (the "RIA") for a
restructuring of the Group (the "Restructuring").
Reference is also made to the stock exchange notice earlier today in which it
was advised that the bondholders in the Group have voted in favour of the
Restructuring.
The Company is pleased to announce that credit committee approvals have been
provided by a vast majority of the secured lenders participating in the
Restructuring today, and it is expected that such approval will be provided by
the remaining relevant secured lenders on completion of internal processes
during the course of the next 5-10 days.
Furthermore, the Company is also pleased to announce that both Aker Capital AS
(a subsidiary of Aker ASA), Hemen Holding Ltd and Lars Peder Solstad (acting
through entities controlled by him) have confirmed their intention to subscribe
for shares in the Restructuring.
Lars Peder Solstad, CEO comments:
We highly appreciate the support given by a wide range of stakeholders to
Solstad Offshore ASA today, including both secured and unsecured lenders,
bondholders and industrial shareholders. The continued support of all these
important stakeholders, combined with an excellent fleet of vessels, a highly
competent organization and presence in the most important geographical markets
and segments, will position the Company well to meet the uncertain market
conditions ahead.
Skudeneshavn, 29 May 2020
Contact Lars Peder Solstad CEO, at +47 91 31 85 85
Solstad Offshore ASA
www.solstad.com
This information is subject of the disclosure requirements according to the
Norwegian Securities Trading Act section ยง 5-12.