Preliminary results of the Subsequent Offerings in Solstad Offshore ASA

Reference is made to the previous announcements made by Solstad Offshore ASA ("Solstad Offshore") and Rem Offshore ASA ("Rem Offshore") and the prospectus dated 9 September 2016 (the "Prospectus") related to the subsequent offerings in Solstad Offshore directed towards (i) shareholders in Solstad Offshore of up to 3,188,811 class A-shares in Solstad Offshore (the "Solstad Subsequent Offering"), and (ii) shareholders in Rem Offshore of up to 1,600,000 class B-shares in Solstad Offshore (the "Rem Subsequent Offering"), hereinafter referred to as the "Subsequent Offerings".

The application period of the Subsequent Offerings expired on 27 October 2016 at 16:30 CET. A preliminary counting of the applications indicates that the Solstad Subsequent Offering was oversubscribed with approximately 4,646,840 class A-shares applied for out of a total of 3,188,811 class A-shares available and that the Rem Subsequent Offering was not fully subscribed with approximately 83,965 class B-shares applied for out of a total of 1,600,000 class B-shares available. The total gross proceeds from the Subsequent Offerings will be approximately NOK 41 million.

Allocation of class A-shares in the Solstad Subsequent Offering and a conditional allocation of class B-shares in the Rem Subsequent Offering will be resolved on or about 28 October 2016 by the Board of Directors of Solstad Offshore in accordance with the allocation criteria set out in the Prospectus. The final result of the Subsequent Offerings is expected to be published on or about 28 October 2016. Letters of allocation in the Solstad Subsequent Offering and conditional letters of allocation in the Rem Subsequent Offering will be distributed to investors giving notification of allocated new shares and the corresponding amount to be paid by each applicant.

Contact details:

Ola Beinnes Fosse

CFO/deputy CEO

+47 975 31 227

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

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: REM Offshore ASA via Globenewswire

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