SOLSTAD OFFSHORE ASACompany Presentation 1st Quarter 20169. May 2016By Sven Stakkestad

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

2

Segments Current Fleet New buildings

Weighted Average

Age 1)

CSV 19 1 7,5

AHTS 15 10,6

PSV 9 10,1

Total: 43 1 8,4

1) Weighted average age excluding newbuildings based on broker valuations of the vessels as of 31.12.2015

SOLSTAD OFFSHORE IN BRIEF

Founded in 1964. In the offshore segment since 1973

Operations worldwide – North Sea, Brazil, US Gulf, West Africa, Asia etc.

Listed on Oslo Stock Exchange (Ticker: SOFF) since 1997

Main office in Skudeneshavn and branch offices in Aberdeen, Rio de Janeiro, Singapore, Manila and Perth

Total of 1.300 onshore and offshore personnel

Key facts Fleet overview

3

Good earning margins and stable underlying values

Strong contract

backlog to first

class counterparts

Key highlights as

of 27. August 2012

Financial highlights Net revenues NOK 750 mill

Adjusted EBITDA NOK 293 mill / Adjusted EBITDA margin 36%

Ongoing negotiations regarding relief in financing terms

Net cost reduction, excluding project effects for Norce Endeavour, compared to 1Q 15 NOK 100 mill

Commercial & operational highlightsLong term contract with Chevron for DLB Norce Endeavour commenced

Long term contract with Subsea 7 for Normand Subsea

100 or more vessels in lay-up today in North Sea – mainly PSV’s and AHTS

Solstad: 12 vessels in lay-up

Cost saving initiatives of NOK 500 mill (year to year) progressing as planned

Increased client credit risk

BacklogContract coverage for remaining part of 2016 (incl JV)

Firm coverage: NOK 1,9 bill representing 40 % of available days*

Including options: NOK 2,2 bill representing 45 % of available days*

Total firm contract backlog 8,2 billion* Available days includes vessels in lay-up

SOLSTAD OFFSHORE – HIGHLIGHTS 31.03.2016

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

5

OPERATING REVENUE AND EBITDA(EX. GAIN / LOSS ON SALE OF ASSET / INCL. SHARE IN JV’s)

PROFIT & LOSS ACCOUNTS

(1) Including net gain on sale of assets, excluding share in JV’s(2) Excluding net gain of sale of assets, including share in JV’s

BALANCE

FINANCING AND REFINANCING - SUMMARY

9

Instalments and Balloons – incl. 50% of JV’s2016 – mortgage balloons due1 loan (2 x CVS) discussions ongoing

2017 - mortgage balloons due75% of balloons related to JV’s. Dialog started1 loan (1 x PSV): discussions ongoing

Financing NB (TBN «Normand Maximus»)Progressing as planned

Bond loan redeemed in February ’16

Ongoing negotiations for easing of loan covenants for the company

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

10

THE SOLSTAD FLEET – MARKET SEGMENTS

1)Based on broker valuations as of 31.12.2015 (incl. SOFF’s 50% share in “Normand Installer” and “Normand Oceanic”

THE SOLSTAD OFFSHORE FLEET43 VESSELS IN OPERATION AS PER MAY 9, 2016

Vessels: 5

Vessels: 3

Vessels: 14In lay-up: 11Newbuild: 1

Vessels: 4Lay up: 1

Vessels: 1

Vessels: 1

Vessels: 2

Perth

Rio de Janeiro

Singapore

SkudeneshavnAberdeen

ManilaKuala Lumpur

Solstad offices

12

Vessels: 1

General comments

Operational highlights

CSV SEGMENT

The long-term fundamentals for the subsea segment are still solid, but reduced activity coming years are expected.

Counterpart risk increased as market gets slower

Solstad has a strong position in this segment with a solid contract coverage19 CSV’s working for all the main players

1 CSV on order with long term T/C from delivery

84% utilization in 1Q ’16. 1 vessel in lay-up from early MarchContract coverage of 59% (67% incl. options) for 2016

Ongoing discussions with clients regarding new contracts and contract extensions

Extended contract (3 ½ years) for Normand Subsea to Subsea 7DLB Norce Endeavour

Commenced seasonal contract with Chevron in Gulf of Thailand medio February.

Booked about 200 days for 2016.

AHTS SEGMENTGeneral comments

Operational highlights

Still slow market, but reduced number of active vessels has given periods with acceptable rates

Still unbalance between rig activity and AHTS’s in operation

Dependent on future rig activity.

51% utilization in 1Q ’16 (excluding lay-up vessels).

5 vessels in lay-up during 1st Quarter.

Two smaller vessels sold in January 2016

PSV SEGMENT

General comments

Operational highlights

No major changes from last quarter, segment is still oversupplied

Poor utilisation and rates below crew cost in the spot-market.

Still many new vessels under construction.

Reduction on supply side required to achieve sustainable rates again.

67% utilization during 1Q ’16 (excluding lay-up vessels).

5 vessels in lay up during 1st quarter

AGENDA

1. KEY HIGHLIGHTS

2. FINANCIALS

3. FLEET AND MARKETS

4. OUTLOOK

16

FUTURE OUTLOOK

A continued low activity-level the coming years will be challenging for the industry.Our contract coverage within the CSV segment gives us good visibility for ’16Continuous focus on long term contracts for our CSV fleet to achieve predictable EBITDASolstad with strong focus on cost cuts to compensate best possible for reduced earnings.Significant structural changes are likely to happen to the industry during the coming years.Consolidation are welcome and Solstad wish to take an active part in it.

17