REM - Subsequent Offerings - Last day of subscription period

27 oktober 2016

Reference is made to the previous announcements made by Rem Offshore ASA ("Rem Offshore") and Solstad Offshore ASA ("Solstad Offshore") 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, and (ii) shareholders in Rem Offshore of up to 1 600 000 class B-shares in Solstad Offshore, hereinafter referred to as the "Subsequent Offerings".

The subscription period for the Subsequent Offerings will expire today, 27 October 2016 at 16:30 hours (CET). Correctly completed subscription forms must be received by Arctic Securities, or, in the case of online subscriptions, be registered, within this deadline. Upon expiry of the subscription period, any subscription rights that have not been exercised will expire and have no value.

For more information, please refer to the prospectus of Solstad Offshore, dated 9 September 2016 (the "Prospectus"). The Prospectus is available at www.solstad.no and www.arctic.com.

For additional information please contact :

Ola Beinnes Fosse (CFO) +4770080879 / +4797531227

Important notice

This document and the information contained herein is not for release, publication or distribution in whole or in part in or into the United States. These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from, or a transaction not subject to, the registration requirements of the Securities Act.

This document is only addressed to and directed at persons in member states of the European Economic Area (other than Norway) who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors") or to and at other persons to whom the offering can otherwise be made pursuant to  available exemptions under the Prospectus Directive. Inaddition, in the United Kingdom, this document is being distributed only to, and is directed only at,

Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or who are high net worth entities falling within Article 49 (2)(a) to (d) of  the Order, and other persons to whom it may otherwise lawfully be communicated (all such persons  together being referred to as "relevant persons"). Any investment activity to which this document relates is available only to relevant persons in the United Kingdom, and will only be engaged with such persons. The Manager is acting for the Company in connection with the offerings and no one else, and will not be responsible to anyone other than the Company for providing the protections offered to clients of the Manager nor for providing advice in relation to the offering.

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