Solstad Offshore Asa — Investor Presentation (October 2023)

5 slides from Solstad Offshore Asa's investor presentation, October 2023

Slide 1: Refinancing of Solstad Offshore
Refinancing of Solstad Offshore
Slide 2: Highlights
Highlights • Refinancing of Solstad's "Borrower Group" fleet loan maturing 31 March 2024 • Aker will contribute minimum NOK 2.25 billion in equity in a new entity to be established ("Solstad NewCo") below SOFF • AMSC will contribute 100 percent of the shares in the entity owning the CSV Normand Maxi
Slide 3: Key takeaways
Key takeaways • An overall refinancing solution creating a robust industrial platform going forward together with Aker • Divestment of PSV fleet laid the foundation • All secured lenders will be repaid in full, including non-core lenders with diverging interests • Unsecured debt is protected by exte
Slide 4: New Corporate Structure
New Corporate Structure Target Group Excluded Aker SOFF ASA AMSC Group Capital investors Separate SOFF ~25% ~75% subsidiaries ~18% ~41-55% SOFF ASA ~0-14% JV company* Share pledge** Solstad NM Solship Solstad Maximus Shipholding Solship AS Shipholding Invest 3 AS Ålesund AS Ltd AS AS ~27% 100% NewCo
Slide 5: Solstad Offshore ASA: Solstad NewCo and Solstad RemainCo
Solstad Offshore ASA 27% 100% Solstad NewCo Solstad RemainCo • 22 CSV and 14 AHTS vessels • CSV Normand Carioca and AHTS vessels Normand Topazio, Normand Turquesa and Normand Turmalina all financed by BNDES • The transaction values Solstad NewCo to NOK 1.5 million pre-money and a total of NOK 4.0 bi