Reference is made to the stock exchange notice published on 5 April 2024, regarding a sale of nine vessels to a major shareholder in exchange for 35.7% of the Company’s shares and MUSD 117.5 in debt assumption. The transaction is expected to close during July 2024.

As previously communicated, the Company has for some time had dialogues with banks and experienced strong interest and appetite regarding a refinancing of the debt that matures in December 2024. Repayment of debt and drawdown of new credit facilities are expected to take place simultaneously with the sale of the nine vessels.

For further information, please contact:

Bernt Omdal, Chief Executive Officer, Sea1 Offshore Inc. Phone +47 915 22 299

Vidar Jerstad, Chief Financial Officer, Sea1 Offshore Inc. Phone +47 934 26 335

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