Solstad Offshore in Brief 04

Letter from the CEO 10

Social Media Highlights 14

Board of Directors 16

Board of Directors’ Report 18

Corporate Governance Statement 26

Sustainability Statement 32

Annual Accounts 114

Parent Accounts 172

Contents

Financial Calendar

Preliminary dates for quarterly presentations and the annual general meeting in Solstad Offshore ASA are:

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

03

Our vision

To deliver industry-leading and sustainable operations to the global offshore energy market.

Solstad Offshore in Brief

Our Business

and technical maintenance services through our worldwide offices. Despite the relative high age, the Solstad Offshore fleet remains one of the most high-end within the global offshore segment. The global offshore segment in general is aging as a result of little newbuilding activity after 2014.

The Company provide services to a range of energy-, oil and gas- and renewables companies worldwide. The majority of the Company’s revenue comes from the oil and gas sector.

As of 31 December 2025, Solstad Offshore owns 27.3% of the shares in Solstad Maritime

ASA, which owns and operates 32 vessels including 22 CSVs and 10 AHTS vessels.

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

Our global footprint*

Aberdeen

United Kingdom

Rio de Janeiro

Brazil

Singapore

Singapore

Perth

Australia

Skudeneshavn

Norway

Manila

Philippines

Macáe

Brazil

Africa

1 CSV

South America

Brazil & Argentina

2 CSV | 3 AHTS

Total

3 CSV | 1 CSV JV (50%) | 3 AHTS

Europe

1 CSV

* As of December 2025

05

Our Values

Safe

Safety is our main priority. Solstad’s vessels carry out operations all over the world, sometimes in extreme conditions. We recognize our employees as our most valuable asset, and we do not compromise on their safety.

COMPETENT

All employees in Solstad are key personnel. We aim not only to fulfill our clients’ demands, but to deliver a service beyond their expectations. As such, we ensure that our personnel are constantly learning to have the right competence and knowledge required at all times. Our operational knowledge shall be developed in close interaction between the marine crew and the onshore organizations.

RELIABLE

We focus on quality in all parts of our services. We shall always be trusted to treat everyone fairly and respectfully, and we keep our promises. With a vast fleet and a competent organization, our clients shall trust us to perform all operations in a safe manner and with focus on quality and efficiency at all stages of our service.

RESPONSIBLE

We care about people, assets and the environment. Our company is global, but also local in the areas we operate. We conduct our business in a responsible manner, respecting the law and universal human rights to benefit the communities where we work. We are aware of our environmental footprint and take measurable steps towards a better environment.

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

Sustainability Goals Related to Significant Products and Services, Customer Groups and Geographies

Solstad primarily offers vessel rental services for offshore activities in the energy sector, encompassing both oil and gas and renewable energy industries. Solstad’s dedication to sustainability is evident through our alignment with key UN Sustainable Development Goals (UN SDGs), which guide our efforts to address broader environmental and social impacts. Each year, we evaluate the relevance

of the UN SDGs to our operations and identify key sustainability issues. For this reporting period, three primary SDGs were highlighted as areas where we can make the most significant impact. These goals have been integrated into Solstad’s strategy.

SDG 8 – Decent Work and Economic Growth This goal aligns with our aim to expand operations in both existing and new business areas, ensuring fair wages and sustainable working conditions for our personnel and those in our value chain.

SDG 13 - Climate Action To mitigate the environmental impact of our reliance on fossil fuels, we have implemented climate actions such as Solstad Green Operations, technical upgrades, and the use of renewable biofuel. The transition to renewable energy is a long-term process, and while there is currently high activity in the oil and gas sector, Solstad is participating in this transition when business opportunities arise.

SDG 14 - Life Below Water To reduce our impact on marine life, we have adopted measures such as ballast water cleaning systems, hull cleaning with waste collection, minimization of waste disposal into the sea, and reduction of NOx and SOx emissions. Additionally, we are engaged with environmental organizations through cooperation with the non-profit organizations above.

These sustainability initiatives demonstrate Solstad’s commitment to minimize our impact on both the environment and society while maintaining operational excellence.

07

08

SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

Vessel Silos

Vessel Silos

Vessel Silos

Vessel Silos

Solstad Maritime ASA

Solstad Maritime AS

Vessel Silos

Shipowning-, Operations- & Mgmt Companies

Solstad Offshore ASA

Solstad Maritime

ASA

Solstad Offshore ASA

27.3%

09

Committed to Safety

The foundation of our operations is HSEQ performance. Thanks to the dedication of our crews at sea, supported by our teams on shore, we have achieved 1.5 years without a lost time incident (LTI) – a testament to our Solstad Incident Free Operations (SIFO) culture, which is deeply integrated throughout the organization.

Positioned for the Future

In recent years the Company has successfully expanded its subsea service offering. This enables the offering of additional associated services such as ROVs, tooling, project personnel and engineering support, giving clients access to a more well-equipped vessel and service.

Our income mainly derive from offering vessels, but additional associated services grew significantly in 2025, strengthened by our investment in Omega Subsea, where the Company holds a 35.8% ownership share. Omega Subsea’s expertise complements our subsea offering and positions us to capture growth in both oil and gas and renewable subsea infrastructure markets. We look forward to capitalizing on further synergies as Omega Subsea expands its fleet of ROVs.

A Steady Course in a Dynamic Market

In last year’s annual report, I emphasized the importance of maintaining strength and readiness for future opportunities. I am pleased to report that Solstad Offshore has continued a steady and controlled course throughout 2025, delivering solid operational and financial performance in a market that remains dynamic and, at times, unpredictable.

Solstad Offshore’s vessel performance continues to be robust, with a utilization of 90 % for our owned vessels in 2025. Revenue for the year reached USD 290 million, and adjusted EBITDA was USD 126 million, reflecting a solid operational performance and contribution from our strategic investments.

Solstad Offshore started paying quarterly cash dividends based on Q3 2025. The first dividend payment was completed 28 November 2025, marking an important milestone in returning value to our shareholders.

The Kistefos lawsuit required significant attention from persons in the Company’s management team. Solstad Offshore is not part in the dispute.

CEO LETTER

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

Our backlog remains solid, providing visibility well into 2026 and beyond. The firm backlog for Solstad Offshore vessels stood at USD 325 million at year-end 2025. Vessels owned by Solstad Maritime, but operated through our Brazilian setup, add another USD 609 million. This robust backlog is supported by several new long-term contracts secured in 2025, for vessels in the CSV and AHTS segments.

Brazil continues to be a cornerstone of our operations as we enter our 30th year in the country. Our local presence and long-term relationships continue to provide access to attractive project opportunities.

Globally, demand for offshore energy services remains positive, driven by continued E&P spending and the growth of offshore wind. While fluctuations in oil prices and the economics of new offshore wind projects introduce some uncertainty, the long-term outlook for offshore energy remains robust, with several market opportunities in 2026 and beyond.

In closing, Solstad Offshore enters its 62nd year, well- positioned for the future. This achievement is the result of the expertise and dedication of our employees across the globe. To all colleagues, clients, and partners, thank you for your contributions towards another good year.

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Financial Summary

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

13

Social Media Highlights 2025

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

15

Board of Directors

Harald Espedal

(b. 1972)

Harald Espedal is a graduate from The Norwegian School of Economics (NHH) in economics with additional studies in auditing. Today he is the Chairman of Lyse AS, Rogaland Sparebank, Espedal & CO AS, and Board member of Aspelin Ramm.

Espedal has a long career within the finance and investment industry including as CEO and Investment

Director for SKAGEN and Investment Director for Vesta.

SHARES IN SOLSTAD Offshore ASA*

656,687

*Further details refer to note 9 in

section Parent Company.

Frank O. Reite

(b. 1970)

Frank O. Reite first joined Aker in 1995 and was CFO at Aker ASA from August 2015 until August 2019. He has also been President & CEO of Akastor. Reite holds several board positions including the position as vice chairman in Aker ASA, chairman of Solstad Maritime ASA and Akastor ASA and a board member of Aker Biomarine ASA.

Reite has experience from banking and has served as Director in Paine & Partners. Reite holds a B.A. in business administration from Handelshøyskolen BI in Oslo.

SHARES IN SOLSTAD Offshore ASA*

356,509

Ingrid Kylstad

(b. 1985)

Ingrid Kylstad is Managing Director of Klaveness Digital. Before joining

Klaveness in 2021, Kylstad was COO in Katapult Ocean, a seed stage investor within ocean technology.

Prior to that she worked for the Norwegian Shipowners’ Association.

Kylstad holds an MSc in European Studies and Identities from the London School of Economics and Political Science, and a BSc in Liberal Arts from Maastricht University. She has also completed a management program at the Solvay Brussels School of Economics and Management.

SHARES IN SOLSTAD Offshore ASA*

0

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

Ellen Solstad

(b. 1974)

Ellen Solstad holds a bachelor’s degree from BI Norwegian Business School. She has previously worked at R.G Hagland AS and Solstad Offshore UK Ltd. Mrs. Solstad has since 2003 been the manager of the Solstad family investment companies. She is a board member of Solvang ASA.

SHARES IN SOLSTAD Offshore ASA*

0

Peder Sortland

(b. 1963)

Peder Sortland, currently the CEO of North Sea Infrastructure AS (NSI), has more than 30 years’ experience from the oil and gas industry. Prior to NSI, Sortland held roles as the CEO of Global Maritime Group, Apply Group and Ross Offshore/Subsea Technology Group and as Regional Vice President for Subsea 7 in Norway. Sortland spent 18 years in Equinor up to Senior Vice President level, predominantly in areas of business development, commercial negotiations and strategy work. Today Sortland is chairman of LOS Power Solutions AS and a board member of Solstad Maritime ASA.

Sortland has a business education on MBA level from University of Wyoming and is a Fullbright Scholar.

SHARES IN SOLSTAD Offshore ASA*

0

17

Board of Directors’ Report

Solstad Offshore ASA (“Solstad Offshore”, “Solstad” or “the Company”) is an owner and operator of offshore service vessels (OSVs), offering maritime services to the global offshore energy industry. Per year-end 2025 Solstad Offshore had approximately 900 highly skilled full time equivalent employees. The Company is headquartered in Skudeneshavn with two offices in Brazil. The Company owns and operates a flexible fleet of high-end offshore vessels which consists of CSVs (construction support vessels) and AHTS vessels (anchor handling tug supply vessels).

In 2025, the Company’s CSV fleet was primarily involved with oil and gas projects. The CSV work included subsea support operations, node seismic operations, subsea construction activities, support for well stimulation operations, plus subsea and mooring installations. The AHTS vessels were deployed in Brazil during 2025, mainly performing oil and gas activities. Solstad Services enables the offering of additional associated services such as ROVs, tooling, project personnel and engineering support.

Activity levels continue to be high within oil and gas. It also remains high in offshore wind projects, but growth has been revised down. The Company is well positioned for oil and gas activities. Solstad Offshore is mainly exposed to renewable energy activities through the investment in Solstad Maritime ASA (“SOMA”).

In November 2025, the Company paid its first dividend in 10 years. Solstad Maritime ASA, where Solstad Offshore has a shareholding of 27.3%, was listed on Euronext Oslo Børs on 16 May 2025. Through its shareholding, the Company received MUSD 29.3 in dividend from Solstad Maritime ASA in 2025.

1. Vision and Values

Solstad Offshore’s vision is to deliver industry-leading sustainable operation to the global offshore energy market. The four core values of the Company are Safe – Reliable – Competent – Responsible. These values are tools to create a common culture and define how the Company operates and interacts with clients, suppliers, partners, and colleagues.

2. The Company’s Activities

Solstad Offshore’s activities were mainly in the offshore oil and gas markets during 2025. The operation has been organized in two segments: AHTS and CSV. Both segments include additional associated services.

Throughout 2025, Solstad Offshore owned six vessels – three CVSs, three AHTS vessels, and a 50% owned JV CSV vessel. The Company also provides ROVs, tooling, project personnel, engineering support through its additional associated services.

Note: The time horizons defined in the Board of Directors’ Report for forward looking statements are short-term or spot (approx. 1 month), medium- term (approx. 2-6 months) and long-term (more than 6 months). Note that CSRD has separate and wider time horizon definitions, while the financial statements for the Company for 2025 are in line with IFRS standards for time horizon.

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

The Company’s operating income in 2025 was divided into 56% (2024: 56%) from CSVs, 16% (16%) from AHTS vessels, and 28% (28%) from long-term lease items.

The regional split of the income was 90% (69%) from South America, 7% (6%) from Africa, 0% (9%) from the North Sea, 0% (13%) from the Mediterranean part of Europe, and 4% (0%) from North and Central America. Asia Pacific represented 0% (2%).

The overall utilization for the Company’s owned fleet was 90% in 2025 (95%). The CSV fleet had a utilization of 94%

(97%) and the AHTS fleet 86% (92%).

CSV

The CSV segment included three owned vessels, all operational in 2025. The CSVs are designed and equipped to support a wide range of offshore services within oil

and gas and renewable energy projects. During 2025, the fleet was primarily involved with oil and gas projects. Geographical areas of operation included Brazil, West Africa, North- and Central America. Minor activity occured in the North Sea area, Europe.

Some of the CSV contracts also include offering of additional associated services such as ROVs, tooling, project personnel, and engineering support. Solstad Offshore’s main focus remains on being an owner and

operator of offshore vessels, but its additional services allow clients to access a more complete and well-equipped working platform and service offering.

Solstad Offshore acquired 35.8% of Omega Subsea AS in 2025. Omega Subsea AS is 100% owner of Omega Subsea Robotics AS.

Omega Subsea Robotics AS has so far invested in 12 work class ROVs – of which two were mobilized in 2025 (2024: eight ROVs; 2023: two ROVs). Two out of the 12 ROVs have been installed on board a Solstad Offshore CSV, while ten have been installed on board Solstad Maritime ASA’s CSVs.

The Company has also placed orders for 12 ROVs and options for additional 10 ROVs.

Solstad Offshore’s customer portfolio for its CSV fleet included a mix of energy companies, subsea construction companies, seismic companies and FPSO operators.

AHTS

Solstad Offshore’s three AHTS vessels were all deployed in Brazil during 2025 on mid- to long term contracts. Activities within oil and gas were the dominant activity for the vessels, which supported both anchor handling and towing operations for national and independent energy companies.

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Some of the AHTS contracts also include offering of additional associated services.

Associated Companies

As of 31 December 2025, Solstad Offshore owns 27.3% of the shares in Solstad Maritime ASA, which owns and operates 32 vessels including 22 CSVs and 10 AHTS vessels.

Solstad Offshore had nine Solstad Maritime vessels on bareboat lease during the year 2025. These were the vessels Normand Cutter, Normand Flower, Normand Pioneer, Normand Poseidon, Normand Sagaris, Normand Valiant, Normand Ferking, Normand Navigator and Normand Maximus. All were operational in Brazil.

Technical & Projects

Throughout the year Normand Installer performed main class renewal and Normand Turmalina, Normand Turquesa and Normand Superior had maintenance stops. The fleet technical uptime for seven owned and one leased vessel for the year was 98.52% (2024: 96.89%).

HSE & HR

HSE results ended with a total recordable case frequency

(TRCF) at 0.89 (1.10 in 2024). This was below the 1.00 TRCF target for the year.

By the end of the year, total number of full time equivalent

seafarers was approximately 800. Retention rate per region / nationality was relatively stable and retention was at 98% (2024: 99%).

The working environment, onshore and onboard the ships, was considered satisfactory. Sick leave onshore was 0.4% in 2025, in line with 0.4% in 2024.

The Company focuses on diversity and has equal opportunities for all employees, regardless of their gender, ethnic background, nationality, descent, color, language, religion and lifestyle.

Vessel Divestment

No vessels were sold during 2025.

3. The Market

Demand for offshore vessels and related services remained positive throughout most of the year. Energy companies have generally expanded their activity and awarded several medium-term contracts for offshore support vessels, particularly in Brazil. During certain periods of 2025, subsea vessel rates levelled off, and spot utilization in certain locations for AHTSs and CSVs was weaker than expected during second half of 2025. Reference is made to the Company’s update to its financial guidance for 2025 on 9 October 2025.

On the supply side, the number of vessels operating in the global offshore energy market has remained stable, with few new CSVs and AHTS vessels entering the market. Oil and gas activity continued to increase worldwide, and the current subsea backlog is high. Brazil stands out with

Fleet Utilization - Owned Vessels

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

high activity, driving strong demand for offshore services. Several long-term contracts have been awarded by Petrobras and other operators. Project-related markets have also experienced strong demand, driven by large volumes and complex operations in very deep water.

The global order book for new subsea vessels consists of approximately 25 vessels with crane capacities of up to 250 tonnes. Estimated deliveries are during 2026 to 2028. The annual attrition rate for CSVs is close to zero as shipowners tend to keep vessels until end of useful life. Thus, only a limited amount of CSVs are sold to other segments suchs as marine military operations. The AHTS segment shows no or very limited newbuilding activity. Subsea tendering pipelines remain positive, and offshore cable installation activity also remains positive.

Markets of promising activity includes Guyana, which continues to make substantial investments to produce oil from deepwater discoveries, while countries such as Suriname and Namibia have reported new oil and gas discoveries that could increase activity. In the North Sea, activity levels are expected to see a downward trend.

Global presence for Solstad Offshore is mainly achieved through the investment in the associated company Solstad Maritime ASA.

4. Corporate Particulars

As of 31 December 2025, the number of shareholders were 7,478 whereof total international shareholding was approximately 4%. The largest shareholders, Aker Capital AS, Kistefos AS and Jarsteinen AS, held 32.90%, 23.48% and 7.33% respectively.

5. Corporate Governance and Management

Solstad Offshore ASA’s governance and management adheres to the Company’s vision and values. The Company is listed on the Oslo Stock Exchange and is subject to the Norwegian companies act, accounting act and stock exchange listing and securities trading

legislation. Solstad Offshore ASA seeks to comply with the

Norwegian Code of Practice for Corporate Governance, which was last revised on 28 August 2025. More information on corporate governance is given in a separate chapter in the annual report and on www.solstad.com .

The directors and officers of Solstad Offshore ASA are covered under a “Director and Officer Liability Insurance”, up to a certain amount. The insurance covers personal legal liabilities including defense and legal expense. The officers and directors of the parent company and all subsidiaries globally are covered by the insurance. The cover also includes employees in managerial positions or employees who serves as directors in non-subsidiaries to safeguard the interest of the Company.

6. Financial Position and Development

The financial statements for the Company for 2025 have been prepared in accordance with IFRS® accounting standards as adopted by the EU.

Operating income in 2025 was MUSD 290 compared to MUSD 262 in 2024. The increase from 2024 was mainly driven by higher day rates and strengthened sales of additional associated services.

Operating expenses in 2025 amounted to MUSD 149 compared to MUSD 135 in 2024. The increase from 2024 is mainly driven by the strengthened sales of additional services. Operating result before depreciations and impairment for the year was MUSD 142 compared to MUSD 127 in 2024. Operating result before financial items and tax was MUSD 94, which was on par with 2024, including net-impairments of fixed assets of MUSD 47 compared to MUSD 32 in 2024.

Cash inflows from operating activities amounted to MUSD 148. The operating result before depreciation and impairment was MUSD 142. The difference was mainly related to working capital timing. Cash inflow from investing activities amounted to MUSD 18. MUSD 29 in dividends from Solstad Maritime ASA is the driver for the cash inflow. Investments were mainly related to periodic maintenance and general upgrades of equipment on board vessels, as well as investment in Omega Subsea AS. Cash outflow from financing activities amounted to MUSD 127. This was driven by loan installments and interest payments to DNB and BNDES, lease payments to related parties, and payment of dividends to shareholders.

The net result for 2025 was MUSD 141 (MUSD 118 in 2024). Net financial items for 2025 were positive of MUSD 31 due to income from investment in associates (MUSD 28). The movement from 2024 to 2025 was mainly due increase in income from investment in associates.

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Earnings per share (majority) were USD 1.69 (USD 1.40). Operating result before depreciation and impairment amounted to 49% of income compared to 48% in 2024. Booked equity per year-end 2025 was MUSD 425 (MUSD 288) i.e. USD 5.16 per share (USD 3.49 per share). Interest bearing liabilities as of year-end 2025 was MUSD 124 (MUSD 157), whereof MUSD 24 (MUSD 24) was classified as current liabilities. The interest-bearing liabilities were in USD. Overview and details of amounts, interest rates, maturity and main covenants are included in the account note 7 and 8. At year-end, the Company held MUSD 74 in cash deposits (MUSD 34). The cash and debt at year-end excludes the available MUSD 20 revolving credit facility.

7. Health, Environment, Safety and Quality Assurance

The Company operates in accordance with international regulations and standards and is certified to ISM, ISO 14001:2015, ISO 9001:2015, ISO 45001:2018, ISO

50001:2018, MLC (Maritime Labor Convention) and ISPS (International Ship and Port Facility Security). The crews are trained according to the Company’s procedures and approved pursuant to the requirements of the STCW 10 (Seafarers Training, Certification and Watchkeeping Code).

Internal audits are carried out on all ships and offices on an annual basis. The common management system (Solstad Internal Management System – SIMS) establishes the Company’s overarching objectives and policies. Furthermore, SIMS defines the processes and activities to be undertaken, along with the corresponding roles and responsibilities assigned to each employee.

A vital part to understand and improve safety is to focus on preventive measures to avoid injuries and operational accidents or interruptions. HSE results ended with a TRCF (total recordable case frequency) at 0.89 (1.10). This was below the 1.00 TRCF target for the year.

In 2025, 7,369 HSE reports (8,437) were recorded and processed at different levels in the organization. Of the total of three recordable cases zero was a lost time incident (LTI) that resulted in LTIF of 0.00 (0.27). Conclusions from incidents analyses are used as basis for further preventative measures to avoid future accidents.

The goal of maintaining zero lost-time incidents is carried forward into 2026. The Company continues to emphasize evaluation, facilitation, planning, and preventive measures to avoid all types of personnel-related injuries and incidents that could adversely affect the environment.

Building on positive experiences, the Company is further developing and improving the safety-behavior culture program Solstad Incident Free Operations (SIFO). Since the program’s implementation in 2019, the number of incidents has been reduced by actively involving the crew and increasing their focus on safety in daily operations

Solstad Green Operations is a cornerstone of the Company’s fuel and emission reduction program. The number of Solstad Green Operations per vessel per month was 25 for 2025, up from 21 in 2024. Total emissions were 333,010 tCO 2 , versus 344,328 tCO 2 in 2024, which is a decrease of 3%.

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

The fleet had zero liters of oil spills to the environment during 2025 (2024: 5.5 liters). This is in line with the goal of zero spill to the outer environment.

The Company has a program for sorting and reporting of all waste, covering both ship and onshore organizations. A program has been implemented to reduce the use of single use items such as plastic water bottles, cutlery, plastic cups etc.

8. Outlook

There will be very few changes to the global offshore fleet in 2026. However, the aforementioned 25 new CSVs have been ordered and are due for estimated deliveries from end of 2026 to 2028. This could impact the supply/ demand-balance in the market. In the large AHTS segment, no newbuildings orders have been registered.

The subsea contractors hold a certain backlog, the oil companies continue their E&P spending, and despite some uncertainties around offshore wind, the activity grows and contributes towards steady and potentially increased vessel demand.

Both the AHTS and the CSV fleets are relevant for oil and gas as well as renewable energy activities. The AHTS vessels are more relevant for floating wind, although commercial scale installations appear to be delayed.

Geopolitical uncertainty continues to influence global energy markets, including but not limited to recent events in the Middle East, creating possibilities for both upsides and downsides for offshore operations. Higher volatility than normal is to be expected, including fluctuating oil price representing a source of uncertainty.

Several new offshore installations are expected in the coming years in Brazil, Guyana, Surinam, West Africa and other regions. These developments can create opportunities for vessel owners to support projects on moorings, pipelaying and other installations. This could also give opportunities to provide additional associated services such as ROVs, survey and tooling.

Solstad Offshore is preserving cash for the right, but not the obligation, to exercise its MUSD 125 purchase option for the Normand Maximus from Solstad Maritime in October 2027 (note 7).

9. Risk

The Company is exposed to market, operational, cyber security, safety and environmental, climate and regulatory, legal, tax and financial risks including refinancing risk, that affect the assets, liabilities, available liquidity, and future cash flows.

The risk mitigation framework is based on identifying, assessing, and managing risks that affect the Company (refer to note 7). The Board of Solstad monitors the overall risk factors for the Company.

Market and Operational Risks

Market and operational risks are changes in the activity, demand and prices of the services provided by the Company, and potential adverse effects of the provision of such services. In addition, the supply side can be negatively affected if too many newbuilt vessels are introduced to the market.

One of the key commercial risks for Solstad is the cyclical oil and gas markets that the Company operates in, with high volatility in charter rates, vessel values, and consequently profitability. Factors affecting this are partly outside Solstad’s control and influence.

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Operational risks such as technical breakdown, grounding, total loss of vessel, and malfunction of equipment are partly mitigated by insurance as well as the company’s continous focus on HSE and the safety-behavior culture program Solstad Incident Free Operations (SIFO).

Procurement and logistic risk relate to pressure on the global supply chain. The lead time on a certain number of critical spares is long. Planning and evaluation of critical spares will therefore be an important factor to avoid down- time.

Related parties’ transactions is also a risk in terms of the close cooperation between Solstad Offshore and Solstad Maritime on both operational and management level.

Related party service agreements are closely monitored to mitigate this risk.

Working capital is a risk in terms of the Company’s

multiple cash flow streams such as operational cash flow,

investing cash flow, financing cash flow and dividends

cash flow. The Company closely monitors its cash flows and operates under working capital and liquidity covenants, which are intended to support monitoring of operational cash flow and the Company’s overall liquidity position. Liquidity pressure can limit dividend capacity.

Cyber Security Risk

Cyber security risk remains a significant concern and continues to evolve due to geopolitical instability, economic uncertainty, and the increasing sophistication of cyber threats through both AI and traditional methods. The prevailing geopolitical rivalries have contributed to a growing threat landscape, particularly for maritime

operations. Ransomware, supply chain attacks, and state- sponsored cyber activities targeting critical infrastructure, including shipping and logistics, have intensified.

Additionally, the increasing digitization of offshore shipping operations, reliance on low orbit satellite communication (Starlink) introduce new vulnerabilities and attack vectors.

Safety and Environmental Risks

There are inherent safety and security risks related to operations at sea. As one of Solstad’s core values, safety is always top-of-mind for all employees. This is

materialized through the Solstad Incident Free Operations (SIFO) program. The Company focuses on evaluation, facilitation, planning and preventive work to avoid all type of personnel related injuries and incidents that have an adverse effect on the environment.

The environmental risks mainly relates to the vessels and includes risks such as oil spillage. Key performance indicators are therefore monitored, and cause analysis performed with mitigating responses if possible undesired events are identified.

For further information, reference is made to the Sustainability Statement.

Climate and Regulatory Risks

The Company’s business and results of operations could be adversely affected by climate change and the adoption of new climate change laws, policies, and regulations.

Growing concerns about climate change and greenhouse gas emissions have led to the adoption of various regulations and policies, including the Paris Agreement negotiated at the 2015 United Nations Conference on Climate Change (COP 21).

Climate risk is part of the Company’s risk universe, and the Company is exposed to a variety of climate risks. These risks vary from regulatory, transitional, market, technology to reputational risk. Short and medium-term* climate change issues are not expected to have any significant effect on Solstad’s operating expenditure. Higher fuel price due to CO 2 levies or the cost of green fuels will for the most part be forwarded to the Company’s clients. Solstad focuses mainly on reduction of carbon emissions from the fleet and to grow and pursue new business opportunities within the renewable segments. Risks and opportunities are classified as short, medium or long term based on how effects of climate change affect the Company, and required actions consequently planned. The Company’s own initiatives to improve energy efficiency and installation of battery hybrid and shore power systems are important steps towards a net zero target in 2050. At the same time, the Company must acknowledge that the targets require access to technology still under development, and extensive investments in both existing vessels and in fleet renewal. A fast decrease in the market demand for the existing type of vessels may pose a risk to Solstad, but as there are very limited newbuilds or other alternatives available globally in the short and medium term, this risk is considered to be limited. The Company aims to be transparent in its sustainability reporting and work continuously on public ESG communication to ensure that all stakeholders understand that the ongoing transition is under control and to mitigate the risk for any negative publicity and/or liability issues.

For further information, reference is made to the Sustainability Statement.

* Refer to Sustainability Statement 2025 and ‘BP-2 – Disclosures in Relation to Specific Circumstances’ for CSRD climate time horizon definitions.

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SOLSTAD OFFSHORE ASA ANNUAL REPORT 2025

Legal Risks

The Company is subject to various legal risks, including potential litigation, contractual disputes, and compliance with evolving laws.

Interest & Tax Risks

The Company is exposed to interest rate and currency risk, primarily through financing and contracts. Interest rate risk is mainly due to long-term debt with floating interest.

There is also a risk exposure to new and rapid changes to tax regulations. Interest rate levels and tax regulations are monitored on an ongoing basis, but no financial hedging instruments are in place.

Refinancing Risk and Update

The main portion of Solstad Offshore’s external debt will mature November 2027 and therefore it is an inherent refinancing risk.

A refinancing is dependent on Solstad Offshore’s ability to

continue to access capital from banks and other lenders,

and how the OSV market- and the oil and gas prices

develops and other factors such as financing capacity for

the OSV segment.

10. Finance - Parent Company

The result for Solstad Offshore ASA in 2025 was MUSD

86 (MUSD -69). Net financial result of MUSD 72 (MUSD 38). Operating result was of MUSD 3 (MUSD -106).

The Company’s assets are mainly related to the value of shares in subsidiaries. Booked equity at year-end was MUSD 96 (MUSD 15). The long term liabilities at the same date was MUSD 115 (MUSD 99).

11. Going Concern

Pursuant to section 3-3a and section 4-5 of the Norwegian

Accounting Act, it is confirmed that the annual accounts

have been prepared under the assumption that the

Company is a going concern and that the conditions are

present.

As such, the annual accounts are prepared on the assumption of a going concern. The going concern assumption is based on the level of cash and cash equivalents and equity at reporting date, terms and

conditions of the Refinancing** agreement with banking and borrowing facilities, the forecasted cash flow prognosis for the Company and the backlog position as of 31 December 2025. The main portion of the Solstad Offshore’s external debt matures in 2027.

The Company continues to maintain strong activity in Brazil. Furthermore, the long-term outlook for offshore energy services remains steady. The Company’s firm backlog provides a stable foundation for Solstad Offshore into 2026 and beyond.

12. Subsequent Events

Dividend distribution

Solstad Offshore ASA distributed a dividend payment of MUSD 4.1 on 10 March 2026.

Normand Installer SA

As of 16 March 2026, Normand Installer SA’s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. The Group holds a 50% share in Normand Installer.

Contract Extension and Amendment

The current Normand Turquesa contract with Petrobras has been extended by one year, and the commencement of the previously announced four-year contract has been amended from 1Q 2026 to 1Q 2027.

Letter Of Intent

Letter of intent signed in February 2026 with NMDC Energy for Normand Tonjer. Area of operation will be Asia- Pacific. The contract has a duration of 225 days, including mobilization, and will commence operations in April 2026.

13. Profit & Loss Allocation

The Board proposed that the following distribution is made for the parent company:

** In January 2024, the Refinancing of Solstad Offshore ASA was successfully completed. Refer to note 3.

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Corporate Governance

The Board of Directors (the “Board”) of Solstad Offshore ASA (“Solstad” or “the Company”) is responsible for ensuring that the Company is organized, managed

and controlled in compliance with applicable laws and regulations. It is the Board of Directors’ view that compliance with generally accepted corporate governance guidelines is important as it contributes towards reduced risk, desired conduct, and fair treatment of all stakeholders.

The company strives to ensure that its internal control mechanisms, organisation and management structures comply with good corporate governance principles.

Solstad seeks to comply with the Norwegian Code of Practice for Corporate Governance the “Corporate Governance Code” or “the Code”), last revised 28 August 2025, which is available at the Norwegian Corporate Governance Committee’s website www.nues. no .

The following statement explains how Solstad addresses the 15 topics defined in the Corporate Governance Code.

1. Implementation and Reporting

The Board is aware of its responsibility for implementation of internal procedures and regulations to ensure that the Company and its subsidiaries comply with applicable principles for good corporate governance in line with Norwegian and applicable international standards. Good corporate governance is an integral part of the decision- making process in matters dealt with by the Board. Governing structures and controls help to ensure that the policy is enacted upon. The work of the Board of Directors is based on defined division of roles and responsibilities between the shareholders, the Board and management. Solstad has implemented specific set of rules and procedures for the Board of Directors, constituting the governance structure and administrative procedures for their work.