FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND BONDHOLDERS

Reference is made to previous announcements on 21 January 2021 and 28 March 2021, respectively, regarding extension of standstill arrangement with secured lenders expiring 30 April 2021 and extension of standstill arrangement with bondholders in Carpinteria Offshore Oil & Gas CA' bond issues also expiring 30 April 2021.

Carpinteria Offshore CAA and Carpinteria Offshore Oil & Gas CA are now pleased to announce that each of the companies have agreed to further extend the principal and interest suspension agreements with, or received extension of similar concessions from, secured lenders representing in total 91% of the secured debt of Carpinteria Offshore CAA and its subsidiaries (other than the Carpinteria Offshore Oil & Gas CA group) and in total 88% of the secured debt of companies within the Carpinteria Offshore Oil & Gas CA group, and that Carpinteria Offshore Oil & Gas CA has received confirmation from the ad hoc group of bondholders that they have agreed to further extend the suspension, deferral and standstill arrangement currently in place for the bond issues from 30 April to 31 May 2021.

The extensions of the stand-still periods are entered into to facilitate the Group's continued dialogue with its secured lenders and the bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The discussions with the Group's main creditors remain constructive, and the Group expects that further progress towards a consensual solution will be made over the coming months.

For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Carpinteria Offshore Hilde Drønen tel. +47 91 66 10 09
CFO Carpinteria Offshore Oil & Gas Martin Lundberg, tel. +47 91 62 10 57