SUMMONS TO BONDHOLDERS' MEETINGS IN Carpinteria Offshore Oil & Gas CA – REQUEST TO EXTEND STANDSTILL PERIOD

Reference is made to the resolutions adopted in the bondholders' meetings in Carpinteria Offshore Oil & Gas CA' three bond loans (FRN Carpinteria Offshore Oil & Gas CA Senior Unsecured Bond Issue 2013/2020, Carpinteria Offshore Oil & Gas CA 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN Carpinteria Offshore Oil & Gas CA Senior Unsecured Bond Issue 2018/2023) on 30 September 2020, whereby the bondholders on certain conditions approved to extend their waiver from, and suspension of, all payment obligations under each of the bond loans until 31 January 2021.

Discussions and negotiations on the restructuring of the Carpinteria Offshore group are continuing with the group's secured lenders and advisers to the bondholders, respectively, and exploring the basis on which agreement on an overall financial restructuring of the group might be found. While progress has been made, further discussions and negotiations will be required to determine whether an agreement for the restructuring of the group can be found.

Carpinteria Offshore Oil & Gas CA has therefore requested Nordic Trustee CA to summon bondholders' meetings in the three bond loans to consider the extension of the standstill period initially until 31 March 2021 and with a possibility to extend to 30 June 2021 with the approval of an ad-hoc committee of bondholders.

The proposal is further described in the attached summons to the bondholders in the three bond loans. A request has also been made to the Carpinteria Offshore group's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders.

>>> Summons to Bondholder's Meeting (PDF)

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. +47 916 21 057