Edda Wind AS — Investor Presentation 2022

Aug 17, 2022

Edda Wind ASA

QUARTERLY PRESENTATION

Q2 2022

17 August 2022

Disclaimer

Cautionary note regarding forward-looking statements

This presentation, prepared by Edda Wind ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Edda Wind Group and/or the offshore wind industry. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forwardlooking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provide any assurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

Edda Wind

In brief

• ➢ Pure play market leader in offshore wind
• ➢ Expected market growth of 5x next 8 years
• ➢ 2 vessels in operation and 7 newbuilds
• ➢ Very attractive yard prices as newbuild prices increase significantly
• ➢ Newbuilds prepared for zero emission
• ➢ Balanced contract portfolio with 6 vessels contracted and 3 uncommitted
• ➢ No technology risk as vessels can serve all types of turbines

Right capabilities to target the global wind market

Uniquely positioned with competitive advantages along several dimensions

Focused company with the right set of capabilities Position across the value chain in a global market

Dedicated state-of-the-art offshore wind vessels

• Purpose-built offshore wind vessels based on Edda Wind's specifications and know-how
• The next generation of offshore wind service vessels with proven and consistent performance for clients

Sustainability at the very center of the strategy

• Strategy exclusively focusing on the offshore wind industry (renewable energy)
• Newbuilds with a minimum of 30% GHG reduction and prepared for zero-emission operations

Growing portfolio of clients with large potential

• Relationships with clients having significant offshore wind ambitions and ability to expand customer base
• Leveraging Østensjø's deep network and track-record in positioning vessels to win contracts worldwide

Extensive experience and resource pool

• Østensjø to perform ship management and provide corporate services to Edda Wind
• Access to the extensive competence pool in maritime operations and technology from its major shareholders

Already actively considering opportunities in all key offshore wind hubs

Europe	Asia	US
5 contracts won,	Active dialogues with	Active dialogues with
active dialogues with	new and existing	new and existing
the clients	clients/partners	partners

The leading pure-play C/SOV provider globally

Utilizing early-mover advantage to build a state-of-the-art C/SOV fleet in a rapidly growing market

The #1 pure-play C/SOV provider globally³ with State-of-the-art fleet combined with leading contracting capabilities poised for growth a strong backlog and growth trajectory

State-of-the-art fleet addressing both the installation & commissioning and O&M phase

Balanced fleet strategy with ambition to secure long-term cash flow and dividend capacity

In active tender dialogues for the available vessels in a very strong market with limited free capacity

Source: Company information; press releases; Clarksons Platou AS

1) Market entry = First C/SOV contract won 2) Includes experience and gangway operations perfomed by Østensjø Rederi 3) Based on total of C/SOV vessels in operation and under construction 4) Ta San

Shang Marine, a JV between Ta Tong Marine and Mitsui O.S.K. Lines

Number of turbines principal driver of C/SOV demand

Source: BNEF; IRENA; Rystad Energy; Clarksons Platou AS

186

600

^{000 33 660 34 333 35 020}

737

632

^{000 43 860}

Supply: Limited available capacity

Source : Clackson Platou

Market increasingly turning to purpose-built Tier 1 vessels

Offshore wind service vessel fleet overview Tier 1 vessels benefit from lower operating costs

1) 17 vessels on order including Edda Wind newbuilds 2) Based on # of total vessels in operation and under construction Source: Clarksons Platou AS; Company information

Highly attractive backlog and financial profile

Total backlog of EUR 476m in place (firm backlog of EUR 289m) 1

⁹ vessels in total fleet incl. under construction

25 % 27 % 24 % 7 % 17 %

Revenue backlog per client¹

1) The total revenue backlog comprises firm contracts as well as contractual options. The «firm» backlog are contracts which have been entered into with customers, and these contracts can be cancelled by customers under given circumstances and are in general subject to certain terms and conditions. "Options" are options to extend firms contracts, and such options can be extended at the discretion of the respective customer. As such, the "option" backlog is subject to such extensions. The backlog includes the contribution from vessel day rates as well as victualling revenue for certain additional services onboard. This definition applies to all references to backlog in this presentation. Numbers as of 2023 10

Six of eleven vessels on contract

7 newbuilds at attractive prices

Delivering on a broad scope of work for its clients

Edda Wind works actively with clients & yards to stay ahead by delivering the features of tomorrow

Capable of personnel- and cargo transfers in harsh environments

Minimal manual handling of cargo and goods

Efficient workflow and deck utilization for technicians

Level-free environment / stepless approach

High comfort and welfare – single outside cabins for all in the SOVs, 86 cabins in the CSOVs

Fuel efficient and low emission – zero-emission ready

Focused design philosophy Safely delivering all aspects to operation & crewing of the vessel

Environmentally friendly fleet – prepared for zeroemission

Low carbon footprint

15

• ✓ Strategy exclusively focusing on renewable energy
• ✓ Newbuilds equipped with an energy efficient battery hybrid propulsion system
• ✓ Newbuilds with a minimum of 30% GHG reduction compared to the previous generation offshore wind service vessels

Prepared for zero-emission

• ✓ Newbuilds prepared for zero-emission operations without compromising operational capabilities
• ✓ LOHC will deliver full operational cycles with zero GHG emissions
• ✓ No compromise on safety, logistics or endurance ensuring client operations run smooth

✓ Standard for the next generation of offshore wind service vessels set by Edda Wind

Future-proof design

• ✓ Option to transform to zero-emission propulsion at a competitive cost
• ✓ Edda Wind aims to operate first zero-emission C/SOV from 2025

Key financials

Income statement

Operating revenue and operating expenses (EUR 1 000)	Q2 2022	Q2 2021	1H 2022	1H2021	Full year 2021
Total operating income	6 892	6 520	13 660	10 886	24 416
Total operating expenses	(5 059)	(4 545)	(9 923)	(6 744)	(18 234)
Operating profit before depreciation	1 833	1 975	3 737	4 142	6 182
Depreciation	(802)	(793)	(1 618)	(1 571)	(3 169)
Operating profit	1 031	1 183	2 119	2 570	3 013
Financial income / (expense)	(464)	(790)	(769)	(998)	(772)
Profit / (loss) before tax	567	393	1 350	1 573	2 242
Profit / (loss) for the period	567	393	1 350	1 573	2 242

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

Comments Q2 2022

• Strong demand growth, estimated +250 vessels required by 2030, excluding China. Far exceeding existing tonnage and order book of totally 49 vessels.
• Increasing rates as oil & gas tonnage exits the offshore wind market.
• 99,6 % utilization Q2 2022.

Key financials

Balance sheet

ASSETS (EUR 1000)	30.06.22	30.06.21	31.12.21
Non-current assets
Deferred tax asset	-	38	23
Vessels	70 126	73 186	73 611
Newbuildings	176 167	77 422	131 077
Machinery and equipment	-	3	3
Total non-current assets	246 293	150 649	204 715
Current assets
Account receivables	3 975	3 330	3 575
Other current receivables	799	-	-
Other current assets	6 466	20 887	7 791
Financial derivatives	50	-	-
Cash and cash equivalents	74 702	24 068	89 520
Total current assets	85 992	48 285	100 886
Total assets	332 286	198 934	305 602

Comments Q2 2022

• Equity ratio : 55,5 %
• Net Interest-Bearing Debt : EUR 62,3 mill

EQUITY AND LIABILITIES (EUR 1000)	30.06.22	30.06.21	31.12.21
Equity
Share capital	644	9	644
Other paid-in capital	-	-	-
Share premium	116 128	-	116 128
Other equity	67 548	65 965	67 560
Total equity	184 320	65 973	184 332
Non-current liabilities
Non-current interest-bearing debt	134 629	98 542	110 545
Total non-current liabilities	134 629	98 542	110 545
Current liabilities
Account payables	2 740	826	1 555
Financial derivatives	-	412	91
Taxes payable	23	50	-
Public duties payable	100	33	96
Current interest-bearing debt	8 919	4 707	6 951
Loan from related parties	-	27 318	-
Other current liabilities	1 553	1 070	2 031
Total current liabilities	13 335	34 419	10 724
Total equity and liabilities	332 286	198 934	305 602

Attractive financing in place

Key debt financing information

~EUR 110 mill. Senior Secured Term Loan Facility

• Semi-annual amortisation 12-year profile
• GBP 35.4m for Passat/Mistral
  • ECA tranche GBP 18.8m
  • Commercial tranche GBP 16.6m with GBP 7.1m balloon Dec-26/Jan-27
• EUR 55.2m pre- and postdelivery financing C416/C490
  • EUR 39.1m balloon payment Dec-26/Jan-27
• Contract tranche up to EUR 13.8m
  • Repayment over firm contract period, latest Dec-26/Jan-27
• Outstanding per Q2 2022 EUR 64 mill

EUR 38.0m Private Placement

• Semi-annual amortization based on annuity style profile with balloon payment at maturity in Sep '31
• Outstanding per Q2 2022 EUR 38 mill

GBP 36.0m Private Placement

• Quarterly amortization based on annuity style profile with balloon payment at maturity in Apr '37
• Outstanding per Q2 2022 (equiv.) EUR 42 mill

Debt amortization schedule EURm

4

-

Amortization Balloon

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031->

Summary

Leading offshore wind service vessel company with a proven track-record 1

State-of-the-art fleet at fixed and attractive yard prices 2

Strong backlog of EUR 476 m supporting cash flow visibility and dividend capacity 3

Attractive and competitive newbuild program of 2 SOVs and 5 CSOVs – prepared for zero-emission operations 4

Sharply increasing demand for top tier C/SOVs

Highly experienced management supported by reputable owners 6

Photo : Gondan

Investor Relations

Questions & comments to :

Mr. Kenneth Walland, CEO Tel +47 916 93 418 E-mail : kenneth.walland@eddawind.com

Mr Tom Johan Austrheim, CFO Tel +47 982 09 873 E-mail : tom.johan.austrheim@eddawind.com

Thank you!

Q & A