Edda Wind AS — Investor Presentation 2022

Feb 15, 2022

Edda Wind ASA

QUARTERLY PRESENTATION

Q4 2021

15 February 2022

Disclaimer

Q4 2021 presentation

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 offhore 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.

Highlights

Q4 2021 presentation

Secured a 5-year charter with Siemens Gamesa from 2023, adding another industry major as a long term client

2

Secured a 5-year abt EUR 110 million ECA-supported green credit facility, financing existing vessels and newbuilds with delivery up to Q3 2023

54% growth in freight income compared to same quarter 2020 as a third vessel entered the fleet in April 2021

No technical downtime

Source: Company information; Østensjø Rederi

Six out of eleven vessels on contract

Q4 2021 presentation

Highly attractive backlog and financial profile

Total backlog of EUR 467m in place (firm backlog of EUR 323m) 1

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 Q4 2021 6

34

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Fleet configuration to meet the entire value chain

SOVs and CSOVs hold different and complementary characteristics

SOVs and CSOVs differ in gangway flexibility, accommodation capacity, contract type/length, target segment and degree of tailoring to specific wind farms

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

Successful execution of offshore wind operations

Significant track-record from serving offshore wind farms across Europe

Source: Company information; Østensjø Rederi

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1) Excluding planned maintenance, 2) Edda Wind and Østensjø Rederi combined

Environmentally friendly fleet – prepared for zero-emission

• ✓ 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

Low carbon footprint Prepared for zero-emission Future proof design

• ✓ Newbuilds prepared for zero-emission operations without compromising operational capabilities
• ✓ Working on developing new technologies based on hydrogen stored as LOHC as energy source

• ✓ Preparations for zero-emission propulsion systems supported by Enova

• ✓ The next generation of offshore wind service vessels

• ✓ Option to transform to zero-emission propulsion at a competitive cost
• ✓ Vessels designed in close cooperation with Østensjø Rederi, leveraging the extensive offshore experience

Key factors enabling excellence in execution

11 1) In-house project development delivered by Østensjø 2) Edda Wind and Østensjø Rederi combined

3) As at 31/12/21

Strong fundamentals and outlook for C/SOVs

Favourable supply/demand balance resulting in an expected uplift in economics

Projected strong growth in # of turbines globally

…and C/SOV economics expected to edge up

Strong activity with several ongoing discussions

Edda Wind actively working with new commercial opportunities

Strong tendering activity in the O&M segment – with significant potential going forward

Typical tendering process for SOVs lasting up to 3 years including the vessel construction phase²

Request for Information	Request for Quote	Evaluation	Construction
4 weeks	8-10 weeks	4-6 months	24-26 months
4 weeks deadline	8-10 weeks deadline for submission of tender	Award 4-6 months after submission	Building period 24-26 months from award
Wide range in level of details requested by the client	All aspects related to the contract to be considered, from crew qualifications to vessel design and financials	Discussions and revisions of the offer during the period	Design to be optimized, building contract finalized and a monitoring project team to be established

1) All numbers are excluding China. Source: Clarksons Platou AS 2) Source: Company information ¹³

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Attractive financing in place

Q4 2021 presentation

Key debt financing information Debt amortization schedule¹

EUR 38.0m Private Placement

• Semi-annual amortization based on annuity style profile with balloon payment at maturity in Sep '31
• Outstanding per Q4 2021 EUR 32,5 mill

GBP 36.0m Private Placement

• Quarterly amortization based on annuity style profile with balloon payment at maturity in Apr '37
• Outstanding per Q4 2021 (equiv.) EUR 43 mill

1) As of 31/12/21 Note: The Company expects debt financing for the newbuilds of 50-60% of the newbuild cost in line with the communicated financing strategy

Income Statement

Q4 2021 presentation

EUR1000

OPERATING REVENUE AND OPERATING EXPENSES	Q4 2021	Q 4 2020	Full Year 2021	Full Year 2020
Freight income	6690	4345	23 933	17480
Other operating income	131	98	484	398
Total operating income	6821	4443	24 4 16	17878
Payroll and remuneration	(2077)	(1719)	(7320)	(6524)
Other operating expenses	(4364)	(1424)	(10914)	(3505)
Total operating expenses	(6441)	(3143)	(18234)	(10028)
Operating profit before depreciation	380	1300	6182	7849
Depreciation	(802)	(753)	(3169)	(3060)
Operating profit	(422)	547	3013	4789
Financial income/(expense)	696	(184)	(772)	(1758)
Profit/(loss) before tax	274	363	2242	3 0 3 1
Tax (income)/expense	۰	18	۰	18
Profit/(loss) for the year	274	345	2242	3 0 1 3
Basic / diluted earnings per share in EUR	0.01	0.01	0.06	0.09

Balance Sheet

Q4 2021 presentation

EUR1000

ASSETS	31/12/21	31/12/20
Non current assets
Deferred tax asset	23	23
Vessels	73 611	71 431
Newbuildings	131 0 77	35 957
Machinery and equipment	з	з
Total non current assets	204 715	107415

Current assets
Account receivables	3575	3023
Other current assets	7791	34 174
Cash and cash equivalents	89 520	6 715
Total current assets	100886	43 913
Total assets	305602	151 327

EQUITY AND LIABILITIES	31/12/21	31/12/20
Equity
Share capital	644	9
Share premium	116 128
Other equity	67560	63 174
Total equity	184332	63183
Non current liabilities
Non current interest-bearing debt	110 545	79 330
Total non current liabilities	110 545	79330
CURRENT LIABILITIES
Account payables	1555	1751
Financial derivatives	91	598
Taxes payable		48
Public duties payable	96	32
Current interest-bearing debt	6951	4497
Other current liabilities	2031	1889
Total current liabilities	10724	8814

Highlights

Q4 2021 presentation

Secured a 5-year charter with Siemens Gamesa from 2023, adding another industry major as a long term client

2

Secured a 5-year abt EUR 110 million ECA-supported green credit facility, financing existing vessels and newbuilds with delivery up to Q3 2023

54% growth in freight income compared to same quarter 2020 as a third vessel entered the fleet in April 2021

No technical downtime

Q4 2021 presentation

Thank you!