Eidesvik Offshore — Capital/Financing Update 2017

Mar 15, 2017

Sale of Viking Poseidon completed - Closing condition fulfilled for proposal for full settlement of Eidesvik Offshore ASA Senior Unsecured Bond Issue 2013/2018 at 60% of par value

Sale of Viking Poseidon completed - Closing condition fulfilled for proposal for full settlement of Eidesvik Offshore ASA Senior Unsecured Bond Issue 2013/2018 at 60% of par value

Reference is made to Eidesvik Offshore ASA's (the "Company")

stock exchange notice dated 1 March 2017 regarding the

Company's proposal for full settlement of Eidesvik Offshore

ASA Senior Unsecured Bond Issue 2013/2018 (the "Bond Loan")

at 60% of par value and summons to a bondholder meeting for

the Bond Loan.

As described in the stock exchange notification, the

proposal is subject to (a) the bondholders' meeting's

acceptance of the proposal and (b) the Company having

received the sales proceeds in full from the sale of Viking

Poseidon within three business days prior to the applicable

back stop date 31 March 2017. The Company has today received

the sales proceeds in full from the sale of Viking Poseidon

and the proposal is consequently only subject to approval

from the bondholders to be addressed in a bondholders'

meeting 16 March 2017. As previously announced, the Company

has received irrevocable voting undertakings from holders of

approximately 67.6% of the bonds in the Bond Loan in favour

of the proposal.

Provided that the proposal is approved by the bondholders'

meeting on 16 March 2017, the record date for full

settlement of the Bond Loan will, as set out in the summons

to the bondholders' meeting, be set to end of business 16

March 2017. Payment and full settlement of the Bond Loan

will in such case be expected to be carried out 20 March

Contact: CEO Jan Fredrik Meling (TEL +47 916 75 119)

This announcement is subject to disclosure in accordance

with the Norwegian Securities Trading Act section 5-12.