Eidesvik Offshore — Capital/Financing Update 2017

Jan 23, 2017

CHANGE OF CONTRACT

CHANGE OF CONTRACT

Eidesvik and CGG have agreed on changes to the

bareboatcontract for the seismic vessel Viking

Vanquish that expires in November 2020 effective from

January 2017. The dayrate will be reduced for the rest

of the contract. Eidesvik will receive listed senior

notes maturing 2021 and other debt instruments as

compensation.

The reduced dayrate will be taken into consideration

when Eidesvik evaluates the value of the vessel in the

4th quarter 2016 accounts.

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