CONTINUED SOLID PERFORMANCE FROM EIDESVIK OFFSHORE

Profit after tax for the 1st quarter of 2010 NOK -

43,0 mill; strongly influenced by unrealized loss on

USD loan and other financial instruments of NOK 68,3

mill. This is caused by a stronger USD and a decrease

in US interest rates.

Operating result before depreciations (EBITDA) for

the 1st quarter of 2010 was NOK 131,0 mill against

last year's NOK 284,1 mill. The EBITDA for last year

includes a gain on sale of vessel of NOK 134,9 mill.

Freight income was NOK 267,9 mill, which is on the

same level as last year adjusted for change in

currency between NOK and USD.

"We are delighted to see that, even if the offshore

service industry is struggling with low utilization

and low rates, Eidesvik's pursue for long term

contracts with solid charterers gives good results

also in a weaker market", says CEO Jan Fredrik Meling.

Enclosed please find the 1st Quarter 20109 report for

Eidesvik Offshore ASA on www.newsweb.no

Contact CEO Jan Fredrik Meling, tel (+47)91 67 51 19

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