Eidesvik Offshore — Earnings Release 2013

Feb 27, 2014

STEADY COURSE FOR EIDESVIK OFFSHORE

STEADY COURSE FOR EIDESVIK OFFSHORE

Operating profit (EBIT) for Q4 2013 was MNOK 81,0

compared to MNOK 44,0 for the same period last year.

Operating income was MNOK 237,9 compared to MNOK

223,7 for the same period last year. Profit for the

quarter was MNOK 31,8 compared to MNOK 38,5 for the

same period last year.

Operating profit (EBIT) for the whole year 2013 was

MNOK 309,9 compared to MNOK 292,3 for 2012. This

includes recorded gains on sale of vessels of MNOK

50,5 in 2013 and MNOK 78,2 in 2012. The Operating

income for 2013 was MNOK 993,7 compared to MNOK 980,5

for 2012. Profit for 2013 was MNOK 140,9 compared to

MNOK 282,2 last year.

The recorded profit both in the Quarter and in the

whole year is significantly influenced by unrealized

currency loss from loan and derivatives with USD

exposure. For the whole year, an unrealized loss of

MNOK 104,6 is recorded this year compared to an

unrealized gain of MNOK 49,9 that was recorded last

year.

Due to a weak spot market for our PSV's in the North

Sea, Viking Nereus was laid up in the Quarter. We

expect the vessel to be in operation again during 1st

Quarter 2014.

"Eidesvik has during 1st Quarter 2014 entered into a

long term contract with Lundin Norway AS for the

supply vessel Viking Queen. We are very pleased that

we once again have been chosen by Lunding Norway AS,

a company which is in an exciting development phase.

For Eidesvik as a pioneer with the use of LNG as fuel

for its PSVs, we appreciate a lot that Lundin once

again charter in a LNG-fueled PSV to its portfolio";

says Jan Fredrik Meling (CEO).

The Board of Directors will propose to the General

Shareholders Meeting in May 2014 a dividend of NOK 1

pr. share.

Attached is the 4th quarter 2013 report on

www.newsweb.no

Contact: CEO Jan Fredrik Meling, Phone: (+47) 91 67

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