Eidesvik Offshore — Earnings Release 2015

May 13, 2015

REPORT 1ST QUARTER 2015

REPORT 1ST QUARTER 2015

In 1st Quarter 2015 Eidesvik Offshore ASA had

consolidated operating income of MNOK 278,5. In 1st

Quarter 2014 the operating income was MNOK 220,5. This

year a compensation for termination of the "Vantage"

contract is recorded with MNOK 22,2. Operating profit

before depreciations (EBITDA) was MNOK 167,1 compared

to MNOK 88,6 last year. Operating profit (EBIT) was

MNOK 106,1 compared to MNOK 26,6 last year. Profit

after tax was MNOK -103,9 (MNOK 32,7).

The profit in the Quarter is significantly influenced

by realized and unrealized currency on loan and

derivatives, that amount to a loss of MNOK -137,7.

Last year a profit of MNOK 28,7 was recorded on these

items.