Eidesvik Offshore - Earnings Release 2016

FINANCIAL REPORT 3RD QUARTER 2016

In 3rd Quarter 2016 Eidesvik Offshore ASA had

consolidated operating income of MNOK 201,4 (MNOK

308,7 in the corresponding period in 2015). Operating

profit before depreciations (EBITDA) was MNOK 96,2

(MNOK 193,2), and operating profit (EBIT) was MNOK

-163,4 (MNOK 131,1) after an impairment on the

company's vessels of MNOK 205,3. Net financial items

was MNOK 18,0 (MNOK -208,5). Profit after tax was MNOK

-143,3 (MNOK -78,4).

The group's consolidated operating income per

30.09.2016 was MNOK 574,7. (Total operating income pr

30.09.2015 was MNOK 895,7 including termination fee

for the "Vantage" contract of MNOK 22,2). Operating

profit before depreciation (EBITDA) was MNOK 279,7

(MNOK 538,1), and operating profit was MNOK -87,9

(MNOK 350,8) after an impairment on the company's

vessels of MNOK 205,3. Profit from joint ventures of

MNOK 61,7 (MNOK 59,3) is mainly related to operation

of the two seismic vessels "Oceanic Vega", "Oceanic

Sirius" and the subsea vessel "Seven Viking". Net

financial items was MNOK 37,4 (MNOK -386,8).

Based on the weak outlook to revenues in the supply

segment it is pr 30.09.2016 decided to recognize an

impairment charge of MNOK 205,3 for 7 of the vessels

in the segment. The assessment is based on value in

use of the vessels.

Profit after tax per 30.09.2016 amounted to MNOK -50,6

(MNOK 37,6), whereof MNOK -65,3 (MNOK 13,4) was profit

after minority interests. This gave a profit per share

of NOK -2,17 (NOK -0,45 ).

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

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