Eidesvik Offshore — Earnings Release 2015

Feb 29, 2016

SOLID OPERATIONAL PERFORMANCE FROM EIDESVIK

SOLID OPERATIONAL PERFORMANCE FROM EIDESVIK

"We are confident with the operational performance in

2015, and the organisations ability to enter into new

contracts in the current difficult market" says

President and CEO Jan Fredrik Meling.

In 4th Quarter 2015 Eidesvik Offshore ASA had

consolidated operating income of MNOK 343,2, whereof

MNOK 92,8 was a gain on sale of the vessels "European

Supporter" and "Viking II" (MNOK 259,4 in the

corresponding period in 2014). Operating profit before

depreciations (EBITDA) was MNOK 232,2 (MNOK 132,0),

and operating profit (EBIT) was MNOK -115,6 (MNOK

22,1) after impariment charge related to vessels of

MNOK -290,0 (MNOK -52,0). Net financial items was MNOK

-84,4 (MNOK -276,8). Profit after tax was MNOK -202,3

(MNOK -252,9).

The group's consolidated operating income per

31.12.2015 was MNOK 1.238,9 including gain on sale

related to the vessels "European Supporter"

and "Viking II" of MNOK 92,8 and a one-off effect as a

consequence of the contract termination for "Vantage"

of MNOK 22,2. (Total operating income pr 31.12.2014

was MNOK 984,7). Operating profit before depreciation

(EBITDA) was MNOK 770,3 (MNOK 492,2), and operating

profit was MNOK 235,2 (MNOK 203,2) after impariment

charge related to vessels of MNOK -290,0 (MNOK 52,0).

Net financial items was MNOK -471,3 (MNOK -433,6).

Profit after tax per 31.12.2015 amounted to MNOK

-239,9 (MNOK -230,6).

The profit in 2015 is significantly positive

influenced by profit from the Construction vessel

Viking Neptun that was delivered in the beginning of

2015. Two Supply vessels have partly been traded in

the spot market, and several have been laid up which

had negative influence on the profit. Net realized and

unrealized currency on loan and derivatives have been

recorded with a total loss of MNOK -329 in 2015.

In addition to ordinary depreciation, an impairment of

MNOK 290 has been recorded on the company's fleet of

supplyvessels.

Eidesvik Offshore ASA will present the 4th Quarter

2015 report and the preliminary annual accounts 2015

on the 1st of March 2016 at 08:30am.

The presentation will take place in the Norwegian

ship owners Association`s office in Oslo,

Rådhusgaten 25, meeting room at the 6th floor.