Eidesvik Offshore — Earnings Release 2017

Nov 14, 2017

Presentation 3rd Quarter 2017

Oslo 14.11.2017 CEO Jan Fredrik Meling

Disclaimer

This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in an accessible format. The presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that has not been included in the this presentation. No representation or warranty (express or implied) is made or intended to be made as to the accuracy or completeness of any or all of the information contained herein and it should not be relied upon as such. The recipient of this presentation acknowledges that it will be solely responsible for its own assessment of the information.

This presentation contains forward-looking statements. Such forward-looking statements give the Company's current expectations and projections relating to its financial condition, the market in which it operates and the future performance of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future.

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News in 3rd Quarter 2017

Entered into a contract with Adwen for hire of "Viking Neptun" for support work in the market for offshore wind. Contract commencement is mid-October and is 5 months firm with further options.

News after 30.09.2017

Entered into an agreement for contract extension with Siemens Gamesa Renewable Energy for "Acergy Viking" for support work in the market for offshore wind on German sector. The contract is firm to January 2020 and is in direct continuation of the current contract. The charterer has options for extension after the firm contract.

3rd Quarter 2017 results

(3rd Quarter 2016)

Revenues	MNOK 157,0	(201,4)
EBITDA	MNOK 67,6	(96,2)
Operating profit	MNOK -2,3	(-163,4)
Pre-tax profit	MNOK 32,3	(-143,3)

Q3 2017 profits influenced by agio related to debt in foreign currency.

Results 3rd Quarter 2017 (in million NOK, impairments excluded)

309 ^{201 157} 0 100 200 300 2015 2016 2017

Operating revenue Q3

The results in 3rd Quarter compared to last year are influenced of:

• -"Viking Neptun" was operated on lower rate and utilization in 2017.
• -"Viking Poseidon" was sold in Q1 2017
• -"Acergy Viking" on contract in 2017
• -"Subsea Viking" on higher day rate in 2017
• -"Viking Vanquish" rate reduced from 2017
• -"Viking Vision" contract terminated in Q4 2016
• -"Veritas Viking" and "Vantage" on contract from 2017
• -"Viking Lady" and "Viking Athene" laid up in Q4 2016
• -"Viking Avant" operated on lower rate in 2017

EBIT Q3

EBITDA Q3

Results pr 30.09.2017 (in million NOK, impairments excluded)

874 ^{575 466} 22 155 0 300 600 900 2015 2016 2017

Operating revenue YTD

The results in compared to last year are influenced of:

-"Viking Neptun" was operated on lower rate and utilization in 2017.

• -"Viking Poseidon" was sold in Q1 2017
• -"Acergy Viking" not on contract in Q1 2016
• -"Subsea Viking" on higher day rate in 2017

-"Viking Vanquish" rate reduced from 2017, partly compensated in Q1 and Q2 2017

• -"Viking Vision" contract terminated in Q4 2016
• -"Veritas Viking" and "Vantage" on contract from 2017
• -"Viking Lady" and "Viking Athene" laid up in Q4 2016
• -"Viking Avant" operated on lower rate in 2017

EBIT YTD*

2015 2016 2017*

* 2017 is excl. termination fee and gain on sale of MNOK 155, impairment charge of MNOK 89 and one-off effects in Profit from JV of MNOK 213. 2016 is excl. Impairment charge of MNOK 205.

EBITDA YTD

Cash Flow (in million NOK)

	3rd Quarter	3rd Quarter	1.1-	1.1-
	2017	2016	30.09.2017	30.09.2016	2016
Net cashflow from operating activities	26,5	69,8	286,4	204,4	326,9
Net cashflow from investment activities	19,8	(13,6)	395,9	2,5	12,8
Net cashflow from finance activities	(98,2)	(134,7)	(681,5)	(365,8)	(492,2)
Net changes in cash holdings	(51,9)	(78,5)	0,8	(158,9)	(152,5)
Cash at beginning of period	602,4	621,9	549,7	702,3	702,3
Cash at end of period	550,5	543,4	550,5	543,4	549,8

Interest paid is categorized under financing activities, interest received is categorized under operating activities.

Balance (in million NOK)

Segments Incl. Share of Joint Ventures (MNOK)

3rd Quarter 2017	Seismic	Subsea	Supply	Other
Revenue	62,3	93,1	44,7	4,7
EBITDA	49,9	53,5	10,7	-4,8
EBIT	5,1	26,9	-8,4	-5,3
EBITDA margin	80%	57%	24%	N/A
EBIT margin	8%	29%	-19%	N/A

3rd Quarter 2016	Seismic	Subsea	Supply	Other
Revenue	72,3	110,3	65,6	4,4
EBITDA	70,1	53,7	20,7	-4,7
EBIT	44,3	13,7	-5,1	-5,2
EBITDA margin	97%	49%	32%	N/A
EBIT margin	61%	12%	-8%	N/A

	SPOT
LAY UP
LAY UP
LAY UP
LAY UP
LAY UP
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LAY UP

Market

The PSV spot market experienced a good summer season with reasonable rate levels and utilization. We expect the winter season to be tough with fewer rigs in operation and drilling programs coming to an end. Oversupply of PSV's is expected in both the short- and medium term resulting in a difficult market going forward.

In the subsea segment we see an increase in number of vessel requirement for both near-term and mid-term work. The wind market continues to take on subsea tonnage for commissioning and service work. We remain positive to the subsea market in the long term and to the wind market in both medium- and long term.

The seismic market remains challenging, however with some signs of increased activity in the node seismic market.

Thanks for Your attention!