Eidesvik Offshore — Earnings Release 2017

May 15, 2017

FINANCIAL REPORT 1ST QUARTER 2017

FINANCIAL REPORT 1ST QUARTER 2017

In 1st Quarter 2017 Eidesvik Offshore ASA had consolidated

operating income of MNOK 248,9 (MNOK 193,3 in the

corresponding period in 2016). The revenues includes a

termination fee of MNOK 66,2, and gain on sale of vessel of

MNOK 17,2. Operating profit before depreciations (EBITDA)

was MNOK 158,6 (MNOK 93,6), and operating profit (EBIT) was

MNOK 56,3 (MNOK 40,1) after an impairment of one vessel

after change in the vessel's contract terms of MNOK -66,2.

Net financial items was MNOK 78,8 (MNOK 79,7). Profit after

tax was MNOK 135,1 (MNOK 119,6).

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