Eidesvik Offshore — Earnings Release 2021

May 20, 2021

EIOF - Report for 1st Quarter 2021

EIOF - Report for 1st Quarter 2021

Eidesvik Offshore ASA (the "Company") reports its results for the 1st Quarter 2021. The report is attached to this notification and available for download from the Company’s website https://www.eidesvik.no.

HIGHLIGHTS IN 1st QUARTER 2021

- Consolidated EBITDA of MNOK 13.7, compared to MNOK 28.2 in 1st Quarter 2020

- Exercised PUT-option for the shares in Shearwater GeoServices Holding AS. The cash settlement of USD 30 million was received in January 2021

- 5-year contract with Siemens Gamesa Renewable Energy GmbH & Co. KG for Acergy Viking from 2022

- Contract with Aker BP for Viking Prince

- Contract with Seabed Geosolutions for Subsea Viking

- Contract with Equinor for Viking Queen

SUBSEQUENT EVENTS

- Sold and delivered the PSV Viking Athene in April 2021

- Bareboat contract for Veritas Viking

FINANCIAL RESULTS

In the 1st Quarter 2021 the Company had consolidated operating income of MNOK 109.6 (MNOK 136.8 in the corresponding period in 2020). Operating result before depreciations (EBITDA) was MNOK 13.7 (MNOK 28.2). Operating result (EBIT) was MNOK -74.3 (MNOK -18.9). Result from joint ventures was MNOK -1.2 (MNOK 2.5). Net financial items were MNOK -22.1 (MNOK -160.2). Result after tax amounted to MNOK -96.4 (MNOK -179.2).

Bømlo, May 20, 2021

Contacts:

CEO Jan Fredrik Meling (+47 916 75 119)

CFO Tore Byberg (+47 475 09 012)

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.