Eidesvik Offshore — Interim / Quarterly Report 2018

Feb 26, 2019

FINANCIAL REPORT 4th QUARTER 2018

FINANCIAL REPORT 4th QUARTER 2018

RESULTS

In 4th Quarter 2018 Eidesvik Offshore ASA had consolidated operating income of MNOK 145.0 (MNOK 133.0 in the corresponding period in 2017). Operating profit before depreciations (EBITDA) was MNOK 48.3 (MNOK 33.3), and operating profit (EBIT) was MNOK -14.3 (MNOK -158.9). Profit from Joint Ventures was MNOK -8.1 (MNOK -24.6). Net financial items was MNOK -72.8 (MNOK -61.6). Profit after tax was MNOK -88.3 (MNOK -221.1). The quarter result is affected of low rates in all three segments, as expected.

NEWS IN 4th QUARTER 2018

Eidesvik was awarded a contract for Viking Neptun for term work with Ocean Installer AS during two periods with commencement early 2020 and 2021 respectively.

The current contract with Merkur Offshore for “Viking Neptun” was extended to mid May, with further optional extensions (the contract was, in February 2019, further extended to ultimo June with further optional extensions).

The contract with Siemens Gamesa for the charter of “Acergy Viking” was extended by one additional year and is now firm until end January 2021 with options until end April.

Eidesvik entered into a contract with a CGG subsidiary for “Veritas Viking”. The contract commenced ultimo November 2018, and is firm for five months with further options.

SUBSEQUENT NEWS

Contract award with undisclosed client for “Viking Prince”. Duration is approx. 3-5 months, with commencement spring 2019.

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