Eidesvik Offshore — Interim / Quarterly Report 2022

May 20, 2022

PRESENTATION 1ST QUARTER 2022 MAY 20, 2022

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.

Neither the Company's nor any of its affiliates (nor any department in any of those entities), nor any such person's directors, officers, employees, advisors or representatives (collectively the "Representatives"), in any capacity, shall have any liability whatsoever arising directly or indirectly from the use of this presentation, including (but not limited to) as a result of any liability for errors, inaccuracies, omissions or misleading statements in this presentation.

Operational highlights in 1st Quarter 2022

On January 12, 2022, Eidesvik Neptun AS, a subsidiary of Eidesvik, entered into a Memorandum of Agreement ("MoA") with Dredging, Environmental and Marine Engineering NV ("DEME"), for the sale of the CSV Viking Neptun.

The MoA is expected to complete in the 4th Quarter of 2022, post completion of the ongoing contract with Havfram.

The reversal of previous impairments and expected gain from the sale will significantly increase shareholders' equity in the consolidated accounts when the vessel is delivered to the buyer.

Operational highlights in 1st Quarter 2022

• Viking Prince, Viking Lady and Viking Wind Power were upgraded with battery hybrid systems during the Quarter. All three vessels have been assigned the Battery Power notation from DNV.

Operational highlights in 1st Quarter 2022

• Eidesvik was awarded a contract with Equinor Energy AS for the PSV Viking Prince. The firm period is six months with options for further extensions. The contract commenced in April 2022.
• Eidesvik was awarded a contract by PXGEO UK Ltd under the Master Time Charter Agreement for Subsea Viking. The contract commenced ultimo April 2022, in direct continuation of the existing stand-by contract. The firm period is 100 days with options for extensions.
• Eidesvik was awarded a bareboat contract for 100 days with options for extensions with an undisclosed 3rd party operator for Veritas Viking. The vessel commenced the bareboat contract ultimo April 2022.

Sustainability Report

For Eidesvik, sustainability is a strategic imperative for generating longterm value. We assess environmental, social and corporate governance issues and risks for all parts of our business and operations.

As a central part of our strategy, sustainability is anchored with the Board of Directors and the Executive Management Team.

KEY HIGHLIGHTS:

Contract coverage incl. JV's 31.03.2022

Option Firm

Contract Status

Firm contract Option

Contract Backlog 31.03.2022

Consolidated total contract backlog Q1 2022 is MNOK 876 (incl. all new contracts per May 19, 2022).

• Stable demand for PSVs in the North Sea Market in Q1 2022 compared to Q1 2021 and Q4 2021.
• The spot rates improved during the Quarter, but are still volatile.

• We maintain our optimistic outlook for the market for large and environmentally PSV friendly PSVs in the North Sea fleet.

• The trend of increasing rates and utilization levels continued for the subsea segment during Q1 2022.

• The increased activity in the subsea market, in combination with higher activity in the offshore wind market, increases the demand for small and medium size subsea vessels being converted for the wind-market.
• The market consensus is currently that there will be a shortage of available SOVs towards the end of the decade.
• Our outlook for this segment remains positive.

• We experience increased tender activities in the ocean bottom seismic segment which may indicate that the activity level will increase for this segment as well. Seismic

Balance sheet (in million NOK)

Cash Flow (in million NOK)

	Q1 2022	Q1 2021	2021
Net cash flow from operating activities	3,0	(38,1)	177,1
Net cash flow from investment activities Net cash flow from finance activities	(65,0) (65,3)	250,7 (90,2)	228,5 (504,4)
Net changes in cash holdings	(127,2)	122,5	(98,8)
Cash at beginning of period Cash at end of period	330,4 203,2	429,2 551,6	429,2 330,4

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

Cash flow from investment activities in 1st Quarter 2022 is mainly related to the yard stay for Viking Prince, Viking Lady and Viking Wind Power. Battery hybrid systems have been installed on board all three vessels.

*Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale.

Results 1st Quarter 2022

(in million NOK)

130 110 107 7 3 0 50 100 150 2020 2021 2022

Operating revenue Q1

EBITDA Q1 2022 vs. Q1 2021 (MNOK -8.3):

Supply: Increase of freight income of MNOK 6.0, increase of total operating expenses of MNOK 5.5. Net increase of MNOK 0.4.

Subsea/Wind: Decrease of freight income of MNOK 9.4, increase in the total operating expenses of MNOK 1.0. Net decrease in EBITDA of MNOK 10.4.

Seismic: Increase of freight income of MNOK 2.7, increase in the total operating expenses of MNOK 1.2. Net increase in EBITDA of MNOK 1.5.

Of other freight income and operating expenses is the change in EBITDA a increase of MNOK 0.2.

EBITDA Q1

EBIT Q1*

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2022: MNOK 0, 2021: MNOK 33.9, 2020: MNOK 0)

Segments

Incl. Share of Joint Ventures (in million NOK)

1st Quarter 2022	Seismic	Subsea/Wind	Supply	Other
Revenue	2.5	53.3	61.3	5.1
EBITDA	-2.3	9.3	9.9	-8.0
EBIT	-6.0	-3.1	-9.8	-9.2
EBITDA margin	-92%	17%	16%	N/A
EBIT margin	-237%	-6%	-16%	N/A

1st Quarter 2021	Seismic	Subsea/Wind	Supply	Other
Revenue	0	62.3	55.4	4.8
EBITDA	-3.8	21.1	9.5	-8.1
EBIT	-58.4	6.1	-10.9	-9.6
EBITDA margin	N/A	34%	17%	N/A
EBIT margin	N/A	10%	-20%	N/A