Eidesvik Offshore — Investor Presentation 2016

Nov 15, 2016

Presentation3rd Quarter 2016

Oslo 15.11.2016 CEOJan Fredrik Meling

News in3rd Quarter 2016

Statoil has awarded the supply vessel Viking Prince ^a 6 month contract. Terms are in accordance with current market conditions. commencement is ultimo August 2016.

News in3rd Quarter 2016

Entered into an agreement for sale of the Platform Supply Vessel Viking Nereus (UT 755L built 2004). An impairment loss of MNOK ⁵⁵ is recognized in 3r^d quarter 2016. The vessel was delivered to new owners in October.

Newsafter 30.09.2016

Entered into agreement with CGG to terminate contract for Viking Vision. Original contract expiry was July 2017. Payment of the charter rate will continue to until original contract expiry.

Newsafter 30.09.2016

Awarded two contracts from CGG for the seismic vessels Vantage and Veritas Viking. The vessels shall be employed as source vessels. The contracts are 180 days firm each with further options. Contracts commencement areprimo January 2017.

The Vantage and the Veritas Viking have been in lay‐up respectively since August 2014 andNovember 2015.

3rdQuarter 2016 results

(3rd Quarter 2015)

R e e n e s v u	M N O K 2 0 1, 4	( ) 3 0 8, 7
E B I T D A	M N O K 9 6, 2	( ) 1 9 3, 2
f O i i t t p e r a n g p r o	O 6 3, M N K 1 4 ‐	( ) 3 1 1, 1
f i P t t r e‐ a x p r o	M N O K 1 4 5, 5 ‐	( ) 7 7, 4 ‐

Q3 2016 profits influenced by impairment of vessels of MNOK ‐205,3 (0) and agio of MNOK 53,3 (‐168,4)

Results 3rdQuarter 2016

(in million NOK)

Operating revenue Q3

EBITDA

The results in3rd Quarter compared to last year are influenced of:

‐Impairment related to 7 PSV's totaling MNOK 205,3

‐Thesubsea vessel "Viking Neptun" was operated on lower rate in 2016.

• ‐"Viking Poseidon" contract terminated in Q2 2016
• ‐"Acergy Viking" and "Veritas Viking" without contract from 2015

‐PSV's "Viking Prince", "Viking Lady" and "Viking Athene" operated on weaker rates

‐"European Supporter" and "Viking 2" sold

‐"Vantage" in lay‐up after contract termination in Q1 2015 EBITQ3

Q3

Resultspr 30.09.2016

(in million NOK, Gain on sale and termination fee excluded)

2014 2015 2016

The results YTDcompared to last year are influenced of:

‐Impairment related to 7 PSV's totaling MNOK 205,3

‐The subsea vessel "Viking Neptun" was operated on lower rate in 2016.

‐"Viking Poseidon" contract terminated in Q2 2016

‐"Acergy Viking" and "Veritas Viking" without contract from 2015

‐PSV's"Viking Prince" and "Viking Lady" operated on weaker rates

‐"European Supporter" and "Viking 2" sold

‐"Vantage" in lay‐up after contract termination in Q1 2015

EBITDAYTD

Cash Flow(in million NOK)

	3 d Q t r u a r e r	d Q 3 t r u a r e r	1. 1-	1. 1-
	2 0 1 6	2 0 1 5	3 0 0 9 2 0 1 6	3 0 0 9 2 0 1 5	5 2 0 1
f f N h l i i i i t t t t e c a s o w r o m o p e r a n g a c v e s	6 9 8 ,	1 6 0 6 ,	2 0 4 4 ,	3 9 0 7 ,	6 4 0 0 ,
N h f l f i t t t e c a s o r o m n e s m e n w v
i i i t t a c v e s	( 1 3 6 ) ,	( ) 1, 1	2 5 ,	( ) 9 2 3 2 ,	( 0 6 ) 7 7 ,
f f f N h l i i i i t t t e c a s o w r o m n a n c e a c v e s	( ) 1 3 4 7 ,	( ) 1 3 5 5 ,	( 5 ) 3 6 8 ,	4 0 4 9 ,	2 1 9 4 ,
N h i h h l d i t e c a n g e s n c a s o n g s	( ) 7 8 5 ,	6 0 ,	( ) 1 5 8 9 ,	( 1 2 6 ) 7 ,	1 5 2 7 ,
C h b i i f i d t a s a e g n n n g o p e r o	6 2 1, 9	4 1 6 0 ,	0 2 3 7 ,	5 4 9 6 ,	5 4 9 6 ,
C h d f i d t a s a e n o p e r o	5 4 3 4 ,	4 2 2 0 ,	5 4 3 4 ,	4 2 2 0 ,	7 0 2 3 ,

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)

d 3r Q 2 0 1 6 te ua r r	ism ic Se	bs Su ea	ly Su p p	he O t r
Re ve nu e	7 2, 3	1 1 0, 3	6 5, 6	4, 4
E B I T D A	7 0, 1	5 3, 7	2 0, 7	‐4 7 ,
E B I T	4 4, 3	1 3, 7	‐2 1 0, 4	‐5 2 ,
in E B I T D A m ar g	% 9 7	% 4 9	% 3 2	/ N A
I in E B T m ar g	6 1 %	1 2 %	* ‐8 %	/ N A

d 3r Q 2 0 1 5 te ua r r	Se ism ic	bs Su ea	ly Su p p	he O t r
Re ve nu e	7 6, 3	1 8 1, 3	9 6, 9	5, 3
E B I T D A	7 2, 1	1 2 0, 6	4 5, 3	‐1 3 ,
E B I T	4 3, 0	7 9, 9	1 5, 6	‐1 7 ,
E B I T D A in m ar g	9 4 %	6 7 %	4 7 %	/ N A
in E B I T m ar g	% 5 6	% 4 4	% 1 6	/ N A

*Excl.impairment

Market

We do not see any improvement in the market segments where the company is exposed in the short term. The Boardexpect 2017 to be ^a difficult year within all segments.

The PSV segment is still characterized of excess supply and companies accepting contracts at day rates below operational expenses. We think ^a significant number of vessels must be retired from the PSVmarket on ^a permanent basis in order to see ^a market improvement.

The activity in the global seismic market is still on ^a low level, with many vessels being laid up. The improvement of this segment is conditional on when the oil companies will restart exploration in order toreplace their diminishing reserves.

The subsea market is still the segment where we have most confidence. However, in the short‐ and medium‐ termthe subsea market will remain challenging.

Thanks forYour attention!