Eidesvik Offshore — Investor Presentation 2017

Feb 28, 2017

Presentation4th Quarter 2016

Oslo 28.02.2017 CEOJan Fredrik Meling

News in4th Quarter 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.

News in4th Quarter 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.

Awarded new contract with Siemens Wind Power for Acergy Viking. The contract is for 6 months with options. Contract commencement is June 2017. The vessel will be used as accommodation‐, service‐ and maintenancevessel.

Awarded contract extension with Chevron North Sea Ltd for the supply vessel Viking Princess. The contract is for oneyear plus options.

Eidesvik and CGG have agreed to amend the contract for Viking Vanquish, which is firm to November 2020. The dayrate is reduced and Eidesvik receives listed notes and other debt instruments ascompensation.

Entered into an agreement for sale of the subsea vessel Viking Poseidon. The vessel will be delivered to new owners in 1st Quarter 2017. The sale has ^a negative P&L effect in 4th Quarter ²⁰¹⁶ of MNOK 130, and ^a positive liquidity effect of approx. MNOK 180 after repayment of debt.

4thQuarter 2016 results

(4th Quarter 2015)

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

Q4 2016 profits influenced by termination fee of MNOK 35,3, impairment of vessels of MNOK ‐ 303,5 (290,0) and agio of MNOK ‐96,7 (‐47,5)

Results 4thQuarter 2016

(in million NOK)

Operating revenue Q4

EBITDA

The results in4th Quarter compared to last year are influenced of:

‐Impairment of vessels totaling MNOK 303,5

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

‐"Viking Poseidon" contract terminated in Q2 2016 and "Viking Vision" in Q4 2016

‐"VeritasViking" and "Vantage" without contract

‐"Viking Lady" and "Viking Athene laid up in Q4 2016

‐"European Supporter" and "Viking 2" sold

EBITQ4

Resultspr 31.12.2016

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

Operating revenue YTD

EBITDA

YTD

The results YTDcompared to last year are influenced of:

‐Impairment of vessels totaling MNOK 508,8

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

‐"Viking Poseidon" contract terminated in Q2 2016 and "Viking Vision" inQ4 2016

‐"VeritasViking" and "Vantage" without contract

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

‐"European Supporter" and "Viking 2" sold EBITYTD

Cash Flow(in million NOK)

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

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)

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

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

*Excl.impairment

Seismic SubseaSupply

InstalmentsBalloons Bonds

Market

The PSV segment is still characterized of low rates on both short‐ and long term contracts in spite of many vessels being stacked. Currently, it seems to be some time ahead before the market balances, and it seems necessary with ^a significant scrapping of vessels to restoremarket balance.

We do not see any significant activity increase in marine seismic, and uphold our weak market viewin this segment.

In the subsea segment we see an increasing rate fixing level for vessels globally. We expect more activity within contract awards for field development and pipe lay which will be positive for the subsea segment in the long term. In the short term we expect ^a demanding market going forward, and do not see any imminent balance between supply anddemand globally.

Thanks forYour attention!