Eidesvik Offshore — Investor Presentation 2018

Feb 28, 2018

Presentation 4th Quarter 2017

Oslo 28.02.2018 CEO Jan Fredrik Meling

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.

News in 4th Quarter 2017

Entered into an agreement for contract extension with Siemens Gamesa Renewable Energy for "Acergy Viking" for support work in the market for offshore wind on German sector. The contract is firm to January 2020 and is in direct continuation of the current contract. The charterer has options for extension after the firm contract.

News in 4th Quarter 2017

Awarded a contract for 18 months with 12 months options for Chevron North Sea Limited for the PSV "Viking Princess". Commencement is January 2018 and is in direct continuation of the current contract.

News after 31.12.2017

Entered a letter of intent of contracts with Seabed Geosolution for "Subsea Viking" and "Vantage" for work in the market for node seismic. Contract commencement are respectively ultimo January and primo February. The duration is expected to be the remaining part of 2018.

News after 31.12.2017

Statoil has declared a one-year option for the supply vessel Viking Energy from April this year, in direct continuation of current contract. The vessel will be prepared for shore power, and equipment for better fuel consumption measurement will be installed.

News after 31.12.2017

Entered into a contract with Deceiper Production Limited for "Viking Prince". Contract commencement is in February 2018 and is for approx. 85 days.

Entered into a contract with Norske Shell for "Viking Prince". Contract commencement is after the contract mentioned above and is firm for two wells.

Entered into a contract with Saipem for "Viking Queen". Contract commencement is in March/April 2018 and is for between 100 and 160 days.

4th Quarter 2017 results

(4th Quarter 2016)

Revenues	MNOK 133,0	(209,4)
EBITDA	MNOK 33,3	(135,9)
Operating profit	MNOK -158,9	(-378,3)
Pre-tax profit	MNOK -220,6	(-514,7)

Q4 2017 profits influenced by impairment of assets and agio related to debt in foreign currency.

Results 4th Quarter 2017 (in million NOK, impairments excluded)

Operating revenue Q4

EBITDA Q4 2017 vs. Q4 2016 (MNOK -67,3):

Seismic: Decrease of freight income of MNOK 10,0, increase in the total operating expenses of MNOK 4,9. Net decrease in EBITDA of MNOK 14,9.

Subsea: Decrease of freight income of MNOK 20,2, decrease in the total operating expenses of MNOK 8,5. Net decrease in EBITDA of MNOK 11,7.

Supply: Decrease of freight income of MNOK 9,5, decrease of total operating expenses of MNOK 0,5. Net decrease of MNOK 9,0.

Of other freight income and operating expenses is the change in EBITDA an decrease of MNOK 31,7.

EBIT Q4*

Results pr 31.12.2017 (in million NOK, impairments excluded)

Operating revenue YTD

EBITDA YTD

EBITDA 2017 vs. 2016 (MNOK -150,1):

Seismic: Decrease of freight income of MNOK 23,2, increase in the total operating expenses of MNOK 42,2. Net decrease in EBITDA of MNOK 65,4.

Subsea: Decrease of freight income of MNOK 41,7, decrease in the total operating expenses of MNOK 26,5. Net decrease in EBITDA of MNOK 15,1.

Supply: Decrease of freight income of MNOK 78,0, decrease of total operating expenses of MNOK 38,1. Net decrease of MNOK 39,9.

Of other freight income and operating expenses is the change in EBITDA a decrease of MNOK 29,7.

EBIT YTD*

* Termination fee and gain on sale are excluded (2017: MNOK 155,4, 2016: MNOK 35,3, 2015: MNOK 115,0). One-off effects in 2017 of Profit from JV of MNOK 213,0 are excluded.

Cash Flow (in million NOK)

	4th Quarter	4th Quarter	1.1-	1.1-
	2017	2016	31.12.2017	31.12.2016
Net cashflow from operating activities	76,1	112,7	362,5	326,9
Net cashflow from investment activities	15,1	20,1	410,9	12,8
Net cashflow from finance activities	(84,3)	(126,4)	(765,8)	(492,2)
Net changes in cash holdings	6,9	6,4	7,7	(152,5)
Cash at beginning of period	550,5	543,4	549,7	702,3
Cash at end of period	557,4	549,7	557,4	549,7

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

Balance (in million NOK)

Equity ratio 31.12.17: 36 % (29 %)

Segments

Incl. Share of Joint Ventures (MNOK)

4rd Quarter 2017	Seismic	Subsea	Supply	Other
Revenue	48,7	84,2	43,9	4,4
EBITDA	29,8	42,7	8,6	-11,4
EBIT	-14,3	-18,7	-88,4	-11,7
EBITDA margin	61%	51%	20%	N/A
EBIT margin	-29%	-22%*	-25%*	N/A

4rd Quarter 2016	Seismic	Subsea	Supply	Other
Revenue	97,5	97,7	53,3	5,1
EBITDA	87,6	54,7	17,6	20,1
EBIT	-32,1	-111,6	-179,0	19,6
EBITDA margin	90%	56%	33%	N/A
EBIT margin	-33%	19%*	-10%*	N/A

*Excl. impairment

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Option Firm

Contract Status

Seven Viking
Viking Neptun
Subsea Viking
Acergy Viking
Viking Queen
Viking Lady	LAY UP
Viking Princess
Viking Prince
Viking Athene	LAY UP
Viking Energy
Viking Avant
CGG Alize	LAY UP
Oceanic Challenger	LAY UP
Geo Celtic	LAY UP
Geo Caribbean	LAY UP
Geo Coral
Oceanic Sirius
Oceanic Vega
Viking Vanquish
Viking Vision	LAY UP
Veritas Viking	LAY UP
Vantage
	01.01.2018		01.01.2019		01.01.2020		01.01.2021		01.01.2022
					Firm contract	Option

Market

It is more bid activity in all segments the company operates in, but rate levels are still low. With increased demand in the future, it is expected that the rate level will increase.

The PSV segment experience an increasing number of tender requirements for both short and longer term periods. Rate levels remain volatile, and the utilization have been varying over the winter season. Operators are currently securing vessels for the upcoming summer season and we see a certain tightening in the market for large and modern PSVs.

The subsea segment started 2018 with several large EPCI awards with Johan Castberg as the main project in the North Sea. Offshore days for these construction projects are expected to commence in 2019 and onwards, and our long term perspective for the activity level in this segment remains positive. For near term work the accommodation and Walk to Work market remains active with several open tenders, and we expect an increase in IMR requirements with the start of the subsea season.

For streamer seismic there are indications of better market sentiment in 2018. We also see improvement in bid activities within the ocean bottom seismic segment over the past months.

Thanks for Your attention!