Eidesvik Offshore — Investor Presentation 2020

Feb 26, 2020

Presentation 4th Quarter 2019

Oslo, February 26, 2020 Jan Fredrik Meling, CEO

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 2019

Eidesvik was awarded a one year extension with Ithaca Oil and Gas Limited for «Viking Princess». Commencement was in January 2020, in direct continuation of the previous contract.

News after 4th Quarter 2019

The sale of Global Seismic Shipping AS («GSS») was completed on January 8, 2020. As consideration for Eidesvik's shares in GSS, Eidesvik received shares in Shearwater GeoServices Holding AS (the "Consideration Shares"). As previously announced, CGG SA and Eidesvik have agreed on a put option for Eidesvik at US\$ 30 million for the Consideration Shares exercisable in a period of up to 36 months after closing of the transaction.

News after 4th Quarter 2019

Equinor Energy AS awarded Eidesvik a contract for «Viking Queen». The firm contract period is 8 months, commencing in direct continuation of the existing contract expiring end February 2020.

News after 4th Quarter 2019

Eidesvik was awarded new contracts under the Master Time Charter Agreement with Seabed Geosolutions for the seismic source vessel «Vantage» and the nodehandling vessel «Subsea Viking». The new contracts will commence in direct continuation of the existing contracts, and both vessels are then booked until ultimo July 2020.

News after 4th Quarter 2019

Equinor Energy AS awarded Eidesvik a five year contract for «Viking Energy», plus options for extensions. The new contract will commence in direct continuation of the current contract ending April 2020.

Results (in million NOK)

	Q4 2019	Q4 2018	2019	2018
Revenues	142,0	145,0	681,6	489,2
EBITDA	35,1	48,3	243,2	96,9
Operating profit	-47,4	-14,3	-18,6	-176,3
Pre-tax profit	-30,1	-87,1	-142,0	-317,0

Cash Flow (in million NOK)

	4th Quarter 2019	4th Quarter 2018	2019	2018
Net cash flow from operating activities	71,3	77,7	168,7	90,0
Net cash flow from investment activities Net cash flow from finance activities	(32,0) (50,8)	(3,2) (49,1)	(54,4) (221,6)	(38,9) (92,9)
Net changes in cash holdings	(11,5)	25,4	(107,3)	(41,8)
Cash at beginning of period Cash at end of period	419,8 408,3	490,2 515,6	515,6 408,3	557,4 515,6

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

Cash flow from investment activities in 2019 is related to periodical maintenance of Viking Lady, Viking Prince, Vantage, Veritas Viking, taking Viking Athene out of layup, and investments in source equipment for Veritas Viking, and capital expenditures in connection with the upcoming battery installations on Viking Avant and Viking Neptun.

Balance (in million NOK)

Debt maturity profile 31.12.2019

Contract Backlog 31.12.2019

Consolidated total contract backlog Q4 2019 is MNOK 947 (incl. all new contracts per February 25, 2020)

Excluded Global Seismic Shipping AS

Market

PSV

• Increase in spot and term demand year on year has led to improved rates and utilization, in particular for the larger PSVs.
• Still oversupply of vessels, and the overall market remains challenging.
• Maintain a positive view on the market for large and modern PSVs.

Subsea

• The subsea activity level was volatile throughout 2019.
• A recovery in the subsea market is yet to materialize, though the fundamentals for increased activity are solid.
• Subsea prospects in the pipeline for expected award this year support our medium to long term positive outlook for this segment.

Seismic

• The main seismic operators are guiding for more marginal increases for 2020.
• Still opportunities in the ocean bottom seismic segment where we see increased tender activity after a relatively quiet period.

Thanks for Your attention!

Results 4th Quarter 2019

(in million NOK)

Operating revenue Q4

EBITDA Q4 2019 vs. Q4 2018 (MNOK -13.2):

Seismic: Decrease of freight income of MNOK 20.2, increase in the total operating expenses of MNOK 1.2. Net decrease in EBITDA of MNOK 21.4.

Subsea: Decrease of freight income of 11.0 MNOK , decrease in the total operating expenses of MNOK 0.7. Net decrease in EBITDA of MNOK 10.3.

Supply: Increase of freight income of MNOK 26.1, increase of total operating expenses of MNOK 7.5. Net increase of MNOK 18.6.

Of other freight income and operating expenses is the change in EBITDA a decrease of MNOK 0.1.

EBITDA Q4

EBIT Q4*

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2019: MNOK -23, 2018: MNOK -11, 2017: MNOK -114)

Results 2019 (in million NOK)

Operating revenue

EBITDA 2019 vs. 2018 (MNOK 146.3):

Seismic: Increase of freight income of MNOK 101.0 including termination fee of MNOK 38.6, increase in the total operating expenses of MNOK 21.7. Net increase in EBITDA of MNOK 79.4.

Subsea: Increase of freight income of MNOK 3.8, decrease in the total operating expenses of MNOK 4.0. Net increase in EBITDA of MNOK 7.8.

Supply: Increase of freight income of MNOK 83.3, increase of total operating expenses of MNOK 30.1. Net increase of MNOK 53.2.

Of other freight income and operating expenses is the change in EBITDA an increase of MNOK 5.9.

EBITDA

EBIT *

* Termination fee, gain on sale, impairments and one-off effects in Profit from JV are excluded (2019: MNOK -26, 2018: MNOK -11, 2017: MNOK -165)

Segments

Incl. Share of Joint Ventures, excl. Assets held for sale (in million NOK)

4th Quarter 2019	Seismic	Subsea	Supply	Other
Revenue	17.7	59.6	75.1	6.4
EBITDA	-1.4	18.7	27.5	-0.5
EBIT*	-15.7	-8.2	5.8	-1.9
EBITDA margin	-8%	31%	37%	N/A
EBIT* margin	-89%	-14%	8%	N/A

4th Quarter 2018	Seismic	Subsea	Supply	Other
Revenue	37.8	73.1	49.0	4.2
EBITDA	20.0	30.6	8.9	-0.4
EBIT	7.1	-3.4	-10.1	-0.7
EBITDA margin	26%	42%	18%	N/A
EBIT margin	-19%	5%	-21%	N/A

Seismic Subsea Supply

*Excl. impairment