Eidesvik Offshore — Investor Presentation 2021

Aug 30, 2021

Presentation 2nd Quarter 2021

August 30, 2021

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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.

Highlights in 2nd Quarter 2021

Eidesvik has sold the PSV Viking Athene. Delivery of the vessel took place April 28, 2021. The vessel will exit the North Sea supply vessel market and be utilized by the new owner as a Farming Service Vessel.

The sale of the vessel resulted in an immaterial accounting effect for the 2nd Quarter 2021.

Highlights in 2nd Quarter 2021

Eidesvik entered into a bareboat contract for 130 days including transit with an undisclosed 3rd party operator for Veritas Viking. The vessel was mobilized from Bømlo in May 2021 and commenced the bareboat contract in June 2021.

Highlights in 2nd Quarter 2021

Eidesvik was awarded a time charter contract with Aker BP ASA for Viking Prince. The contract was awarded under the current Frame Agreement for a drilling campaign indicated for a period of approximately 100 days, with commencement August 2021.

Subsequent events

Eidesvik has been awarded a contract with Havfram AS for the CSV Viking Neptun. The contract will commence early January 2022 with a firm period towards the end of 3rd Quarter 2022.

In addition, Havfram AS has been granted options for further extension.

Subsequent events - FINANCING

On August 27, 2021, Eidesvik announced that it had agreed on a term sheet ("Term Sheet") with its financial institutions for refinancing of its debt. With a combination of extension of debt maturities and reduced amortization payments, the agreed terms will significantly strengthen the Group's financial position. Eidesvik and the financial institutions are working on final documentation and expect to have final agreements in place during September 2021.

The agreed terms provide mechanisms for extension of final maturities of debt facilities from the end of 2022 to the end of 2023. This implies that there will be no final maturities until year end 2023. The extension is subject to Eidesvik meeting certain financial and operational triggers.

Fixed amortization payments will be significantly reduced. Upon agreeing and signing final documentation, debt repayments of approximately NOK 309 million will be made. There will be no further fixed debt amortization in 2021. Scheduled fixed amortization for 2022 will be reduced from approximately NOK 311 million to approximately NOK 106 million. For 2023, the fixed amortization will be approximately NOK 71 million. No amendment on interest rates, and interest will be paid as normal during the period.

In addition to fixed amortization, a cash sweep mechanism has been agreed. The cash sweep will be used for additional debt repayment if cash levels are above agreed thresholds, on ^a facility-by-facility basis. The new facility cash sweep mechanism replaces the current corporate cash sweep mechanism.

Result Summary

(in million NOK)

	Q2 2021	Q2 2020
Revenues	157,6	144,3
EBITDA	53,2	33,1
Operating result	-1,0	-41,9
Pre-tax result	-22,3	44,4

Cash Flow (in million NOK)

	Q2 2021	Q2 2020	1.1- 30.6.2021	1.1- 30.6.2020	2020
Net cash flow from operating activities	20,0	49,5	(18,1)	100,9	254,4
Net cash flow from investment activities Net cash flow from finance activities	27,7 (63,1)	(4,5) (51,0)	278,4 (153,3)	(27,1) (107,7)	(77,5) (156,1)
Net changes in cash holdings	(15,5)	(6,0)	107,0	(33,9)	20,8
Cash at beginning of period Cash at end of period	551,6 536,2	380,5 374,5	429,2 536,2	408,3 374,5	408,3 429,2

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

Cash flow from investment activities in 2nd Quarter 2021 is mainly related to the sale of Viking Athene, and periodical maintenance of Viking Energy.

Balance (in million NOK)

Debt maturity profile 30.6.2021

*) Subject to completion of final documentation and meeting triggers for extension.

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Contract Backlog 30.6.2021

Consolidated total contract backlog Q2 2021 is MNOK 924 (incl. all new contracts per August 30, 2021)

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Contract coverage incl. JV's 30.6.2021

Option Firm

Market

PSV

• Utilization levels in line with the same period previous year, where vessels taken out of lay-up offset the effect of the increased demand for vessels.
• Vessels with emission reducing technology installed are expected to be at the front of the line for securing work in the years to come. By the end of the first quarter next year, our entire fleet of PSVs will have battery hybrid technology installed.
• We maintain our positive outlook for the market for large and modern PSVs in the North Sea fleet.

Subsea and Offshore Wind Markets

• Increase in utilization and rate levels year on year in the North Sea region subsea market, ending second quarter at a utilization level of approx. 80%.
• We expect rate and utilization levels for next year to be in line with this year. From 2023, we expect an increase in demand for subsea tonnage, and our mid- to long-term outlook for this segment remains positive.
• The activity within offshore wind has continued to be high, with several medium to long term SOV requirements released during the first half of the year. High interest among owners to enter this market has led to increased competition on the supply-side, resulting in lower day rate levels.
• The shorter project related W2W market was also active, utilizing several subsea vessels during offshore windfarm commissioning campaigns.

Seismic

• The ocean bottom seismic companies have been increasing their backlog for 2022. We have seen increasing tender activity for several geographical regions in Q2, which has also continued into Q3.

Results 2nd Quarter 2021

(in million NOK)

Operating revenue Q2

EBITDA Q2 2021 vs. Q2 2020 (MNOK 20.1):

Seismic: Decrease of freight income of MNOK 6.8, decrease in the total operating expenses of MNOK 8.6. Net increase in EBITDA of MNOK 1.8.

Subsea: Increase of freight income of MNOK 12.8, increase in the total operating expenses of MNOK 2.4. Net increase in EBITDA of MNOK 10.4.

Supply: Increase of freight income of MNOK 7.9, decrease of total operating expenses of MNOK 5.0. Net increase of MNOK 12.9.

Of other freight income and operating expenses is the change in EBITDA a decrease of MNOK 5.0.

EBITDA Q2

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2021: MNOK 3.8, 2020: MNOK -17.0, 2019: MNOK 38.6)

Results per 30.6.2021

(in million NOK)

Operating revenue YTD

EBITDA YTD

EBITDA YTD 2021 vs. YTD 2020 (MNOK 5.6):

Seismic: Decrease of freight income of MNOK 26.9, decrease in the total operating expenses of MNOK 20.9. Net decrease in EBITDA of MNOK 6.0.

Subsea: Increase of freight income of MNOK 26.7, decrease in the total operating expenses of MNOK 0.3. Net increase in EBITDA of MNOK 27.0.

Supply: Decrease of freight income of MNOK 13.2, decrease of total operating expenses of MNOK 13.5. Net increase of MNOK 0.3.

Of other freight income and operating expenses is the change in EBITDA an decrease of MNOK 15.8 (positive actuarial effect in Q1 2020 of MNOK 6.9).

EBIT YTD*

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2021: MNOK -30.1, 2020: MNOK -9.9, 2019: MNOK 43.4)

Segments

Incl. Share of Joint Ventures (in million NOK)

2nd Quarter 2021	Seismic	Subsea	Supply	Other
Revenue	3.4	92.5	70.5	4.3
EBITDA	-0.7	45.6	21.9	-9.2
EBIT	-9.4	19.3	1.1	-10.6
EBITDA margin	-20%	49%	31%	N/A
EBIT margin	-279%	21%	2%	N/A

2nd Quarter 2020	Seismic	Subsea	Supply	Other
Revenue	10.2	84.4	62.6	4.9
EBITDA	-2.5	39.7	9.0	-4.3
EBIT	-24.5	-0.3	-9.4	-5.6
EBITDA margin	-24%	47%	14%	N/A
EBIT margin	-241%	0%	-15%	N/A