Presentation 4th Quarter 2020

February 25, 2021

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.

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Highlights in 4th Quarter 2020

Eidesvik was awarded a time charter contract with Wintershall Dea Norge AS for Viking Princess. The contract commenced in January 2021. The firm contract period is 12 months plus options for extensions.

Highlights in 4th Quarter 2020

Eidesvik secured a contract with DEME Offshore NL BV for a fixed period of 84 days for Viking Neptun, with options for extensions. Commencement of the contract was November 2020.

Eidesvik exercised the PUT-option for its shares in Shearwater GeoServices Holding AS ("Shearwater") effectively selling all its shares in Shearwater to CGG SA for a total consideration of USD 30 million in cash. The cash settlement was received in January 2021.

Subsequent events

Eidesvik was awarded a time charter contract with Siemens Gamesa Renewable Energy GmbH & Co. KG for Acergy Viking. The contract will commence in direct continuation of the current contract extending the firm period until end January 2027.

Subsequent events

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 up to 120 days, with commencement April 2021.

Result Summary

(in million NOK)

	Q4 2020	Q4 2019	2020	2019
Revenues	106,9	142,0	530,8	681,6
EBITDA	10,0	35,1	131,1	243,2
Operating result	-152,7	-594,1	-202,4	-565,3
Pre-tax result	-28,0	-576,8	-134,6	-688,7

Cash Flow (in million NOK)

	Q4 2020	Q4 2019	2020	2019
Net cash flow from operating activities	90,8	71,3	254,4	172,0
Net cash flow from investment activities Net cash flow from finance activities	(43,2) (18,5)	(32,0) (50,8)	(77,5) (156,1)	(54,4) (224,8)
Net changes in cash holdings	29,1	(11,5)	20,8	(107,3)
Cash at beginning of period Cash at end of period	400,1 429,2	419,8 408,3	408,3 429,2	515,6 408,3

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

Cash flow from investment activities in 4th Quarter 2020 is mainly related to periodical maintenance of Viking Avant and Viking Neptun.

Balance (in million NOK)

Debt maturity profile 31.12.2020

Consolidated total contract backlog Q4 2020 is MNOK 988 (incl. all new contracts per February 24, 2021)

Market

As we enter 2021, we see signs of improvements as the oil price has returned to pre pandemic levels and the Covid-19 vaccine will ease on the current operational restraints.

PSV

Rate levels below operational expenses and related utilization levels in the North Sea spot market.
Number of fixtures was down 35% compared to same quarter last year.
Long term outlook is positive for large and environmentally friendly PSVs.

Subsea

Short term the subsea activity levels remain uncertain, as the execution phases for deferred projects are still unknown.
We expect the active Renewable market to partly offset vessel utilization levels in the years ahead.
Medium to long term outlook remains positive with solid and diversified order intake opportunities for the oil service companies, both in the O&G and Renewable offshore markets.

Seismic

The tendering activity for source vessels increased in the quarter, however the source vessel market remains very competitive for suppliers.
We expect increased tender activity over the coming months.