Eidesvik Offshore — Investor Presentation 2022

Aug 31, 2022

PRESENTATION 2ND QUARTER 2022 AUGUST 31, 2022

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.

Operational highlights in 2nd Quarter 2022

• Strong operational performance across the fleet with above 99 % technical uptime in all segments combined.
• The fleet contract coverage in the period was 96 %, excluding vessels in lay-up.
• We continued to deliver outstanding HSEQ performance, with 0 LTIs
• Good progress in our green industry projects ShipFC, Retrofit and Apollo.

Eidesvik has signed a ship management agreement with DEME for the construction support vessel Viking Neptun. The agreement has been awarded for two years, under which Eidesvik will provide full technical management, crewing and operation of the vessel.

Eidesvik has been awarded a 3-year contract with Aker BP ASA for the PSV Viking Prince. The contract was awarded under the current Frame Agreement. The contract will commence after completion of the vessel's ongoing contract with Equinor.

Eidesvik has been awarded a five-year contract with Van Oord Offshore Wind B.V. ("Van Oord") for Subsea Viking. The new contract will commence in 1st Quarter 2023. In addition, Van Oord has been granted options for further extensions and on certain terms a call option for the vessel after the firm period.

In addition, Eidesvik was awarded a contract with an undisclosed client for Subsea Viking. The contract will commence in 3rd Quarter 2022 in direct continuation of the current contract. New firm period will utilize the vessel until the end of the year.

Contract coverage incl. JV's 30.06.2022

Option Firm

Contract Backlog 30.06.2022

Consolidated total contract backlog Q2 2022 is MNOK 1,384 (incl. all new contracts per August 30, 2022).

PSV

• The general demand for PSVs in the North Sea continued to improve throughout the 2nd quarter, which lead to increased utilization and rates levels.
• Tender activity has been healthy with several long-term fixtures concluded during the quarter and more are expected to be announced in the coming quarters.
• We maintain our view that the increasing demand for PSV's will support sustainable utilization and rates throughout 2022 and beyond.
• Our outlook for large, environmentally friendly PSVs in the North Sea remains optimistic.

Subsea and Offshore Wind

Seismic

• The trend of increasing rates and utilization levels continued throughout 2nd quarter for the subsea segment.
• For the Offshore Wind market, the activity level continued to be high in 2nd quarter. We have seen demand for vessels exceeding the supply, resulting in periodic shortage of SOV vessels.
• Our outlook for this segment remains positive. We believe that despite the high number of new build SOVs entering the market over the next few years, they will be absorbed by an increased demand from the high number of windmill projects in the pipeline.
• We have seen increased tender activities in the ocean bottom seismic segment which may indicate that the activity level will increase for this segment as well.

Q2 2022		H1 2022	H1 2021
			267,2
			66,9
38,8	-1,0	9,4	-75,3
-100,9	-22,3	-110,4	-118,7
	185,1 75,1	157,6 53,2	Q2 2021 294,2 80,5

Balance sheet (in million NOK)

Cash Flow (in million NOK)

	Q2 2022	Q2 2021	1.1- 30.6.2021	1.1- 30.6.2021	2021
Net cash flow from operating activities	2,5	20,0	5,6	(18,1)	177,1
Net cash flow from investment activities Net cash flow from finance activities	4,1 (52,5)	27,7 (63,1)	(60,9) (117,8)	278,4 (153,3)	228,5 (504,4)
Net changes in cash holdings	(45,9)	(15,5)	(173,1)	107,0	(98,8)
Cash at beginning of period Cash at end of period	203,2 157,3	551,6 536,2	330,4 157,3	429,2 536,2	429,2 330,4

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

*Liabilities related to Assets held for sale will become due and payable at the time of completion of the sale.

Contract Status

Firm contract Option

Results 2nd Quarter 2022

(in million NOK)

Operating revenue Q2

EBITDA Q2 2022 vs. Q2 2021 (MNOK 22.0):

Supply: Increase of freight income of MNOK 8.7, increase of total operating expenses of MNOK 0.6. Net increase of MNOK 8.1.

Subsea/Wind: Increase of freight income of MNOK 8.7, increase in the total operating expenses of MNOK 2.3. Net increase in EBITDA of MNOK 6.4.

Seismic: Increase of income of MNOK 9.0, increase in the total operating expenses of MNOK 3.0. Net increase in EBITDA of MNOK 6.0.

Of other income and operating expenses is the change in EBITDA a. increase of MNOK 1.5.

EBIT Q2*

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2022: MNOK 0, 2021: MNOK 0, 2020: MNOK -23.9)

Results per 30.6.2022

(in million NOK)

Operating revenue YTD

EBITDA YTD 2022 vs. YTD 2021 (MNOK 13.6):

Supply: Increase of freight income of MNOK 14.7, increase of total operating expenses of MNOK 6.1. Net increase of MNOK 8.5.

Subsea/Wind: Decrease of freight income of MNOK 0.7, increase in the total operating expenses of MNOK 3.3. Net decrease in EBITDA of MNOK 4.0.

Seismic: Increase of freight income of MNOK 11.7, increase in the total operating expenses of MNOK 4.2. Net increase in EBITDA of MNOK 7.5.

Of other freight income and operating expenses is the change in EBITDA an increase of MNOK 1.7.

EBITDA YTD

EBIT YTD*

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2022: MNOK 0, 2021: MNOK 33.9, 2020: MNOK 23.9)

Segments

Incl. Share of Joint Ventures (in million NOK)

2nd Quarter 2022	Seismic	Subsea/Wind	Supply	Other
Revenue	12.4	53.3	61.3	5.1
EBITDA	5.3	52.7	30.0	-8.0
EBIT	1.6	36.4	10.1	-7.7
EBITDA margin	43%	52%	38%	N/A
EBIT margin	13%	37%	13%	N/A

2nd Quarter 2021	Seismic	Subsea/Wind	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