Eidesvik Offshore — Investor Presentation 2022

Feb 25, 2022

PRESENTATION 4TH QUARTER 2021 FEBRUARY 25, 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 4th Quarter 2021

• Wintershall Dea declared options to extend the contract for the supply vessel Viking Princess from January 2022 in direct continuation of the current contract, extending the firm period to January 2023.
• Equinor Energy AS declared options to extend the contract for the supply vessel Viking Queen from end of January 2022 in direct continuation of the current contract, extending the firm period to end of May 2022.

Operational highlights in 4th Quarter 2021

Project Apollo

Eidesvik and the technology group Wärtsilä signed a landmark cooperation agreement aimed at converting an offshore supply vessel to operate with ammonia-fueled combustion engines including fuel supply and safety system. The "Apollo" project will be the first of its kind ever in the world, and has a provisional completion target of 2024.

Operational highlights in 4th Quarter 2021

Ammonia Fuel Cell Project

Eidesvik entered into a Memorandum of Understanding with Aker BP and Alma, a venture under Clara Venture Labs, to explore opportunities for retrofit installation of Alma's ammonia fuel cell technology on two offshore support vessels, Eidesvik's Viking Lady and Aker BP-owned NS Frayja (currently under Eidesvik's management).

Eidesvik Neptun AS, a subsidiary of Eidesvik, entered January 12, 2022 into a Memorandum of Agreement ("MoA") with Dredging, Environmental and Marine Engineering NV ("DEME"), for the sale of the CSV Viking Neptun.

The MoA is expected to complete in the 4th Quarter of 2022, post completion of the ongoing contract with Havfram.

The reversal of previous impairments and expected gain from the sale will significantly increase shareholders' equity in the consolidated accounts when the vessel is delivered to the buyer.

Contract coverage incl. JV's 31.12.2021

Option Firm

Contract Status

Contract Backlog 31.12.2021

Consolidated total contract backlog Q4 2021 is MNOK 923 (incl. all new contracts per February 24,

Market

PSV

• Stable supply of large PSV's in 2021, and a slightly increase in demand resulted in a positive development in utilization levels.
• Positive underlying drivers are expected to lead to a moderately higher demand in 2022, followed by a further increase in demand in 2023 and beyond.
• We maintain our optimistic outlook for the market for large and environmentally friendly PSV's in the North Sea fleet.

Subsea and Offshore Wind

• The subsea segment experienced increase in both rate and utilization levels during 2021.
• The offshore wind market had an active year, and both rate and utilization have improved year on year.
• Our outlook for this segment remains positive.

Seismic

• The ocean bottom seismic market continues to improve, with the main companies reporting improved outlooks. We are positive that we will secure more work for our vessels in this segment this year.

4th Quarter 2021 and preliminary 2021 results

Balance sheet (in million NOK)

Cash Flow (in million NOK)

	Q4 2021	Q4 2020	2021	2020
Net cash flow from operating activities	99,0	90,8	177,1	254,4
Net cash flow from investment activities Net cash flow from finance activities	(36,7) (15,8)	(43,2) (18,5)	228,5 (504,4)	(77,5) (156,1)
Net changes in cash holdings	46,5	29,1	(98,8)	20,9
Cash at beginning of period Cash at end of period	283,9 330,4	400,1 429,2	429,2 330,4	408,3 429,2

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

Cash flow from investment activities in 4th Quarter 2021 is mainly related to the yard stay for Viking Prince and the upcoming yard stay for both Viking Lady and Acergy Viking. Battery hybrid system is installed on board Viking Prince, and will also be installed during 1st Quarter 2022 for the other two vessels.

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

Results 4 th Quarter 2021

(in million NOK)

-50

-25

0

Operating revenue Q4

EBITDA Q4 2021 vs. Q4 2020 (MNOK 20.3):

-24

Supply: Increase of freight income of MNOK 9.0, increase of total operating expenses of MNOK 4.8. Net increase of MNOK 4.2.

Subsea: Increase of freight income of MNOK 29.4, increase in the total operating expenses of MNOK 11.5. Net increase in EBITDA of MNOK 17.9.

Seismic: Decrease of freight income of MNOK 0.4, increase in the total operating expenses of MNOK 0.2. Net decrease in EBITDA of MNOK 0.5.

Of other freight income and operating expenses is the change in EBITDA a decrease of MNOK 1.3.

-39

EBIT Q4*

2019 2020 2021

* Termination fee, one-off effects in Profit from JVs and impairments are

excluded (2021: MNOK -206, 2020: MNOK 113, 2019: MNOK 570)

-23

EBITDA Q4

Results 2021 (in million NOK)

Operating revenue YTD

EBITDA 2021 vs. 2020 (MNOK 47.6):

Supply: Increase of freight income of MNOK 0.3, decrease of total operating expenses of MNOK 10.8. Net increase of MNOK 11.1.

Subsea: Increase of freight income of MNOK 73.5, increase in the total operating expenses of MNOK 21.3. Net increase in EBITDA of MNOK 52.2.

Seismic: Decrease of freight income of MNOK 17.7, decrease in the total operating expenses of MNOK 21.3. Net increase in EBITDA of MNOK 3.6.

Of other freight income and operating expenses is the change in EBITDA an decrease of MNOK 19.2 (positive actuarial effects in 2020 of MNOK 11.7).

EBIT YTD*

* Termination fee, one-off effects in Profit from JVs and impairments are excluded (2021: MNOK -144, 2020: MNOK 137, 2019: MNOK 531)

Segments

Incl. Share of Joint Ventures (in million NOK)

th 4 Quarter 2021	Seismic	Subsea	Supply	Other
Revenue	6.0	80.7	65.5	6.8
EBITDA	2.7	25.4	11.4	-6.2
EBIT	-20.0	219.6	-7.7	-7.5
EBITDA margin	46%	31%	17%	N/A
EBIT margin	-336%	272%	-12%	N/A

th 4 Quarter 2020	Seismic	Subsea	Supply	Other
Revenue	6.3	56.1	56.5	6.0
EBITDA	3.3	13.6	7.2	-4.9
EBIT	-51.6	-62.8	-29.5	-7.3
EBITDA margin	-52%	24%	13%	N/A
EBIT margin	-817%	-112%	-52%	N/A