Eidesvik Offshore — Investor Presentation 2023

Nov 22, 2023

Presentation Q3 2023 November 22, 2023

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 forwardlooking 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.

Financial highlights / Q3 2023

P&L key figures	Q3 2023 vs. Q3 2022	Balance sheet key figures Q3 2023 vs. FY2022
MNOK 204.6 (190.4) in revenue this quarter	MNOK 1 994 (1 486) in consolidated backlog	MNOK 2 541 (2 339) in assets	MNOK 386.5 (655.6) in cash
MNOK 105.2 (91.0) in EBITDA	51% (48%) in EBITDA margin	MNOK 432.2 (541.7) in NIBD	60% (40%) in equity ratio

Business update / Q3 2023

Wintershall Dea and OMV executed an option to extend the current contract initiated in Q1 2023 for the supply vessel Viking Queen, prolonging the firm period to October 2025.

Subsequent event:

Wintershall Dea has declared options to extend the contract for the supply vessel Viking Princess. The contract extension runs from January 2024 in direct continuation of the current contract, extending the firm period to January 2025.

Operational update / Q3 2023

• Fleet utilisation in the period was 98%
• Zero LTIs during the quarter

We continue to deliver both financially and operationally

Contract backlog / Q3 2023

Contract coverage incl. JV / Q3 2023

Market update – positive outlook in all segments

Q3 2023 financial result

Financial results (NOK1000)	Q3 2023		Q3 2022	YTD 2023	YTD 2022	FY2022
Freight revenue	195,6	5 %	186,5	508,8	474,1	634,7
Gain on sale	5,2		0,0	21,6	0,0	269,7
Other income	3,9		3,9	48,2	10,5	14,1
Total Revenue	204,6	7 %	190,4	578,6	484,6	918,5
EBITDA	105,2	16 %	91,0	261,7	171,5	494,2
EBITDA adj. for sale gains	100,0		91,0	240,1	171,5	224,5
Adjusted EBITDA margin	50 %		48 %	46 %	35 %	35 %
Result from JVs and associated	-3,6		-2,3	-15,5	-6,0	-9,1
Operating result	61,7		262,9	466,0	272,3	551,4
Operating result adj. for net reversal of impairment	61,7		53,6	133,8	63,1	342,2
Pre-tax result	51,0		162,8	433,4	52,4	406,8

• Improved day rates and utilisation

• Freight revenue and adjusted EBITDA margin of 50% is a close to 7-year quarterly record
• Operating result Q3 2022 and YTD 20/23 impacted by reversal of previous impairments. Adjusted EBIT margin is 28.3% compared to 28.2% in Q3 2022

EBITDA

Segment performance

EBITDA margin

Revenue & EBITDA margin (incl. share of JV*)

* Consolidated Viking Reach, Seven Viking included with 50%.

Balance sheet

Balance Sheet (NOK1000)	30.09.2023	31.12.2022
Total non-current assets	1 899	1 348
Current assets	641	910
Assets held for sale	0	81
Total assets	2 541	2 339
Equity	1 518	928
Equity ratio	60 %	40 %
Non-current liabilites	704	97
Current liabilites	319	1 201
Liabilites, assets held for sale	0	112
Total equity and liabilites	2 541	2 339

Equity ratio Debt ratio Vessels Cash Other assets

Comments to Q3

• Non-current assets increased from year end 2022 due to the addition of the vessel Viking Reach and the reversal of impairment
• After completing the sale and exit of our seismic segment, no further assets held for sale
• Cash balance decreased from NOK 656 million to NOK 387 million comparing end of FY2022 to YTD2023, due to prepayment of debt in connection with the refinancing completed in Q1 2023.
• Net interest-bearing debt decreased from 542 million to 431 million
• Current NIBD/EBITDA is 1.5x, adjusted last twelve months, excluding IFRS 16
• Record high equity ratio
• Current liabilities at year end included bank debt due at 31.12.2023, after refinancing again treated as non-current liabilities

Cash flow

Highlights summary

2

Strong operational and financial performance

Fully booked backlog securing profitable cash flow years ahead

Record high equity ratio, rigged for growth

Positive market outlook in all operating segments

Continuously evaluating investment cases

Contact details

CEO – Gitte Gard Talmo

+47 91 52 32 45

CFO - Helga Cotgrove +47 90 73 52 46

VP IR - Sindre Stovner

+47 91 78 64 31

investor.relations@eidesvik.no

Appendix

Company overview

STRATEGY

Green PSV

• Strengthen our position as the market leader within green PSV

Subsea

• Actively seek partnerships that will create new business opportunities

Offshore Wind

• Increase footprint in segment, focus on long-term profitable contracts

Key words for future projects

• Long-term partnerships and long-term positive cash flows

Energy transition fleet

Supply Subsea / Offshore wind

Viking Energy

Viking Lady

NS Frayja (management)

Viking Wind Power

Seven Viking

Viking Prince

Viking Avant

NS Orla (management)

Subsea Viking

Viking Neptun (management)

Viking Princess

Viking Reach

Contract status

Vessel	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Seven Viking
Viking Reach
Subsea Viking
Viking Wind Power
Viking Queen
Viking Lady
Viking Princess
Viking Prince
Viking Energy
Viking Avant

Firm Options

Debt maturity profile September 30, 2023

Million NOK

Financial development

	FY2020	FY2021	FY2022	YTD 2023*
Utilization	93 %	94 %	95 %	92 %
Revenue (NOKm)	531	588	919	579	on)
EBITDA (NOKm)	131	179	494	262	milli
EBITDA margin	25 %	30 %	54 %	39 %	K O
Adj. EBITDA (NOKm)	131	177	225	204	N A (
Adj. EBITDA margin	25 %	30 %	35 %	39 %	D T
Cash/Total Assets	14 %	12 %	28 %	15 %	BI E
Equity Ratio	16 %	19 %	40 %	60 %	Adj.
GIBD (NOKm)	2 410	2 026	1 197	818
LTV**	0,88	0,72	0,66	0,45
NIBD/adj. EBITDA***	15,1x	9,6x	2,4x	1,5x

* YTD 2023 per 30 September 2023

** LTV YTD23 is based on FY22 broker values

*** 12 months rolling

• Operational excellence only affected by planned docking, adjusted EBITDA margin towards 6 years record
• Key metrics such as equity ratio, LTV and NIBD/adj. EBITDA are among the industry healthiest
• Sound balance sheet ready for growth

NIBD/adj. EBITDA

We aim to be the market leader within green offshore vessels.