Eidesvik Offshore ASA Pareto Conference 20 Sept. 2023

Gitte Gard Talmo CEO

Eidesvik in brief

Seek and evaluate vessels that fits with the EIOF profile for additions to the fleet
Actively seek partnerships that will create new business opportunities
Increase footprint in segment, focus on long-term profitable contracts

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

Secured long-term bank financing till Q1 2026 through refinancing process
Acquired the vessel Viking Reach together with Reach Subsea. Raised NOK 130 million through a private placement and concluded a 6-year charter to Reach Subsea
Concluded long-term contracts and contract extensions in our PSV segment
Booked backlog close to NOK 1 billion YTD
Entered into agreements to sell our remaining three laid-up seismic vessels to two separate buyers. Sales were executed in Q2 and Q3 with solid gains

Illustrates term day rate of NOK 180'/day vs. required spot rate at varying utilization to achieve equal revenue
I.e. 80% utilization in the spot market calls for an average day rate of NOK 214'/day to generate same revenue as a fixed contract of NOK 180'/day with a utilization of 95%
Latest spot rate history for PSVs above 900m2 indicates an average of NOK 155'/day in 2022 and YTD 2023 NOK 184/day*

* Clarksons Research per 04.09.2023

* Clarksons weekly spot report – Week 38

We maintain a very positive market outlook in all our operating segments

PSV: Robust activity drivers with a significant tightening on the supply side

Subsea: FIDs increasing, subsea tie-back and subsea tree installations on the rise

Offshore wind: Renewable energy demand and political initiatives expected to continue to drive activity

Consolidated figures	FY2020	FY2021	FY2022	1H 2023
Utilization	93 %	94 %	95 %	91 %
Revenue (NOKm)	531	588	919	374
EBITDA (NOKm)	131	179	494	156
EBITDA margin	25 %	30 %	54 %	42 %
Adj. EBITDA (NOKm)*	131	177	225	104
Adj. EBITDA margin	25 %	30 %	35 %	32 %
NIBD/adj. EBITDA * EBITDA adj. is adjusted for gain on sale. 12 months rolling adj. EBITDA, excl. IFRS 16	15.1	9.6	2.4	1.8

Net interest-bearing debt Q2, 2023 of ~NOK 560 million down from more than NOK 1.9 billion in Q2, 2022
Acquired vessel Viking Reach together with Reach Subsea for around NOK 300 million - raised gross NOK 130 million in equity
Equity ratio improvement
Substantially improved financial position
No debt forgiveness/conversion, no write down of equity during the downturn
Well positioned for growth

Implied equity value per share

Fleet value Implied equity value per share

* Implied fleet value uses share price per 18.09.2023 – 12.92/per share

** Broker values per 31.12.2022, book value 30.06.2023

*** Seven Viking and Viking Reach included on a proportionate basis

Book value represents proportionate ownership in vessels in our balance sheet, excluding assets held for sale
Broker value based on 2 independent broker values, proportionately adjusted
Implied fleet value based on market capitalization, adjusted for other assets, cash, debt and other liabilities
Implied book equity value is based on total equity adjusted for minority interest, per share
Implied broker equity value per share is calculated by adding the difference between booked fleet value and broker values on booked equity value