Presentation Q2 2023 August 30, 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.

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Financial highlights / Q2 2023

P&L key figures	Q2 2023 vs. Q2 2022	Balance sheet key figures Q2 2023 vs. FY2022
MNOK 240.5 (185.1) in revenue this quarter	MNOK 1 977 (1 384) in consolidated backlog	MNOK 2 623 (2 339) in assets	MNOK 339.4 (655.6) in cash
MNOK 128.7 (75.1) in EBITDA	54% (41%) in EBITDA margin	MNOK 561.4 (541.7) in NIBD	56% (40%) in equity ratio

Business update / Q2 2023

We entered into agreements to sell our three remaining seismic vessels, Veritas Viking, Vantage and Viking Vision to two separate buyers.
Sales were executed in Q2 and Q3 with a total gain of ~ NOK 63 million.

Operational update / Q2 2023

Fleet utilisation in the period was 96%.
Overall fleet operations delivered according to set targets with 99% technical uptime.
Zero LTIs during the quarter.
Viking Energy celebrated 20 years on charter to Equinor.
Planned maintenance and class renewal program for the fleet in 2023 is completed.

Contract backlog / Q2 2023

100

200

300

400

mNOK

500

600

700

Contract coverage incl. JV / Q2 2023

Market update – positive outlook in all segments

Q2 2023 financial result

Financial result (NOK million)	Q2 2023	Q2 2022	YTD 2023	YTD 2022	FY2022		Total revenue
Freight revenue Gain on sale Other income	184.4 15.5 40.6	181.1 2 % 0.0 4.0	313.2 16.4 44.4	287.6 0.0 6.6	634.7 269.7 14.1	240.5
Total Revenue	240.5	185.1 30 %	374.0	294.2	918.5
EBITDA EBITDA adj. for sale gains	128.7 75.9	75.1 71 % 75.1	156.5 102.8	80.5 80.5	494.2 224.5
Adjusted EBITDA margin	40 %	41 %	32 %	27 %	35 %
Result from JVs and associated	-2.9	-1.2	-11.9	-3.8	-9.1
Operating result	418.1	38.8	404.2	9.4	551.4	128.7	EBITDA
Pre-tax result	407.5	-100.9	382.4	-110.4	406.8

• Improved day rates combined with a gain on sale of one seismic vessel and sale of certain ancillary equipment of a total of NOK 52.8 million*

• Significant improvement of pre-tax result due to reversal of previously impaired asset values of NOK 332.2 million this quarter. Q2 2022 result affected by disagio because of substantial USD debt in 2022

* Excluded in adjusted figures

Segment allocation

Revenue & EBITDA margin (incl. share of JV)

Supply • Increased revenue of NOK 17.2 million due to improved day rates • EBITDA improvement of MNOK 9.5, where the margin increased from 38% to 41% • Utilization was 96% compared to 99% same period last year Subsea/ wind • Decrease revenue of MNOK 6.9 • EBITDA decrease of MNOK 2.5, while the margin improved slightly from 52% to 53% • Improved day rates and vessel Viking Reach making up for the reduction from sale of Viking Neptun • Utilization was 100% compared to 99% same period last year EBITDA margin

* Excludes non-allocated other cost, includes consolidated numbers and proportionate for vessel Seven Viking

Balance sheet

Balance Sheet (NOK million)	30.06.2023	31.12.2022

Total non-current assets	1 938.5	1 348.1
Current assets	613.5	910.3
Assets held for sale	71.3	80.7
Total assets	2 623.3	2 339.0
Equity	1 468.2	928.0
Equity ratio	56.0 %	39.7 %
Non-current liabilites	709.9	97.1
Current liabilites	370.3	1 201.5
Liabilites, assets held for sale	74.9	112.4
Total equity and liabilites	2 623.3	2 339.0

Vessels Cash Other assets Equity ratio Debt ratio

Comments to 2nd Quarter

Non-current assets increased from year end 2022 due to the addition of the vessel Viking Reach and the reversal of impairment
Assets held for sale are two remaining seismic vessels where a contract for sale was entered into at the end of the quarter. Transaction completed August 2023
Cash balance was reduced from NOK 655.6 million to NOK 339.4 million. The main reason for the reduction in cash is prepayment of debt in connection with the refinancing completed in Q1
Net interest-bearing debt increased with NOK 19.8 million compared to year-end, a combination of the purchase of the vessel Viking Reach, cash generation and amortization
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

1

Delivering on strategy: Growth in supply and subsea/offshore wind, exit from seismic

Delivering operational excellence across the fleet

Fully booked backlog securing profitable cash flow years ahead

Strong balance sheet with low debt and healthy multiples

Positive market outlook enabling growth possibilities

Investor relations

Please contact:

CFO - Helga Cotgrove +47 90 73 52 46

VP IR - Sindre Stovner +47 91 78 64 31 [email protected]

Appendix

Company overview

THE COMPANY	CONTRACT BACKLOG	SUSTAINABILITY
	MNOK 1 977	26.5% Reduction in CO2 emissions per operational day
13 428 VESSELS EMPLOYEES Number of employees end of FY2022	Consolidated Q2 2023	92% share of fleet with battery hybrid systems * Sustainability figures for period 01.01.2022-31.12.2022
SEGMENTS	KEY FINANCIALS	STRATEGY 2025
SUPPLY SUBSEA &	MNOK 648.8 Revenue 2022 MNOK 224.5	Be the clear market leader within green PSVs Establish strategic projects together with our customers
PS OFFSHORE V WIND	EBITDA 2022 *Adjusted with gain on sale of vessel with MNOK 269.7	Strengthen our position in the offshore wind segment Investigate opportunities for acquiring vessels to expand our fleet