Eidesvik Offshore — Investor Presentation 2023

May 24, 2023

Presentation Q1 2023 May 24, 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 / Q1 2023

Strong performance during seasonally lower activity quarter

P&L key figures Q1 2023 vs. Q1 2022		Balance sheet key figures Q1 2023 vs. FY2022
MNOK 133.5 (109.1) in revenue this quarter	MNOK 2 115 (876) in consolidated backlog	MNOK 2 286 (2 339) in Assets	MNOK 332.3 (655.6) in cash
MNOK 27.3 (5.4) in EBITDA adj.	20.3% (5.0%) in EBITDA margin	MNOK 601.3 (541.7) in NIBD	49% (40%) in equity ratio

Operational update / Q1 2023

• Fleet utilisation in the period was 81%
• Two major scheduled dockings
• Overall fleet operations delivered according to set targets with 93% technical uptime
• One LTI occurred during the quarter
• The company's inhouse technology and development department continues to work with partners and clients on green technology projects

Business update / Q1 2023 Positioned for growth

• Long term bank financing secured till Q1 2026
• Acquired vessel Viking Reach together with Reach Subsea
• Raised NOK 130 million through private placement
• Viking Queen awarded a 12-month contract and Viking Princess extended its contract, both with Wintershall Dea Norge

Completion of acquisition of Viking Reach together with Reach Subsea

• Set up new entity with Reach Subsea which owns and operates the vessel Viking Reach. EIOF has the controlling interest of the entity and owns 50,1%
• Purchase price for the vessel was USD 29 million, where approx. NOK 150 million is debt financed. The remaining was financed with equity from the parties
• The vessel commenced its 6- year time charter in the beginning of April 2023

Contract backlog / Q1 2023

8

Contract coverage incl. JV / Q1 2023

Option Firm

Market update – positive outlook in key segments

Utilization and pricing continue to increase in all strategic focus areas for the Company

PSV: The fundamental activity drivers for this segment are robust, and with significant tightening on the supply side we foresee healthy growth in rates going forward.

Subsea: The market continues to improve with increased day rates and utilization levels year-over-year as vessel availability is limited and increased activity scheduled within our market

3

Offshore wind: The combination of market growth and competition for vessels from the traditional O&G market will positively affect vessels rates in the coming years.

Q1 2023 financial results

Financial results (NOK1000)	Q1 2023	Q1 2022	FY2022
Revenue	132,6	109,1	634,7
Gain on sale	22 % 0,9	0,0	283,8
Total Revenue	133,5	109,1	918,5
EBITDA	27,8 417 %	5,4	494,2
EBITDA adj. For gain on sale	26,9	5,4	224,5
Adjusted EBITDA margin	20 %	5 %	35 %
Result from Joint Ventures and associated	-8,9	-2,6	-9,1
Operating result	-13,9	-29,4	551,4
Pre-tax result	-25,1	-9,6	406,8

• Continue to see revenue and margin improvement due to improved day rates and currency effect
• Reduced payroll expenses are offset by increased legal and advisory expenses related to refinancing and the acquisition of Viking Reach
• Net financial income and expenses impact profits negatively due to increased interest rates and currency loss

Segment allocation

Revenue & EBITDA margin (incl. share of JVs)

PSV • Increase of revenue of NOK 18.5 million • EBITDA increase of MNOK 11, from 16% to 26% margin • Utilization was 85% compared to 88% same period last year, as Viking Queen operated in the spot market in addition to having been in for scheduled docking OCV/CSOV • Decrease revenue of MNOK 1.2, • EBITDA increase of MNOK 7.5, from 17% to 32% margin • Utilization was 73% compared to 84% same period last year, as Seven Viking did its 10-year classification. Viking Reach joined the fleet in mid-March and commenced on contract on April 1 EBITDA Q1 2023 vs. Q1 2022

Balance sheet

Balance Sheet (NOK1000)	31.03.2023	31.12.2022
Total non-current assets	1 614,0	1 348,1
Current assets	623,3	910,3
Assets held for sale	48,9	80,7
Total assets	2 286,3	2 339,0
Equity	1 122,3	928,0
Equity ratio	49,1 %	40,6 %
Non-current liabilites	745,3	97,1
Current liabilites	324,4	1 201,5
Liabilites, assets held for sale	94,3	112,4
Total equity and liabilites	2 286,3	2 339,0

Comments

• Non-current assets increased from year end 2022 due to the addition of the vessel Viking Reach
• Assets held for sale reduced due to sale of one seismic vessel in the quarter, we now have three remaining seismic vessels held for sale
• Equity increase is due to the private placement of gross NOK 130 million in connection with the acquisition of Viking Reach and the consolidation of the entity Eidesvik Reach (that owns and operates the vessel Eidesvik Reach) into the group accounts
• Net interest-bearing debt increased with NOK 59.6 million compared to year-end, in a combination of the purchase of the vessel Viking Reach and prepayment of debt as part of the refinancing
• 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

Consolidated backlog of NOK 2 115 million, increased by NOK 856 million from previous quarter

Viking Reach commenced a 6-year TC with Reach Subsea from 1. April 2023

Strong balance sheet

Improved markets across all our key segments

Diversified green fleet of high-end vessels, with strong operational performance

Outlook

• Improved financial position enables Eidesvik to investigate new business opportunities
• Well positioned for longterm growth and shareholder value creation
• Viking Reach illustrate one way of expanding, Eidesvik are considering several paths

Investor relations

Please contact:

CFO - Helga Cotgrove +47 90 73 52 46

VP IR - Sindre Stovner +47 91 78 64 31 investor.relations@eidesvik.no

Appendix

Company overview

THE COMPANY		CONTRACT BACKLOG	SUSTAINABILITY
16 VESSELS	500 EMPLOYEES	MNOK 2 115 Consolidated Q1 2023	12.5% Reduction in CO2 emissions per nm travelled 26.5% Reduction in CO2 emissions per operational day 92% share of fleet with battery hybrid systems
SEGMENTS		KEY FINANCIALS	STRATEGY 2025
PS V	PSV SUBSEA & OFFSHORE WIND	MNOK 648.8 Revenue 2022 MNOK 224.5 EBITDA 2022 *Adjusted with gain on sale of vessel with MNOK 269.7	Be the clear market leader within green PSVs Establish strategic projects together with our customers Strengthen our position in the offshore wind segment Investigate opportunities for acquiring vessels to expand our fleet

Contract status

Contract status

Debt maturity profile March 31, 2023

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

The fleet of Eidesvik

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

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