Eidesvik Offshore — Investor Presentation 2023

Feb 23, 2023

Presentation Q4 2022 Februar 23, 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.

Company overview

A powerhouse for future-oriented and sustainable shipping

Business update

• Completed sale of CSV Viking Neptun
• We continued to deliver very good HSEQ performance, with 0 LTIs.
• Strong operational performance across the fleet with 96% technical uptime in all segments combined.
• The fleet utilization in the period was 98%, excluding vessels in lay-up.
• Our industry collaboration projects: Apollo, ShipFC and project Retrofit are all continuing with good progress.

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Contract coverage incl. JV December 31, 2022

(excluding vessels in lay up)

Option Firm

Contract backlog December 31, 2022

Consolidated total contract backlog Q4, 2022 is MNOK 1.388.

Market update – positive outlook in key segments

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Utilization and pricing is expected to increase in all strategic focus areas for the Company in the coming years.

Subsea: The market continues to improve with increased day rates and utilization levels year-over-year.

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.

Refinancing

• Eidesvik has entered into a credit approved term sheet with its financial institutions for refinancing of its debt.
• The new debt will mature on February 28, 2026.
• With a prepayment of MNOK 410 from available cash on hand the debt will be materially reduced, and the Company's financial position will be significantly strengthened.
• The Company and its financial institutions are working on completing final documentation and expect to have final agreements in place during March 2023.
• Upon signing final documentation, the debt prepayment of MNOK 410 will be made. Debt amortization will be MNOK 42.5 for 2023 and MNOK 85 per year thereafter.

High-spec subsea IMR vessel acquired together with Reach Subsea

• Edda Sun is a 2009-built highly versatile ROV support vessel with capabilities well fit for a broad range of subsea activities.
• The vessel is fuel efficient and capable of operating in harsh weather conditions with low down-time.
• Will be operated by Eidesvik under its new name Viking Reach.

Eidesvik will operate the vessel on a 6-year time charter with Reach Subsea.

Q4 2022 and preliminary 2022 results

	Q4 2022	Q4 2021	2022	2021
Revenue	164,2 13 %	145,7	648,8 11 %	585,9
Gain on sale	269,7	0,0	269,7	1,9
Sum revenue	433,9	145,7	918,5	587,8
EBITDA	322,7	30,3	494,2	178,7
EBITDA adj. for gain on sale	53,0	30,3	224,5	176,8
Adjusted EBITDA-margin	32 %	21 %	35 %	30 %
Operating result	279,1	183,0	551,4	108,6
Pre-tax result	354,4	184,1	406,8	30,7

• Continue to see revenue and margin improvement.
• Gain on sale of Viking Neptun of MNOK 269.7
• All sesimic vessels held for sale
• USD debt and therefore forex movement reduced going forward.

Segments

EBITDA Q4 2022 vs. Q4 2021:

Supply: Increase of revenue of MNOK 16.5, increase of total operating expenses of MNOK 5.2. EBITDA increase of MNOK 11.4.

Subsea/Wind: Increase of revenue of MNOK 6.1, decrease in the total operating expenses of MNOK 14.8. EBITDA increase of MNOK 20.8. Gain on sale of MNOK 269.7.

Seismic: Decrease of revenue of MNOK 3.2, increase in the total operating expenses of MNOK 0.8. EBITDA decrease of MNOK 4.0. 0%

*Adjusted for gain on sale

Balance sheet Cash Flow

BALANCE SHEET	31.12.2022	31.12.2021
Fixed assets	1 348,1	1 196,9
Current Assets	910,3	531,2
Assets held for sale	80,7	1 022,5
Total assets	2 339,0	2 750,6
Equity	928,0	521,1
Equity ratio	40 %	19 %
Long-term liabilities	97,1	1 095,3
Short-term liabilities	1 201,5	293,5
Liabillities, assets held for sale	112,4	840,7
Total equity and liabilities	2 339,0	2 750,6

CASH FLOW	2022	2021
Net cash flow from operating activities	225,6	177,1
Net cash flow from investment activities Net cash flow from finance activities	1 171,4 (1 061,8)	228,5 (504,4)
Net changes in cash holdings	335,3	(98,8)
Cash at beginning of period Cash at end of period	330,4 665,7	429,2 330,4

Highlights summary

Subsea.

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

MNOK 1.388 backlog, securing solid contract coverage for 2023, 2024 and beyond.

New subsea vessel to be acquired in a JV with a significant backlog of 6-year TC with Reach

Improving markets across our key segments.

Agreed credit approved term sheet in place with bank group, securing long-term financing.

Q&A

Contract status

Debt maturity profile December 31, 2022

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

PSV Fleet

Subsea & Offshore Wind Fleet

Viking Reach (new, 50.1% owned)

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

A powerhouse for innovation

Viking Energy | 2003

World's first LNG cargo vessel 2016: First BATTERY POWER hybrid 2018: Shore Power 2020-2024: Ammonia Fuel cell project

Viking Princess | 2012

LNG platform supply vessel 2017: First to replace Genset with Hybrid 2021 : Shore power

Viking Avant | 2005

New Design platform supply vessel 2019: Shore power 2020: Battery power

Seven Viking | 2013 New class of IMR-vessel 2018: Battery power and shore power

Viking Neptun | 2015 Subsea Construction Vessel 2020: Battery power

Viking Lady | 2009

Avant design with LNG and Fuel cell/hybrid testing 2022: Battery power & shore power

Oceanic Sirius | 2011 Oceanic Vega | 2010 New class of seismic vessels