Eidesvik Offshore — Investor Presentation 2024

Sep 11, 2024

Eidesvik Offshore ASA Pareto Conference 2024

11 September 2024

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 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.

Eidesvik Offshore in brief

THE COMPANY	CONTRACT BACKLOG	STRATEGY
14 416	MNOK 2 953	Green PSV • Strengthen our position as the market leader within green PSV
VESSELS EMPLOYEES whereof one under construction Number of employees end of FY2023	Consolidated Q2 2024	Subsea • Actively seek partnerships that will create new business opportunities
SEGMENTS	KEY FINANCIALS
SUPPLY SUBSEA &	MNOK 772 Revenue 2023	Offshore Wind • Increase footprint in segment, focus on long term profitable contracts
OFFSHORE WIND	MNOK 334 EBITDA 2023	Key words for future projects • Long-term partnerships and long-term positive cash flows

Highly utilised versatile fleet

Project Apollo

• Equinor Energy AS declared options to extend the contract for the supply vessel Viking Energy. The contract extension runs from April 2025, extending the firm period to April 2030. The contract also includes options for further extensions
• Conversion of PSV Viking Energy to operate with an ammonia combustion engine as the first in the world (70% emission reduction)
• Ammonia operation is planned to start in the first half of 2026
• In addition to chartering the vessel Equinor also contributes with financing of the conversion
• The project has been granted EUR 5 million in support from the EU

CSV newbuild with planned delivery early 2026

• Ordered a new Construction Support Vessel (CSV) for delivery in early 2026 - three remaining options
• The vessel is owned by Eidesvik Agalas AS, where Eidesvik is the majority shareholder with 50.1%. The remaining shares are owned by Northern Norway shipowners Agalas
• Financing is a combination of equity from both shareholders and around 70% non-recourse debt financing from Sparebank 1 Nord-Norge and Eksfin. Eidesvik's share of equity is from cash on hand
• Upon delivery the vessel will commence on a 5-year time charter with Reach Subsea. Eidesvik will have full management of the vessel

Market update – positive outlook in all segments

Contract backlog / Q2 2024

* Do not include variable contractual mechanism, 100% utilization.

** Assumes hull 71 (newbuild) to operate 50/50 in the subsea and offshore wind space

Term contract over time beats the spot market

Calculation example

• Illustrates term day rate of NOK 200'/day vs. required spot rate at varying utilisation to achieve equal revenue
• I.e. 80% utilisation in the spot market calls for an average day rate of NOK 237'/day to generate same revenue as a fixed contract of NOK 200'/day with a utilisation of 95%
• Latest spot rate history for PSVs above 900m2 indicates an average of NOK 210'/day in 2023 and YTD 2024 NOK 188/day*

Calculation example / 1 year TC vs. Spot

* Clarksons Research per 03.09.2024

0% 5% 10% 15% 20% 25% 30% 35% 40%

Adj. EBITDA margin

37% 37%

Financial development

	FY2022	1H2023	FY2023	1H2024				Adj. EBITDA
Utilization	95 %	91 %	94 %	95 %	300,0
Revenue (NOKm)	919	374	772	381			33%
Adj. Revenue (NOKm)	635	313	699	365	on) 250,0			31%
EBITDA (NOKm)	494	156	334	150	milli	28%
EBITDA margin	54 %	42 %	43 %	39 %	200,0 K
Adj. EBITDA (NOKm)	210	96	261	134	O N
Adj. EBITDA margin	33 %	31 %	37 %	37 %	150,0 A (
EBIT	551	404	577	65	D T		210
Adj. EBIT*	58	11	95	49	100,0 BI E	160
Equity Ratio	40 %	56 %	59 %	61 %	Adj. 50,0			96
GIBD (NOKm)	1 197	901	876	822
LTV**	0,66	0,45	0,40	0,36	0,0
NIBD/adj. EBITDA***	2,5x	1,8x	1,4x	1,0x

* Adjusted for gain on sale, other income and reversal of impairments ** LTV 1H2024 is based on broker values per 30.06.2024 *** Adjusted last twelve months, excluding IFRS 16

• Maintaining operational solid key figures during first half 2024
• Key metrics such as equity ratio, LTV and NIBD/adj. EBITDA are among the industry healthiest

NIBD/adj. EBITDA

Balance sheet and cash flow

Balance sheet (NOK1000)	30.06.2024	31.12.2023
Total non-current assets	2 110	1 931
Cash and cash equivalents	444	499
Other current assets	293	287
Total assets	2 847	2 716
Equity	1 740	1 616
Equity ratio	61 %	59 %
Non-current liabilities	694	748
Current liabilites	413	352
Total equity and liabilites	2 847	2 716

• Non-current assets increased from year end, mainly due to the initial payment related to the newbuild contract in February
• Cash balance reduced due to the above
• Current NIBD/EBITDA is 1.0x*
• High equity ratio of 61%

* Adjusted last twelve months, excluding IFRS 16

1H 2023 1H 2024

• Improved cash flow from operation
• Investment in vessels both 23/24
• Refinancing completed in 2023
• Dividend distribution

Company highlights

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

Energy transition fleet

Supply Subsea / Offshore wind

Viking Energy

Viking Lady

NS Frayja (management)

Viking Wind Power

Viking Prince

Viking Avant

NS Orla (management)

Subsea Viking

Viking Neptun (management)

Viking Reach

TBN (delivery early 2026)

Contract status

Vessel	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027	Q2 2027
Seven Viking
Reach
Viking
Subsea Viking
Viking Wind Power
TBN
Viking Queen
Viking Lady
Viking Princess
Viking Prince
Viking Energy
Viking Avant

Firm Options

Debt maturity profile 30 June 2024