Eidesvik Offshore — Investor Presentation 2024

May 22, 2024

Presentation Q1 2023 22 May 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 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 2024

P&L key figures	Q1 2024 vs. Q1 2023	Balance sheet key figures Q1 2024 vs. FY2023
MNOK 183.4 (132.6*) in revenue this quarter	MNOK 2 840 (2 115) in consolidated backlog	MNOK 2 830 (2 716) in assets	MNOK 411 (499) in cash
MNOK 67.4 (26.9) in adj. EBITDA	37% (20%) in adj. EBITDA margin	MNOK 443 (378) in NIBD	57% (59%) in equity ratio

* Total revenue adjusted for gain on sale

Business update / Q1 2024

Eidesvik entered into an agreement to build a new Construction Support Vessel (CSV) for delivery in early 2026.The agreement includes call options for 4 additional vessels

The vessel are owned by an entity named Eidesvik Agalas AS, where Eidesvik is the majority shareholder with 50.1%

Financing is a combination of equity from both shareholders and around 70% non-recourse debt financing. Eidesvik's share of equity came from cash on hand

Upon delivery the vessel will commence on a time charter with Reach Subsea

Business update / Q1 2024

• Aker BP ASA declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2025 in direct continuation of the current contract, extending the firm period to February 2026
• Signed a three-year extension to the Company's ship management agreement with Dredging, Environmental and Marine Engineering NV ("DEME") for the CSV Viking Neptun, with a two-year option for further extension

Subsequent events:

• The Board of Directors will propose distribution of a dividend of NOK 0.25 per share at the shareholder meeting 30 May 2024

Operational update / Q1 2024

• Fleet utilisation in Q1 2024 was 96%
  • Supply utilization was 100% during the quarter
  • Subsea/Wind utilization was 89% during the quarter
• Subsea Viking in for its 25-year class renewal
• Zero LTIs during the quarter

Contract backlog / Q1 2024

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

** Assumes Viking Agalas to operate 50/50 in the subsea and offshore wind space

Contract coverage incl. JV / Q1 2024

Contract coverage incl. JV

MNOK 2 949 backlog incl. JV

Market update – positive outlook in all segments

Q1 2024 financial results

Financial results (NOK1000)	Q1 2024	Q1 2023	FY2023
Freight revenue	179,4 39 %	128,8	699,5
Gain on sale	0,0	0,9	21,6
Other income	3,9	3,8	51,3
Total Revenue	183,4	133,5	772,4
EBITDA	67,4	27,8	333,6
EBITDA adj. for sale gains	67,4 151 %	26,9	275,6
Adjusted EBITDA margin	37 %	20 %	39 %
Result from JVs and associated	-1,6	-8,9	-4,4
Operating result	23,7	-13,9	577,2
Operating result adj. for impairment and gain on sale	23,7	-14,8	110,2
Pre-tax result	9,4	-25,1	533,2

• 39% increase in freight revenue and 151% increase in adj. EBITDA due to addition of the vessel Viking Reach, improvement in rates and higher utilization
• Adj. EBIT improvement of NOK 38.5 million
• Improvement in JV result

Segment performance

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0,0 20,0 40,0 60,0 80,0 100,0 120,0 Supply Subsea/Wind NOK million Q1 2024 Q1 2023 EBITDA margin Q1 2024 EBITDA margin Q1 2023

Revenue & EBITDA margin (incl. share of JV*)

EBITDA Q1 2024 vs. Q1 2023

• Increased revenue of NOK 25.1 million (31%) due to improved day rates and utilization
• EBITDA improvement of NOK 22 million, where margin increased from 26% to 41%
• Utilization was 100% compared to 85%
• Increased revenue of NOK 34.1 million (65%) where a material part was due to introduction of Viking Reach
• EBITDA improvement of NOK 18 million where margin increased from 32% to 40.6%
• Utilization was 89% compared to 73%

* Consolidated Viking Reach, Seven Viking included with 50%.

Balance sheet

Balance Sheet (NOK1000)	31.03.2024	31.12.2023
Total non-current assets	2 110	1 931
Cash and cash equivalents	411	499
Other current assets	309	287
Total assets	2 830	2 716
Equity	1 625	1 616
Equity ratio	57 %	59 %
Non-current liabilites	725	748
Current liabilites	480	352
Total equity and liabilites	2 830	2 716

Equity ratio Debt ratio Vessels Cash Other assets

Comments for the year

• 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 1.2x**
• High equity ratio of 57%

Cash flow Q1 2024

Highlights summary

Stong operational and financial performance

Substantial new backlog growth on top of fully booked legacy fleet

Fleet renewal with attractively priced and financed newbuild

Positive market outlook in all operating segments

Proposed dividend to shareholders based on 2023 financials

Contact details

CFO - Helga Cotgrove +47 90 73 52 46

VP IR - Sindre Stovner

+47 91 78 64 31

investor.relations@eidesvik.no

Appendix

Company overview

STRATEGY

Green PSV

• Strengthen our position as the market leader within green PSV

Subsea

• Actively seek partnerships that will create new business opportunities

Offshore Wind

• Increase footprint in segment, focus on long-term profitable contracts

Key words for future projects

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

Energy transition fleet

Supply Subsea / Offshore wind

Viking Energy

Viking Lady

NS Frayja (management)

Viking Wind Power

Seven Viking

Viking Prince

Viking Princess

Viking Avant

NS Orla (management)

Subsea Viking

Viking Neptun (management)

Methanol Dual Fuel

Viking Reach

Contract status

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

Debt maturity profile March 31, 2024

Financial development

	FY2021	FY2022	FY2023	YTD2024
Utilization	94 %	95 %	94 %	96 %
Revenue (NOKm)	588	919	772	183
Adj. Revenue (NOKm)	586	649	714	183
EBITDA (NOKm)	179	494	336	67	on)
EBITDA margin	30 %	54 %	44 %	37 %	milli
Adj. EBITDA (NOKm)	177	224	278	67	K O
Adj. EBITDA margin	30 %	35 %	39 %	37 %	N A (
EBIT	109	551	581	24	D
Adj. EBIT*	-37	72	114	24	T BI
Equity Ratio	19 %	40 %	59 %	57 %	E
GIBD (NOKm)	2 026	1 197	877	855	Adj.
LTV**	0,72	0,66	0,40	0,39
NIBD/adj. EBITDA***	9,6x	2,4x	1,4x	1,2x

* Adjusted for gain on sale and reversal of impairments *** 12 months rolling

** LTV YTD2024 is based on broker values per 31.12.2023

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

NIBD/adj. EBITDA

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