Eidesvik Offshore — Investor Presentation 2025

Feb 18, 2025

Presentation Q4 2024 18 February 2025

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.

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Financial highlights / Q4 2024

P&L key figures	Q4 2024 vs. Q4 2023	Balance sheet key figures FY 2024 vs. FY 2023
MNOK 187 (191) in freight revenue	MNOK 2 544 (1 975) in consolidated backlog	MNOK 2 937 (2 716) in assets	MNOK 396 (499) in cash
MNOK 58 (69) in adj. EBITDA	31% (36%) in adj. EBITDA margin	MNOK 499 (377) in NIBD	62% (59%) in equity ratio

Business update / Q4 2024

• The remaining options to extend the contract for the supply vessel Viking Princess was declared. The contract extension runs from January 2025 in direct continuation of the current contract, extending the firm period to January 2026
• Enova granted Eidesvik Offshore ASA NOK 44.7 million in public funding to support the potential construction of a platform supply vessel (PSV) designed to operate on ammonia. The realisation of the newbuild vessel is contingent on Eidesvik securing a longterm contract with satisfactory returns.

Subsequent events:

• No events have occurred after the balance sheet date with significant impact on the interim financial statements for Q4 2024

Operational update / Q4 2024

• Fleet utilisation in Q4 2024 was 93%
  • Supply utilisation was 94% during the quarter
  • Subsea/Offshore Renewables utilisation was 92% during the quarter
• FY2024 utilisation was 96% compared to 94% in FY2023
• No LTIs during the quarter

Contract backlog / Q4 2024

* Does not include variable contractual mechanism, 100% utilisation

*** Adjusted backlog to correct a previous error regarding values from 2028

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

Contract coverage incl. JV / Q4 2024

Market update – long term positive energy markets

Continued positive marked fundamentals, seasonal and geographical variances

Supply: Expect increased demand in 2025 and more so in 2026 and 2027, limited supply of large PSVs

Subsea/Renewables: Record high backlog reported in subsea, expected continued demand for vessels, limited spare capacity. Continued activity in the renewable space

Q4 2024 financial results

increased expenses

• Annual utilisation improved compared to FY2023

Financial results (NOK1000)	Q4 2024*	Q4 2023	Q3 2024*	FY2024*	FY2023
Freight revenue	186,8 -2 %	190,6	207,1	759,4	699,5
Gain on sale	0,0	0,0	0,0	0,0	21,6
Other income	0,0	3,1	0,0	15,7	51,3
Total Revenue	186,8	193,7	207,1	775,1	772,4
EBITDA	57,7	71,9	96,5	304,2	333,6
EBITDA adj. for sale gains and other	57,7 -16 %	68,8	96,5	288,4	260,7
Adjusted EBITDA margin	31 %	36 %	47 %	38 %	37 %
Result from JVs and associated	0,3	11,0	-1,1	0,8	-4,4
Operating result	10,7	111,3	48,6	124,3	577,2
Operating result adj. for impairment and gain on sale	10,7	31,3	48,6	108,6	95,3
Pre-tax result	11,3	99,9	39,6	103,7	533,2

• Reduced utilisation impacts both freight revenue and EBITDA negatively, in combination with

increased by 11%, providing an EBITDA margin of 38% compared to 37% in FY2023.

• For 2024, freight revenue increased by 9% and EBITDA, adjusted for other income and sales gain,

Freight revenue

Adj. EBITDA

* Unaudited

Segment performance

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

EBITDA Q4 2024 vs. Q4 2023

• Higher freight rates, but offset by lower utilisation and increased OPEX
• EBITDA reduction of NOK 4.9 million, where margin decreased from 41% to 37%
• Utilisation was 94% compared to 100%

Supply

EBITDA margin

Subsea/ Renewables

• Increased revenue of NOK 1.5 million
• EBITDA improvement of NOK 1.7 million where margin increased from 44% to 46%
• Utilisation was 92% compared to 90%

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

Balance sheet

Balance Sheet (NOK1000)	31.12.2024*	31.12.2023
Total non-current assets	2 316	1 931
Cash and cash equivalents	396	499
Other current assets	226	287
Total assets	2 937	2 716
Equity	1 827	1 616
Equity ratio	62 %	59 %
Non-current liabilites	764	748
Current liabilites	347	352
Total equity and liabilites * Unaudited	2 937	2 716
100%

Comments for the year

• Non-current assets increased from year end, mainly due to payments related to the newbuild contract
• Cash balance reduced due to the above
• Strong equity ratio of 62%
• Net interest-bearing debt of NOK 499 million, an increase due to payment of yard instalments, partly by cash on hand and partly by construction loan
• Current NIBD/EBITDA is 1.5x**

** Adjusted last twelve months, excluding IFRS 16

Cash flow FY2024

Highlights summary

1

Quarter impacted by two material dockings, annual improvement in revenue and margins

Sturdy backlog, with key vessels and new build scheduled to become available in a solid market

Extremely healthy balance sheet

3

Continued strong market fundamentals

Positioned for profitable growth opportunities

Contact details

CEO - 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 Renewables

• 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 Renewables

Viking Energy

NS Frayja (management)

Viking Wind Power

Seven Viking

Viking Prince

Viking Avant

NS Orla (management)

Subsea Viking

Viking Neptun (management)

Viking Reach

Contract status

Vessel		Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027	Q2 2027	Q3 2027	Q4 2027
Seven Viking	subsea 7
Viking Reach	-REACH SUBSEA
Subsea Viking	17
Viking Wind Power Gamesa
TBN	·REACH SUBSEA
Viking Queen
Viking Lady	wintershall dea AkerBP
Viking Princess	1200 N wintershall dea
Viking Prince	AkerBP
Viking Energy	ને ત્ equinor
Viking Avant	: " equinor
A

Firm Options

Debt maturity profile 31 December 2024

In addition, Eidesvik Agalas AS drew EUR 12.4 million on its construction loan in December 2024. This loan is not included in the diagram above.

Million NOK

Financial development

	FY2021	FY2022	FY2023	FY2024****
Utilization	94 %	95 %	94 %	96 %
Revenue (NOKm)	588	919	772	775
Adj. Revenue (NOKm)	569	635	699	759
EBITDA (NOKm)	179	494	334	304	on)
EBITDA margin	30 %	54 %	43 %	39 %	milli K
Adj. EBITDA (NOKm)	160	210	261	288	O
Adj. EBITDA margin	28 %	33 %	37 %	38 %	N A (
EBIT	109	551	577	124	D T
Adj. EBIT*	-37	58	95	109	BI E
Equity Ratio	19 %	40 %	59 %	62 %	Adj.
GIBD (NOKm)	2 026	1 197	876	894
LTV**	0,72	0,66	0,40	0,37
NIBD/adj. EBITDA***	10,6x	2,5x	1,4x	1,5x

* Adjusted for gain on sale, other income and reversal of impairments ** LTV YTD2024 is based on broker values per 31.12.2024 *** Adjusted last twelve months, excluding IFRS 16 **** Unaudited

• Improved market conditions and high utlisation drives FY2024 financial result
• Key metrics such as equity ratio, LTV and NIBD/adj. EBITDA are among the industry healthiest

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