Eidesvik Offshore — Investor Presentation 2025

May 13, 2025

Presentation Q1 2025 13 May 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.

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 2025

P&L key figures	Q1 2025 vs. Q1 2024	Balance sheet key figures Q1 2025 vs. FY 2024
MNOK 199 (179) in freight revenue	MNOK 3 579 (2 786) in total backlog incl. share of JV	MNOK 3 017 (2 937) in assets	MNOK 285 (396) in cash
MNOK 72 (64) in adj. EBITDA	36% (35%) in adj. EBITDA margin	MNOK 570 (499) in NIBD	62% (62%) in equity ratio

Business update / Q1 2025

• Eidesvik, together with Agalas and Reach Subsea, entered into an agreement to build a new Construction Support Vessel (CSV). The design is equivalent to the vessel Eidesvik currently has under construction together with Agalas at the Sefine Shipyard in Turkey
• The vessel will be owned 2/3 by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 1/3 by Reach Subsea. Planned delivery for the vessel is spring 2027
• Upon completion the vessel is scheduled to commence on a 5-year time charter with Reach Subsea. Eidesvik will have management of the vessel

Subsequent events:

• Subsea7 has extended the contract for the subsea vessel Seven Viking

Operational update / Q1 2025

• Fleet utilisation in Q1 2025 was 100%
  • Supply utilisation was 100% during the quarter
  • Subsea/Offshore Renewables utilisation was close to 100% during the quarter
• No LTIs during the quarter

Contract backlog / Q1 2025

* Does not include variable contractual mechanism, 100% utilisation

** Assumes TBN "Viking Vigor" (hull 71) and hull 76 (newbuild) to operate 50/50 in the subsea and offshore renewables space

Contract coverage incl. JV / Q1 2025

100% 100% 98% 81% 82% 82% 82% 82% 73% 67% 67% 67% 67% 63% 58% 42% 100% 100% 88% 57% 55% 55% 55% 49% 50% 50% 50% 39% 33% 33% 33% 33% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Firm Options

Contract coverage incl. JV

Market update – fundamentals remains positive

Continued positive marked fundamentals, but unprecedented geopolitical movement creating uncertainty

Supply: Demand increase still expected going forward

Subsea/Renewables: Record high backlog combined with high vessel utilisation and high demand in subsea. Some recent headwinds in offshore wind.

Q1 2025 financial results

Financial results (NOK1000)	Q1 2025*	Q1 2024*	Q4 2024*	FY2024
Freight revenue	198,8 11 %	179,4	186,8	759,4
Other income	0,0	3,9	0,0	15,7
Total Revenue	198,8	183,4	186,8	775,1
EBITDA	72,2	67,4	57,7	304,2
EBITDA adj. for sale gains and other	72,2 14 %	63,5	57,7	288,4
Adjusted EBITDA margin	36 %	35 %	31 %	38 %
Result from JVs and associated	-2,0	-1,6	0,3	0,8
Operating result	22,5	23,7	10,7	124,3
Operating result adj. for impairment and gain on sale	22,5	19,8	10,7	108,6
Pre-tax result	29,3	11,3	11,3	106,0

Freight revenue

* Unaudited

• Increased freight revenue (11%) and adj. EBITDA (14%) due to superior utilisation, but an increased OPEX negatively impacts the margins. Highest Q1 EBITDA numbers since 2017
• The OPEX is affected by general salary increases combined with a high sick leave which is having an adverse effect on cost due to the need for use of costly temporary personnel
• The result in the JV represents the same sources of cost increase

Segment performance

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

EBITDA Q1 2025 vs. Q1 2024

• Higher freight rates, but offset by increased OPEX
• EBITDA reduction of NOK 3.3 million, where margin decreased from 41% to 37%
• Utilisation was 100% compared to 100%

Supply

EBITDA margin

• Increased revenue of NOK 16.2 million due to higher utilisation
• EBITDA improvement of NOK 12.0 million where margin increased from 41% to 46%
• Subsea/ Renewables • Utilisation was 100% compared to 89%

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

Balance sheet

Balance Sheet (NOK1000)	31.03.2025	31.12.2024
Total non-current assets	2 494	2 316
Cash and cash equivalents	285	396
Other current assets	238	226
Total assets	3 017	2 937
Equity	1 857	1 827
Equity ratio	62 %	62 %
Non-current liabilites	727	764
Current liabilites	433	347
Total equity and liabilities	3 017	2 937

Equity ratio Debt ratio Vessels Cash Other assets

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 570 million, an increase mainly due to payment of yard instalment
• Current NIBD/EBITDA is 1.7x*

* Adjusted last twelve months, excluding IFRS 16

Cash flow Q1 2025

Highlights summary

Max utilisation

2

4

5

3

1

Increased backlog at improved market rates

Solid balance sheet

Long-term positive outlook

Continuing growth story

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

PS V 16 VESSELS 437 EMPLOYEES SUPPLY SUBSEA OFFSHORE RENEWABLES SEGMENTS THE COMPANY * Whereof two under construction and one is under building supervision * Number of employees end of FY2024

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

Viking Lady

NS Frayja (management)

Viking Wind Power

Subsea / Offshore Renewables

Seven Viking

Viking Neptun (management) Viking Energy

Viking Prince

Viking Avant

Viking Queen

NS Orla (management)

Methanol Dual Fuel

Subsea Viking

Viking Reach

TBN «Viking Vigor» (delivery early 2026)

TBN (delivery 2025) (management)

TBN (delivery spring 2027)

Contract status

Vessel	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027	Q2 2027	Q3 2027	Q4 2027	Q1 2028
Seven Viking
Viking Reach
Subsea Viking
Viking Wind Power
TBN I "Viking Vigor"
TBN II
Queen Viking
Viking Lady
Viking Princess
Viking Prince
Viking Energy
Viking Avant
				Firm		Options

Debt maturity profile 31 March 2024

In addition, Eidesvik Agalas AS has drawn EUR 12.8 million on its construction loan per Q1 2025. This loan is not included in the diagram above.

Million NOK

Financial development

	FY2022	FY2023	FY2024	Q1 2025
Utilization	95 %	94 %	96 %	100 %
Revenue (NOKm)	919	772	775	199
Adj. Revenue (NOKm)	635	699	759	199
EBITDA (NOKm)	494	334	304	72	on)
EBITDA margin	54 %	43 %	39 %	36 %	milli K
Adj. EBITDA (NOKm)	210	261	288	72	O N
Adj. EBITDA margin	33 %	37 %	38 %	36 %	A (
EBIT	551	577	124	23	D T
Adj. EBIT*	58	95	109	23	BI E
Equity Ratio	40 %	59 %	62 %	62 %	Adj.
GIBD (NOKm)	1 197	876	894	855
LTV**	0,66	0,40	0,37	0,36
NIBD/adj. EBITDA***	2,5x	1,4x	1,5x	1,7x

* Adjusted for gain on sale, other income and reversal of impairments ** LTV Q1 2025 is based on broker values per 31.12.2024 *** Adjusted last twelve months, excluding IFRS 16

• Solid revenue Q1 2025 driven by high utlisation
• Key metrics such as equity ratio, LTV and NIBD/adj. EBITDA are among the industry healthiest

210 261 288 72 33% 37% 38% 36% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 FY2022 FY2023 FY2024 Q1 2025 Adj. EBITDA marginAdjusted EBITDA

NIBD/adj. EBITDA

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