Eidesvik Offshore

Investor Presentation • Aug 27, 2025

Presentation Q2 2025 27 August 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 / Q2 2025

P&L key figures	Q2 2025 vs. Q2 2024	Balance sheet key figures Q2 2025 vs. FY 2024
MNOK 198 (186) in freight revenue	MNOK 3 391 (2 882) in total backlog incl. share of JV	MNOK 3 024 (2 937) in assets	MNOK 305 (396) in cash
MNOK 76 (71) in adj. EBITDA	38% (38%) in adj. EBITDA margin	MNOK 525 (499) in NIBD	62% (62%) in equity ratio

Business update / Q2 2025

• As previously mentioned, our joint venture with Subsea7 entered into an agreement with Subsea7 to extend the contract for the subsea vessel Seven Viking. Subsea7 declared the remaining option for 2026 and 2027 was added as a firm year in addition to an option for 2028. The 2027 and 2028 contract rates are based on improved market terms
• Viking Vigor (NB71) currently on schedule for delivery early 2026
• Newbuild 76 had its steel cutting ceremony in the quarter

Subsequent events:

• The Board of Directors decided a dividend payment of NOK 0.30 per share to be distributed to the shareholders. The ex-date is 28 August 2025

Operational update / Q2 2025

• Fleet utilisation in Q2 2025 was 98%
  • Supply utilisation was 96% during the quarter
  • Subsea/Offshore Renewables utilisation was close to 100% during the quarter
• No LTIs during the quarter

Contract backlog / Q2 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 / Q2 2025

Contract coverage incl. JV

Option Firm

Market update – fundamentals remains positive

Oil demand steady and continued strong backlog and tender activity for the EPC firms

Supply: As the global PSV fleet remain flat and an uptick in operators securing offshore drilling rigs, the activity is expected to increase in 2026 and 2027

Subsea/Renewables: Subsea activity is expected to remain high, and the current backlog is driving demand for suitable vessel tonnage

Q2 2025 financial results

Financial results (NOK1000)	Q2 2025*	Q2 2024*	Q1 2025*	YTD2025*	YTD2024*	FY2024
Freight revenue	198,5 7 %	186,0	198,8	397,3	365,5	759,4
Other income	0,0	11,8	0,0	0,0	15,7	15,7
Total Revenue	198,5	197,8	198,8	397,3	381,2	775,1
EBITDA	76,4	82,5	72,2	148,6	149,9	304,2
EBITDA adj. for other income	76,4 8 %	70,7	72,2	148,6	134,2	288,4
Adjusted EBITDA margin	38 %	38 %	36 %	37 %	37 %	38 %
Result from JVs and associated	-0,7	3,2	-2,0	-2,8	1,6	0,8
Operating result	29,1	41,2	22,5	51,7	65,0	124,3
Operating result adj. for other income	29,1	29,4	22,5	51,7	49,3	108,6
Pre-tax result	30,1	39,2	29,3	59,4	50,5	106,0

Freight revenue

38% 38%

Q2 2025 Q2 2024

• Increased freight revenue (7%) and adj. EBITDA (8%) due to higher utilization.

• OPEX compared to Q2 2024 is affected by general salary increases and need for use of costly temporary personnel

• The result in the JV Q2 2024 is affected by insurance proceeds

* Unaudited

Segment performance

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

EBITDA Q2 2025 vs. Q2 2024

• Increased revenue due to higher utilisation
• EBITDA increased NOK 4.3 million, where margin increased from 37% to 38%
• Utilisation was 96% compared to 92%

Supply

• Minor increase in revenue of NOK 0.9 million
• EBITDA decreased with NOK 4.5 million where margin decreased from 55% to 50% (received insurance proceeds in Q2 2024)
• Subsea/ Renewables • Utilisation was 100% compared to 99%

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

Balance sheet

Balance Sheet (NOK1000)	30.06.2025*	31.12.2024
Total non-current assets	2 472	2 316
Cash and cash equivalents	305	396
Other current assets	247	226
Total assets	3 024	2 937
Equity	1 886	1 827
Equity ratio	62 %	62 %
Non-current liabilites	702	764
Current liabilites	436	347
Total equity and liabilites	3 024	2 937

* Unaudited

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 525 million, an increase mainly due to payment of yard instalment
• Current NIBD/EBITDA is 1.5x**

** Adjusted last twelve months, excluding IFRS 16

Cash flow Q2 2025

Highlights summary

Continued excellent operational performance

• PSV legacy contracts roll off in late 2025
• Zero main class renewals in 2025, only one in 2026

3

Long-term positive outlook in both segments

Growth story remains combined with dividend to shareholders

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

Viking Lady

NS Frayja (management) Viking Neptun (management) Viking Energy

Viking Wind Power

Subsea / Offshore Renewables

Seven Viking

Viking Prince

Viking Princess

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		Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027	Q2 2027	Q3 2027	Q4 2027	Q1 2028	Q2 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 Under construction

Debt maturity profile 30 June 2025

In addition, Eidesvik Agalas AS has drawn EUR 13.2 million on its construction loan per Q2 2025. This loan is not included in the diagram above.

Million NOK

Financial development

	FY2022	FY2023	FY2024	YTD 2025
Utilisation	95 %	94 %	96 %	99 %
Revenue (NOKm)	919	772	775	397
Adj. Revenue (NOKm)	635	699	759	397	on)
EBITDA (NOKm)	494	334	304	149	milli
EBITDA margin	54 %	43 %	39 %	37 %	K
Adj. EBITDA (NOKm)	210	261	288	149	O N
Adj. EBITDA margin	33 %	37 %	38 %	37 %	A (
EBIT	551	577	124	52	D T
Adj. EBIT*	58	95	109	52	BI E
Equity Ratio	40 %	59 %	62 %	62 %	Adj.
GIBD (NOKm)	1 197	876	894	830
LTV**	0,66	0,40	0,37	0,34
NIBD/adj. EBITDA***	2,5x	1,4x	1,5x	1,5x

* Adjusted for gain on sale, other income and reversal of impairments ** LTV Q2 2025 is based on broker values per 30.06.2025 *** Adjusted last twelve months, excluding IFRS 16

• Solid freight revenue Q2 2025 driven by high utlisation
• 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.