Eidesvik Offshore

Investor Presentation • Sep 10, 2025

Eidesvik Offshore ASA Pareto Conference 2025

10 September 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.

Eidesvik Offshore in brief

Emission reduction regulations incoming

Fleet renewal in 2026 and 2027

• Two state-of-the-art newbuild vessels entering the market in early 2026 and 2027
• Each vessel equipped with a 150t crane and cutting-edge green technology
• Both vessels secured on long-term contracts with Reach Subsea
• Financed through 70% debt and 30% equity from cash on hand
• Newbuild projects are progressing on schedule

Creating emission reduction for our customers

Apollo project

World first: Eidesvik Offshore's «Viking Energy» will become the first ammonia-powered PSV in 2026

Significant emission reduction: The vessel, operating for Equinor, will reduce greenhouse gas emission by more than 70%

Cutting-edge Technology: A Wärtsilä 25 dual-fuel engine and fuel gas supply system will be installed

Energy efficiency: Viking Lady

Implementation of a new solution for control and regulation of the vessel's heating- and cooling system reducing 90% of the systems energy consumption.

Transit optimisation: Implementation of a speed and power limiter in transit modes

Oil filtration improvement provides reduction in energy consumed for filtration of lube and diesel

Estimated total reduction: 200 tons LNG per year ROI < 1,5 years

Partnerships

Eidesvik Seven

• A joint venture with Subsea7 that own and operate the subsea vessel Seven Viking
• Owned 50% by Eidesvik Offshore
• Long-term contract with Subsea7 who utilises her for IMR work for Equinor on NCS
• Eidesvik Offshore has management of the vessel

Eidesvik Reach

• Entity with Reach Subsea that own and operate the IMR vessel Viking Reach
• Eidesvik Offshore controls the entity
• Viking Reach was concluded on a 6-year time charter contract with Reach Subsea
• Eidesvik Offshore has management of the vessel

Eidesvik Agalas

• Building two CSV together with Northern Norway shipowner Agalas at Sefine shipyard in Turkey
• Eidesvik Offshore is the controlling owner
• Both vessels is scheduled to commence on a 5-year time charter with Reach Subsea who also owns a part of the second vessel
• Eidesvik Offshore has management of the vessel

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 with an uptick in operators securing offshore drilling rigs, 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

Contract coverage incl. JV / Q2 2025

Option Firm

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
• Dividend two years on a row, first among peers

Company highlights

Continuing excellent operational performance

PSV legacy contracts roll of in late 2025, upside potential

Record high backlog, securing sound cash flow years ahead

Strong balance sheet - well positioned for long-term growth and shareholder value creation

Growth story remains combined with dividend to shareholders

Appendix

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 Avant

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

Contact details

CEO - Helga Cotgrove +47 90 73 52 46

VP IR - Sindre Stovner

+47 91 78 64 31

investor.relations@eidesvik.no