Eidesvik Offshore — M&A Activity 2020

Jan 8, 2020

EIOF – Completion of sale of seismic joint venture Global Seismic Shipping AS

EIOF – Completion of sale of seismic joint venture Global Seismic Shipping AS

Reference is made to Eidesvik Offshore ASA’s ("Eidesvik") stock exchange announcement and the separate announcements made by CGG SA ("CGG") and Shearwater GeoServices Holding AS ("Shearwater"), all dated June 4, 2019, regarding the sale of Global Seismic Shipping AS ("GSS"), the joint venture company owned 50/50 by Eidesvik and CGG Marine Resources Norge AS.

The sale of GSS to Shearwater was completed earlier today. As consideration for Eidesvik’s shares in GSS, Eidesvik has received shares in Shearwater (the "Consideration Shares"). As previously announced, CGG and Eidesvik have agreed on a put option for Eidesvik at US$ 30 million for the Consideration Shares exercisable in a period of up to 36 months after closing of the transaction.

Bømlo, January 8, 2020

Contacts:

Jan Fredrik Meling, CEO, phone no: +47 91 67 51 19

Tore Byberg, CFO, phone no: +47 47 50 90 12

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.