Frøy ASA

Earnings Release • Aug 11, 2023

Frøy ASA: Q2 2023 Trading Update

Frøy ASA: Q2 2023 Trading Update

Frøya, 11 August 2023: Based on a preliminary review of the financial figures for the three months ending 30 June 2023, Frøy ASA ("Frøy") reports strong operations and high activity in the wellboat segment and a somewhat slower seasonal increase in activity in the service segment in Q2 2023. Frøy expects to report for the quarter:

• Revenues of approximately NOK 518 million vs. Q2 22 NOK 507 million

• EBITDA of NOK 171 million vs. Q2 22 NOK 154 million

• EBITDA excl. gain from acquisition and sale of assets of NOK 166 million vs. Q2 22 NOK 153 million

• Backlog 30.06.23 of approx. NOK 6 billion including options.

• Net interest-bearing debt 30.06.23 of approx. NOK 4.4 billion vs. Q2 22 NOK 3.7 billion

This trading update is provided in connection with the expected upcoming completion by Falcon Bidco AS, a company indirectly wholly owned by infrastructure funds managed by Goldman Sachs Asset Management, of the acquisition of NTS AS’ (“NTS”) entire ownership stake in Frøy, representing approximately 72.11% of the shares in Frøy, and subsequent unconditional mandatory cash offer and squeeze-out of remaining shares in Frøy.

The full Q2 2023 report will be released on August 31 2023.

For further information, please contact:

Tonje Foss, CEO +47 996 10 116

Sondre Vevstad, CFO +47 936 54 555

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