Report for 1st Quarter 2020

Eidesvik Offshore ASA (the “Company”) reports its results for the 1st Quarter 2020. The report and the associated presentation is attached to this notification and available for download from the Company’s website https://www.eidesvik.no.

HIGHLIGHTS IN 1st QUARTER 2020
– Consolidated EBITDA of MNOK 28.2 (including a positive actuarial effect of MNOK 6.9), compared to MNOK 48.6 in 1st Quarter 2019
– The sale of Global Seismic Shipping AS (“GSS”) was completed on January 8, 2020
– 5-year contract with Equinor for Viking Energy
– Announcement of zero emission shipping solution based on ammonia fuel cell in relation to the 5-year contract for Viking Energy
– Contract with Equinor for Viking Queen
– Contract with Seabed Geosolutions for Vantage and Subsea Viking. The contract for Vantage was later cancelled, and the contract for Subsea Viking was amended to a stand-by period
– Contract with Aker BP for Viking Lady
– Received notice of early redelivery of Viking Princess (redelivered in April 2020)

FINANCIAL RESULTS
In the 1st Quarter 2020 the Company had consolidated operating income of MNOK 136.8 (MNOK 153.8 in the corresponding period in 2019). Operating result before depreciations (EBITDA) was MNOK 28.2 (MNOK 48.6), and operating result (EBIT) was MNOK -18.9 (MNOK -20.1). Result from joint ventures was MNOK 2.5 (MNOK -14.0). Net financial items were MNOK -160.2 (MNOK -29.6), whereof MNOK 106.7 of financial income was related to the sale of GSS and the associated translation differences in the joint venture. This effect is reversed in Comprehensive Income, and has no effect on Total equity. Result after tax amounted to MNOK -179.2 (MNOK -49.7), whereof a negative effect of MNOK -222.4 was due to NOK weakening against USD, EUR and GBP, though partly offset by the above mentioned MNOK 106.7 in translation differences.

Bømlo, May 13, 2020.

Contact: CEO Jan Fredrik Meling (+47 916 75 119)
CFO Tore Byberg (+47 475 09 012)

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