Eidesvik forms joint venture with Reach Subsea to own and operate subsea IMR vessel “Edda Sun” (to be named “Viking Reach”)

Eidesvik Offshore ASA (“Eidesvik” or the “Company”) is pleased to announce that it has formed a joint venture with Reach Subsea ASA (“Reach”). The joint venture will own and operate the Subsea IMR vessel Edda Sun upon completion of the planned acquisition of the vessel. Eidesvik will own 50.1% of the new entity. The joint venture will be financed by equity from both parties and by around MNOK 150 of bank financing. The bank financing has been credit approved and final documents are currently being completed.

The main owner (Eidesvik Invest AS) in EIOF will guarantee for Eidesvik’s share of the equity contribution to the joint venture and a private placement is contemplated to be completed in due course. Eidesvik has engaged Pareto Securities AS as financial advisor and Advokatfirmaet Selmer AS as legal advisor.

The vessel will commence on a 6-year time charter contract with Reach at the start of Q2. Going forward the vessel will be managed and operated by Eidesvik under its new name Viking Reach.

Gitte Gard Talmo, CEO & President, comments:

“The investment forms part of Eidesvik’s growth strategy, and we are very excited by the acquisition of Edda Sun. We look forward to collaborating with Reach in this exciting new venture”.

Bømlo, February 23, 2023

CEO Gitte Gard Talmo (+47 915 23 245)
CFO Helga Cotgrove (+47 907 35 246)

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Important information
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to forecasts, projections and estimates, statements of management’s plans, objectives and strategies for the Company, such as planned expansions, investments or other projects, management, as well as statements preceded by “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized.

No assurance can be given that such expectations will prove to have been correct. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This stock exchange announcement was published by Lars Tufteland Engelsen, VP Finance at Eidesvik AS, on the time and date provided.