Eidesvik Offshore ASA strengthens its liquidity position

Eidesvik Offshore ASA (“Eidesvik”) and its subsidiaries (the “Group”) have on June 30, 2020 entered into amendments to its credit facilities with all of the Group’s financial institutions for the period from July 1, 2020, to June 30, 2021. The Group will defer the instalments on all its credit facilities during said period to the end of 2022 amounting to approximately MNOK 100. Interest will be paid as normal during the period. On certain terms, the Group may still pay the deferred instalments should the Group’s liquidity position during the first half of 2021 be better than presumed.

“We are very pleased with the support and confidence our financial institutions are showing us”, says CEO & President in Eidesvik, Mr. Jan Fredrik Meling. “The deferral of instalments strengthens our liquidity position by approximately MNOK 100 for the coming 12 months. This helps us to continue our focus on operating our vessels in a very difficult market which has been impacted by the reduction in activity level among the oil companies. We will continue to assess the long term financial situation of Eidesvik, including discussions with the Group’s financial institutions, with a goal to establish a sustainable financial platform for the Group.”

Bømlo, June 30, 2020.

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

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