EIOF – Eidesvik Offshore enters into contract for newbuild low emission vessel for the subsea and offshore wind markets

Eidesvik Offshore ASA (“Eidesvik” or the “Company”) is pleased to announce that it together with Agalas has entered into an agreement to build a new Construction Support Vessel (CSV). The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work.

The vessel will be owned by an entity to be named Eidesvik Agalas AS, where Eidesvik will be the majority owner with 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas.

Planned delivery for the vessel is early 2026, with an estimated build cost of EUR 81.5 million. In addition, Eidesvik Agalas AS has been granted options for 4 additional vessels.

Financing is a combination of equity from both shareholders and around 70% debt financing from Sparebank 1 Nord-Norge and Eksfin. Eidesvik’s share of equity will come from cash on hand.

Upon completion the vessel is scheduled to commence on a 3 to 5-year time charter with Reach Subsea. Eidsvik will have full management of the vessel.

“By renewing our fleet with a low emission, favourably priced and versatile vessel we confirm our ability to deliver on our strategy. This vessel, along with the options for 4 additional vessels, will increase our capacity and competitive edge in the future energy mix”, says CEO & President of Eidesvik Offshore, Gitte Gard Talmo.

The vessel is set to be built at the Sefine Shipyard in Turkey. Together with designer NSK Ship Design, Agalas has developed a highly flexible vessel with state-of-the-art design, comfort and capabilities. She measures 99.9 metres in overall length with a breadth of 21 metres, and can accommodate 100 people. Equipped with a 150-metric tonne heave-compensated crane and a spacious deck area of approximately 900 square meters she is well-suited for conducting IMR and construction work.

Bømlo, February 19, 2024

Contacts:
CEO Gitte Gard Talmo (+47 91 52 32 45)
CFO Helga Cotgrove (+ 47 90 73 52 46)

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to the STA section 5-12. This stock exchange release was published by Helga Cotgrove, CFO at EIOF, on the time and date provided.