Report for 2nd Quarter 2020

Eidesvik Offshore ASA (the “Company”) reports its results for the 2nd Quarter 2020. The report and the associated presentation is attached to this notification and available for download from the Company’s website

– Consolidated EBITDA of MNOK 33.1, compared to MNOK 96.2 in 2nd Quarter 2019 (MNOK 54.5 adjusted for one-off effects)
– Contract extension with Aker BP for Viking Lady
– Contract with Aker BP for Viking Prince
– Amendment of contract for Subsea Viking to a stand-by period limited to April 2021
– Cancellation of contract for Vantage
– Amendments to the credit facilities with all of the financial institutions regarding deferral of the instalments on all credit facilities during the period from July 1, 2020, to June 30, 2021

– Ship management agreement with Aker BP for two supply vessels

In the 2nd Quarter 2020 the Company had consolidated operating income of MNOK 144.3 (MNOK 209.6 in the corresponding period in 2019, whereof MNOK 38.6 was related to the termination of the contract for Viking Vanquish). Operating result before depreciations (EBITDA) was MNOK 33.1 (MNOK 96.2), and operating result (EBIT) was MNOK -41.9 (MNOK 39.2). Result from joint ventures was MNOK 2.2 (MNOK -2.0). Net financial items were MNOK 86.3 (MNOK -9.0). Result after tax amounted to MNOK 44.4 (MNOK 30.2), whereof a positive effect of MNOK 118.3 was due to NOK strengthening against USD, EUR and GBP during the Quarter.

Bømlo, August 26, 2020.

Contact: 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.