Report for 4th Quarter 2019

Eidesvik Offshore ASA (the «Company») reports its results for the 4th Quarter 2019. The report is attached to this notification and available for download from the Company’s website

– Consolidated EBITDA of MNOK 243.2, compared to MNOK 96.9 in 2018
– 3 year Frame agreement with Aker BP and multiple contract awards
– 3-year contract with Equinor for Viking Avant, which enables the Company to install batteries and hybrid solutions for the vessel
– All 7 PSVs on firm contracts from medio July throughout 2019.
– Master Time Charter Agreement and contract awards with Seabed Geosolutions
– Siemens Gamesa Renewable Energy extended the charter of Acergy Viking by one additional year to end January 2022
– Term sheet for the sale of the 50% share ownership in Global Seismic Shipping AS to CGG

– Consolidated EBITDA of MNOK 35.1, compared to MNOK 48.3 in 4th Quarter 2018
– Contract extension with Ithaca Oil and Gas Limited for Viking Princess

– The sale of Global Seismic Shipping AS 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

In the 4th Quarter 2019 the Company had consolidated operating income of MNOK 142.0 (MNOK 145.0 in the corresponding period in 2018). Operating profit before depreciations (EBITDA) was MNOK 35.1 (MNOK 48.3), and operating profit (EBIT) was MNOK -47.4 (MNOK -14.3). Profit from joint ventures was MNOK -0.1 (MNOK -8.1). Net financial items were MNOK 17.3 (MNOK -72.8). Profit after tax amounted to MNOK -31.6 (MNOK -88.3).

Bømlo, February 25, 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.