Report for 4th Quarter 2020

Eidesvik Offshore ASA (the “Company”) reports its results for the 4th Quarter 2020. The report is attached to this notification and available for download from the Company’s website https://www.eidesvik.no.

MAIN HIGHLIGHTS IN 2020
– Consolidated EBITDA of MNOK 131.1, compared to MNOK 243.2 in 2019
– Sale of Global Seismic Shipping AS (“GSS”) completed January 2020
– 5-year contract with Equinor Energy AS for Viking Energy
– Announcement of zero emission shipping solution based on ammonia fuel cell in relation to the 5-year contract for Viking Energy
– Multiple contract awards under the Frame agreement with Aker BP
– Contract with Wintershall Dea Norge AS for Viking Princess
– Contract with DEME Offshore NL BV for Viking Neptun
– Amendments to the credit facilities with all of the financial institutions for the period from July 1, 2020, to June 30, 2021

HIGHLIGHTS IN 4th QUARTER 2020
– Consolidated EBITDA of MNOK 10.0, compared to MNOK 35.1 in 4th Quarter 2019
– Contract with Wintershall Dea Norge AS for Viking Princess
– Contract with DEME Offshore NL BV for Viking Neptun

SUBSEQUENT EVENTS
– Exercised the PUT-option for the shares in Shearwater GeoServices Holding AS. The cash settlement of USD 30 million was received in January 2021
– 5-year contract with Siemens Gamesa Renewable Energy GmbH & Co. KG for Acergy Viking from 2022
– Contract with Aker BP for Viking Prince
– Started negotiations with the lenders aiming to secure a robust balance sheet and liquidity based on the current market and market outlook

FINANCIAL RESULTS
In the 4th Quarter 2020 the Company had consolidated operating income of MNOK 106.9 (MNOK 142.0 in the corresponding period in 2019). Operating result before depreciations (EBITDA) was MNOK 10.0 (MNOK 35.1). Operating result (EBIT) was MNOK -152.7 (MNOK -594.1). Result from joint ventures was MNOK -13.8 (MNOK -0.1). Net financial items were MNOK 124.8 (MNOK 17.3). Result after tax amounted to MNOK -26.0 (MNOK -578.3).

Bømlo, February 25, 2021

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.