Report for 4th Quarter 2021

Eidesvik Offshore ASA (“Eidesvik” or the “Company”) reports its results for the 4th Quarter 2021. The report is attached to this notification and available for download from the Company’s website

– Consolidated EBITDA of MNOK 30.3, compared to MNOK 10.0 in 4th Quarter 2020
– Entered into a cooperation agreement with Wärtsila aimed at converting an OSV to operate with an ammonia-fuelled combustion engine
– Contract extension with Wintershall Dea for Viking Princess
– CEO and President of Eidesvik, Jan Fredrik Meling retired from his position on December 31, 2021. The Company’s CCO Gitte Gard Talmo was appointed to replace Meling
– Entered into a Memorandum of Understanding with Aker BP and Alma to explore opportunities for retrofit installation of Alma’s ammonia fuel cell technology on Viking Lady and NS Frayja
– Contract extension with Equinor Energy AS for Viking Queen

– Consolidated EBITDA of MNOK 178.7, compared to MNOK 131.1 in 2020
– 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
– Sold and delivered the PSV Viking Athene in April 2021
– Contract with Havfram for Viking Neptun
– Contract with Aker BP for Viking Lady
– Completed final agreements for refinancing of debt

– Entered into a Memorandum of Agreement with Dredging, Environmental and Marine Engineering NV (DEME), for the sale of the CSV Viking Neptun. Expected delivery is 4th Quarter 2022

In the 4th Quarter 2021 the Company had consolidated operating income of MNOK 145.7 (MNOK 106.9 in the corresponding period in 2020). Operating result before depreciations (EBITDA) was MNOK 30.3 (MNOK 10.0). Operating result (EBIT) was MNOK 183.0 (MNOK -152.7), whereof MNOK 220.7 is related to the reversed impairments on Viking Neptun. Result from joint ventures was MNOK -3.1 (MNOK -13.8). Net financial items were MNOK 1.1 (MNOK 124.8). Result after tax amounted to MNOK 184.1 (MNOK -26.0).

Bømlo, February 24, 2022

CEO Gitte Gard Talmo (+47 915 23 245)
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.