The Board of Directors of Eidesvik Offshore ASA ("Eidesvik" or the "Group") has
today approved the financial statements for 2019 for both the Group and the
parent company.
 
The EBITDA* for the Group was MNOK 243.2 for 2019, a significant improvement
from MNOK 96.9 for 2018. The Board is pleased with this development in 2019.

In 2020 the World has been hit by the Covid-19 epidemic combined with a
significant decline in oil prices. This have led to substantial changes in the
market for oil service vessels - contracts have been cancelled and oil companies
world-wide have implemented reductions in their investment plans. When preparing
the annual accounts for 2019, the impairment tests for the Group's vessels from
February 2020 have been updated in April 2020 based on the information then
available. As a consequence, total impairment charges of MNOK 569.7 have been
booked in the Annual Accounts for 2019. The additional impairment charges are
the main reason for that the Group's Annual result was a loss of MNOK 690.3,
which is a significant increase from the loss of MNOK 143.6 as reported in the
preliminary accounts for 2019 published in February 2020. 

At December 31, 2019, improvements in the leading indicators were observed,
however indicators of impairment were still present and the Group's assessment
of impairment was updated based on the information then available. Due to a
further negative outlook into 2020 caused by the drop in oil price, the Covid-19
epidemic, the Company's assessment of the general market conditions and an
updated analysis of the discount rate, the assessments have also been updated as
of April 2020. 

The Group's equity is reduced accordingly. The impairment charges have no
liquidity effect.

The Annual General Meeting is scheduled for May 20, 2020, at Bømlo in accordance
with the financial calendar. Notice of the Annual General Meeting and the agenda
with attachments will be published through Oslo Børs and www.eidesvik.no. Notice
of the General Meeting will also be sent electronically through VPS or by post
to the registered address of each shareholder.

Bømlo, April 29, 2020.

Contact: 	
CEO Jan Fredrik Meling	(+47 916 75 119)
CFO Tore Byberg	        (+47 475 09 012)          

*) EBITDA is defined as operating profit before depreciations and impairments.


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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