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 https://www.eidesvik.no.

MAIN HIGHLIGHTS IN 2019
- 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

HIGHLIGHTS IN 4th QUARTER 2019
- 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

SUBSEQUENT EVENTS
- 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

FINANCIAL RESULTS
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.

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