Eidesvik Offshore ASA announced that it has agreed on a term sheet with its financial institutions for refinancing of its debt. With a combination of extension of debt maturities and reduced amortization payments, the agreed terms will significantly strengthen the company’s financial position. The company and its financial institutions are working on final documentation and expect to have final agreements in place during September 2021. The agreed terms provide mechanisms for extension of final maturities of debt facilities from the end of 2022 to the end of 2023. This implies that there will be no final maturities until year end 2023. The extension is subject to Eidesvik meeting certain financial and operational triggers. Fixed amortization payments will be significantly reduced. Upon agreeing and signing final documentation, debt repayments of approximately NOK 309 million will be made. There will be no further fixed debt amortization in 2021. Scheduled amortization for 2022 will be reduced from approximately NOK 311 million to NOK 106 million. For 2023, the fixed amortization will be approximately NOK 71 million. Interest will be paid as normal during the period.