Eidesvik Offshore : Report for 3rd Quarter 2021

Eidesvik Offshore ASA ("Eidesvik" or the "Company") reports its results for the 3rd Quarter 2021. The report is attached to this notification and available for download from the Company's website https://www.eidesvik.no.

HIGHLIGHTS IN 3rd QUARTER 2021
- Consolidated EBITDA of MNOK 81.5, compared to MNOK 59.8 in 3rd Quarter 2020
- Contract with Havfram for Viking Neptun
- Contract with Aker BP for Viking Lady
- Completed final agreements for refinancing of debt

SUBSEQUENT EVENTS
- 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 will retire 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

FINANCIAL RESULTS
In the 3rd Quarter 2021 Eidesvik had consolidated operating income of MNOK 174.8 (MNOK 142.7 in the corresponding period in 2020). Operating result before depreciations (EBITDA) was MNOK 81.5 (MNOK 59.8, whereof MNOK 4.8 was related to one-off effects). Operating result (EBIT) was MNOK 1.0 (MNOK 11.2). Result from joint ventures and associated companies was MNOK -0.1 (MNOK 4.0). Net financial items were MNOK -35.7 (MNOK 16.9). Result after tax amounted to MNOK -34.7 (MNOK 28.3).

Bømlo, November 17, 2021

Contacts:
CEO Jan Fredrik Meling ([phone])
CFO Tore Byberg ([phone])

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