Slide 1: Presentation Q2 2025
Presentation Q2 2025 27 August 2025
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain
Slide 3: Financial highlights / Q2 2025
Financial highlights / Q2 2025 P&L key figures Q2 2025 vs. Q2 2024 Balance sheet key figures Q2 2025 vs. FY 2024 MNOK MNOK MNOK MNOK 198 (186) 3 391 (2 882) 3 024 (2 937) 305 (396) in freight revenue in total backlog incl. share in assets in cash of JV MNOK MNOK 76 (71) 38% (38%) 525 (499) 62% (62%)
Slide 4: Business update / Q2 2025
Business update / Q2 2025 • As previously mentioned, our joint venture with Subsea7 entered into an agreement with Subsea7 to extend the contract for the subsea vessel Seven Viking. Subsea7 declared the remaining option for 2026 and 2027 was added as a firm year in addition to an option for 2028. Th
Slide 5: Operational update / Q2 2025
Operational update / Q2 2025 • Fleet utilisation in Q2 2025 was 98% • Supply utilisation was 96% during the quarter • Subsea/Offshore Renewables utilisation was close to 100% during the quarter • No LTIs during the quarter
Slide 6: Contract backlog / Q2 2025
Contract backlog / Q2 2025 1 800 MNOK Renewable backlog as share of total 1 600 3 391 backlog** Fixed backlog from renewables projects as share of Contract backlog incl. share of JV* total backlog 1 400 1 200 1 000 Other 62% mNOK 1 663 800 600 400 749 588 38% 200 391 Renewable backlog 0 2025 2026 20
Slide 7: Contract coverage incl. JV / Q2 2025
Contract coverage incl. JV / Q2 2025 Contract coverage incl. JV 100% 100% 98% 90% 81% 80% 73% 73% 73% 73% 71% 70% 67% 67% 67% 67% 63% 60% 58% 50% 100% 88% 42% 40% 33% 30% 57% 55% 55% 55% 49% 48% 50% 50% 20% 39% 33% 33% 33% 33% 25% 10% 0% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 202
Slide 8: Market update – fundamentals remains positive
Market update – fundamentals remains positive 1 Oil demand steady and continued strong backlog and tender activity for the EPC firms Supply: As the global PSV fleet remain flat and an uptick in operators securing offshore drilling rigs, the activity 2 is expected to increase in 2026 and 2027 Subsea/
Slide 9: Q2 2025 financial results
Q2 2025 financial results Financial results (NOK1000) Q2 2025* Q2 2024* Q1 2025* YTD2025* YTD2024* FY2024 Freight revenue Freight revenue 198,5 7% 186,0 198,8 397,3 365,5 759,4 198,5 Other income 0,0 11,8 0,0 0,0 15,7 15,7 7% 186,0 Total Revenue 198,5 197,8 198,8 397,3 381,2 775,1 EBITDA 76,4 82,5 7
Slide 10: Segment performance
Segment performance Revenue & EBITDA margin EBITDA Q2 2025 vs. Q2 2024 (incl. share of JV*) 108,0 60% 106,0 • Increased revenue due to higher utilisation 50% • EBITDA increased NOK 4.3 million, 104,0 where margin increased from 37% to 38% 102,0 40% Supply • Utilisation was 96% compared to 92% EBITDA
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK1000) 30.06.2025* 31.12.2024 Comments for the year Total non-current assets 2 472 2 316 Cash and cash equivalents 305 396 • Non-current assets increased from year end, mainly due to Other current assets 247 226 payments related to the newbuild contract Total assets 3
Slide 12: Cash flow Q2 2025
Cash flow Q2 2025 600 114,2 500 400 395,8 305,2 NOK 1000 28,3 300 - 233,1 200 100 0 Cash 31.12.2024 EBITDA / WC CAPEX Financing Cash 30.06.2025* * Unaudited Operating NOK 114.2 million Investing NOK -233.1 million Financing NOK 28.3 million The decrease compared to 1H 2024 is Investment in vessels u
Slide 13: Highlights summary
Highlights summary 1 Continued excellent operational performance 2 PSV legacy contracts roll off in late 2025 3 Zero main class renewals in 2025, only one in 2026 4 Long-term positive outlook in both segments 5 Growth story remains combined with dividend to shareholders
Slide 14: Contact details
Contact details CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 15: Appendix
Appendix
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Green PSV • Strengthen our position as the market leader within green PSV 16 437 Subsea • Actively seek partnerships that will create VESSELS EMPLOYEES new business opportunities * Whereof two under construction and one is * Number of employees end of FY2024 und
Slide 17: Energy transition fleet
Energy transition fleet Supply Subsea / Offshore Renewables Viking Energy Viking Lady NS Frayja (management) Viking Wind Power Seven Viking Viking Neptun (management) Viking Prince Viking Avant NS Orla (management) Subsea Viking TBN «Viking Vigor» TBN (delivery 2025) (delivery early 2026) (managemen
Slide 18: Contract status
Contract status Vessel Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Seven Viking Viking Reach Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm Options
Slide 19: Debt maturity profile 30 June 2025
Debt maturity profile 30 June 2025 300 193 200 Million NOK 121 121 97 100 61 30 0 2025 2026 2027 2028 After 2028 Instalments Balloons In addition, Eidesvik Agalas AS has drawn EUR 13.2 million on its construction loan per Q2 2025. This loan is not included in the diagram above.
Slide 20: Financial development
Financial development FY2022 FY2023 FY2024 YTD 2025 Adj. EBITDA Utilisation 95 % 94 % 96 % 99 % 350,0 39% Revenue (NOKm) 919 772 775 397 38% 37% 37% 38% Adj. Revenue (NOKm) 635 699 759 397 300,0 Adj. EBITDA (NOK million) EBITDA (NOKm) 494 334 304 149 37% Adj. EBITDA margin 250,0 EBITDA margin 54 % 4
Slide 21: We aim to be the market leader within green offshore vessels.
We aim to be the market leader within green offshore vessels.