Disclosure Devil - Summary

Presentation Q3 2025 6 November 2025 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 information which the Company has deemed relevant in an accessible format. The presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that has not been included in the this presentation. No representation or warranty (express or implied) is made or intended to be made as to the accuracy or completeness of any or all of the information contained herein and it should not be relied upon as such. The recipient of this presentation acknowledges that it will be solely responsible for its own assessment of the information. This presentation contains forward-looking statements. Such forward-looking statements give the Company's current expectations and projections relating to its financial condition, the market in which it operates and the future performance of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward- looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. Neither the Company's nor any of its affiliates (nor any department in any of those entities), nor any such person’s directors, officers, employees, advisors or representatives (collectively the "Representatives"), in any capacity, shall have any liability whatsoever arising directly or indirectly from the use of this presentation, including (but not limited to) as a result of any liability for errors, inaccuracies, omissions or misleading statements in this presentation. Financial highlights / Q3 2025 P&L key figures Q3 2025 vs. Q3 2024 Balance sheet key figures Q3 2025 vs. FY 2024 MNOK 205 (207) in freight revenue MNOK 3 280 (2 922) in total backlog incl. share of JV MNOK 88 (97) in adj. EBITDA 43% (47%) in adj. EBITDA margin MNOK 2 995 (2 937) in assets MNOK 291 (396) in cash MNOK 512 (499) in NIBD 64% (62%) in equity ratio Business update / Q3 2025 • Eidesvik Offshore ASA paid dividend of NOK 0.30 per share 5 September 2025 Subsequent events: • Aker BP ASA has declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2026 in direct continuation of the current contract, extending the firm period to end February 2027 • In addition, Aker BP ASA has extended the firm period for the supply vessel Viking Prince with approximately three months, to end of February 2026 • Newbuild Viking Vigor who was originally expected to be delivered April 2026 is unfortunately delayed due to slow progression at the yard. New estimated delivery date is Q3 2026 Operational update / Q3 2025 • Fleet utilisation in Q3 2025 was close to 100% in both segments • Unfortunately, we have had one LTIs during the quarter Contract backlog / Q3 2025 MNOK 3 280 Contract backlog incl. share of JV* Renewable backlog as share of total backlog** Fixed backlog from renewables projects as share of total backlog Renewable backlog Other * Does not include variable contractual mechanism, 100% utilisation. Including all new contracts per 4 November 2025. ** Assumes TBN “Viking Vigor” (hull 71) and hull 76 (newbuild) to operate 50/50 in the subsea and offshore renewables space 38% 62% Total fixed backlog Renewable backlog Other 185 610 762 1 723 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2025 2026 2027 From 2028 mNOK Consolidted incl. share of JV's Contract coverage incl. JV / Q3 2025 90% 67% 60% 64% 64% 64% 64% 58% 58% 58% 58% 54% 50% 42% 33% 33% 90% 67% 60% 64% 64% 54% 50% 50% 50% 39% 33% 33% 33% 33% 25% 25% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Contract coverage incl JV Option Firm 1 2 3 Market update – fundamentals remains positive Subsea/Renewables: Record high backlog for EPC contractors, although lag in securing suitable vessel tonnage. Rates stabilising. Continued high activity expected. Supply: Current NCS market is highly volatile with limited fixtures, but 2026 and 2027 expected to improve due to increased activity levels Long-term fundamentals remain sound, unpredictability continues to influence the market in the short term 87,6 96,5 43% 47% Q3 2025 Q3 2024 Adj. EBITDA 204,6 207,1 Q3 2025 Q3 2024 Freight revenue Q3 2025 financial results * Unaudited -1% -9% • Flat freight revenue (-1%) and reduced adj. EBITDA (-9%) due to Q3 2024 including a profit allocation compensation for one of our vessels. YTD figures, adjusted for other income, is increased by 5% and 2% respectively • OPEX compared to Q3 2024 is affected by general salary increases and unplanned repairs for several of our vessels Financial results (NOK1000) Q3 2025 Q3 2024 Q2 2025 YTD2025 YTD2024 FY2024 Freight revenue 204,6 -1 % 207,1 198,5 601,9 572,6 759,4 Other income 0,0 0,0 0,0 0,0 15,7 15,7 Total Revenue 204,6 207,1 198,5 601,9 588,3 775,1 EBITDA 87,6 96,5 76,4 236,2 246,5 304,2 EBITDA adj. for sale gains and other 87,6 -9 % 96,5 76,4 236,2 230,8 288,4 Adjusted EBITDA margin 42,8 % 46,6 % 38 % 39 % 40 % 38 % Result from JVs and associated 0,2 -1,1 -0,7 -2,5 0,5 0,8 Operating result 41,0 48,6 29,1 92,7 113,6 124,3 Operating result adj. for impairment and gain on sale 41,0 48,6 29,1 92,7 97,8 108,6 Pre-tax result 44,9 44,2 30,1 104,3 94,7 106,0 Supply Subsea/ Renewables Segment performance • Increased revenue due to minor rate adjustments • EBITDA increased NOK 1.4 million, where margin remained stable on 43% • Utilisation was close to 100% in both Q3 2025 and Q3 2024 EBITDA Q3 2025 vs. Q3 2024 • A decrease in revenue of NOK 6.1 million due to a positive profit allocation in Q3 2024 • EBITDA decreased with NOK 11.7 million due to revenue impact and cost inflation, where margin decreased from 54% to 46% • Utilisation was close to 100% compared to 99% * Consolidated Viking Reach, Seven Viking included with 50%. 0% 10% 20% 30% 40% 50% 60% 100,0 102,0 104,0 106,0 108,0 110,0 112,0 114,0 Supply Subsea/Renewables EBITDA margin NOK million Revenue & EBITDA margin (incl. share of JV*) Q3 2025 Q3 2024 EBITDA margin Q3 2025 EBITDA margin Q3 2024 Balance sheet Comments for the year • Non-current assets increased from year end, mainly due to payments related to the newbuild contract • Cash balance reduced due to the above • Strong equity ratio of 64% • Net interest-bearing debt of NOK 512 million, an increase mainly due to payment of yard instalment • Current NIBD/EBITDA is 1.5x** ** Adjusted last twelve months, excluding IFRS 16 * Unaudited Balance Sheet (NOK1000) 30.09.2025* 31.12.2024 Total non-current assets 2 447 2 316 Cash and cash equivalents 291 396 Other current assets 257 226 Total assets 2 995 2 937 Equity 1 908 1 827 Equity ratio 64 % 62 % Non-current liabilites 676 764 Current liabilites 411 347 Total equity and liabilites 2 995 2 937 64% 62% 74% 71% 0% 20% 40% 60% 80% 100% Q3 2025 FY2024 Equity ratio Debt ratio Vessels Cash Other assets 395,8 197,8 - 271,9 - 31,2 Cash 31.12.2024 EBITDA / WC CAPEX Financing Cash 30.09.2025* NOK 1000 0 100 200 300 400 500 600 700 Cash flow YTD Q3 2025 Operating NOK 197.8 million The decrease compared to YTD 2024 is mainly related to movement in working capital Investing NOK -271.9 million Investment in vessels under construction Financing NOK -31.2 million Payment of dividend, instalments and interests, offset by contribution from other interests in the second newbuild. * Unaudited 290,5 1 2 4 3 5 Highlights summary Optimal operational performance PSV contracts renewal Long-term positive outlook in both segments Delayed newbuild, but favorable pricing and positive market Growth story remains combined with dividend to shareholders Contact details CEO - Helga Cotgrove +47 90 73 52 46 VP IR - Sindre Stovner +47 91 78 64 31 investor.relations@eidesvik.no Q&A Appendix Company overview PS V 16 VESSELS 437 EMPLOYEES SUPPLY SUBSEA Green PSV • Strengthen our position as the market leader within green PSV Subsea • Actively seek partnerships that will create new business opportunities Offshore Renewables • Increase footprint in segment, focus on long-term profitable contracts Key words for future projects • Long-term partnerships and long-term positive cash flows STRATEGY OFFSHORE RENEWABLES SEGMENTS THE COMPANY * Whereof two under construction and one is under building supervision * Number of employees end of FY2024 LNG Dual Fuel Battery Hybrid NS Frayja (management) NS Orla (management) Viking Neptun (management) Viking Energy Viking Prince Viking Princess Viking Lady Viking Avant Viking Queen Supply Methanol Dual Fuel TBN (delivery 2025) (management) TBN (delivery spring 2027) Viking Wind Power Subsea Viking Seven Viking Viking Reach Subsea / Offshore Renewables TBN «Viking Vigor» (delivery Q3 2026) Energy transition fleet Contract status Vessel Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 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 Under construction 30 121 121 97 193 30 0 100 200 300 2025 2026 2027 2028 After 2028 Million NOK Instalments Balloons Debt maturity profile 30 September 2025 In addition, Eidesvik Agalas AS has drawn EUR 13.8 million on its construction loan per Q3 2025. This loan is not included in the diagram above. Financial development • High utilisation and slightly higher adj. EBITDA YTD 2025 compared to same period last year • Key metrics such as equity ratio, LTV and NIBD/adj. EBITDA are among the industry healthiest * Adjusted for gain on sale, other income and reversal of impairments ** LTV Q3 2025 is based on broker values per 30.06.2025 *** Adjusted last twelve months, excluding IFRS 16 FY2022 FY2023 FY2024 YTD 2025 Utilisation 95 % 94 % 96 % 99 % Revenue (NOKm) 919 772 775 602 Adj. Revenue (NOKm) 635 699 759 602 EBITDA (NOKm) 494 334 304 236 EBITDA margin 54 % 43 % 39 % 39 % Adj. EBITDA (NOKm) 210 261 288 236 Adj. EBITDA margin 33 % 37 % 38 % 39 % EBIT 551 577 124 93 Adj. EBIT* 58 95 109 93 Equity Ratio 40 % 59 % 62 % 64 % GIBD (NOKm) 1 197 876 894 802 LTV** 0,66 0,40 0,37 0,33 NIBD/adj. EBITDA*** 2,5x 1,4x 1,5x 1,5x 210 261 288 236 33% 37% 38% 39% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 40% 0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 FY2022 FY2023 FY2024 YTD 2025 Adj. EBITDA margin Adj. EBITDA (NOK million) Adjusted EBITDA 2,5x 1,4x 1,5x 1,5x FY2022 FY2023 FY2024 YTD 2025 NIBD/adj. EBITDA