EIOF – Eidesvik Offshore orders another newbuild

20 Feb 2025 12:00 CET

Eidesvik Offshore ASA (“Eidesvik” or the “Company”) is pleased to announce that
it, together with Agalas and Reach Subsea, has entered into an agreement to
build a new Construction Support Vessel (CSV). The newbuild will be equipped to
perform inspection, maintenance and repair (IMR) work and is of a similar design
as the vessel the Company currently has under construction together with Agalas
at the Sefine Shipyard in Turkey. This new vessel will also be built at the
Sefine Shipyard.

The vessel will be owned 2/3 by an entity owned by Eidesvik and Agalas,
controlled by Eidesvik, and 1/3 by Reach Subsea. Planned delivery for the vessel
is spring 2027.

Financing is a combination of equity from shareholders and around 70% debt
financing from Sparebank 1 Nord-Norge, Sparebank 1 SMN and Eksfin. Eidesvik’s
share of equity will come from cash on hand.

Upon completion the vessel is scheduled to commence on a 5-year time charter
with Reach Subsea with options for two extensions of one year each. Eidesvik
will have management of the vessel.

“Adding another newbuild is providing fleet renewal and adding scale with a low
emission, versatile vessel. We are pleased to further continue our strong
collaboration with existing partners. This is in line with our strategy, and
builds shareholder value”, says Helga Cotgrove, CEO of Eidesvik.


Bømlo, 20 February 2025


Contacts:
CEO Helga Cotgrove (+47 907 35 246)
CFO Lars Tufteland Engelsen (+47 476 34 045)


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to the STA section 5-12. This stock exchange release was published by Sindre
Stovner, VP IR of Eidesvik Offshore ASA, on the time and date provided.

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