Eidesvik Offshore ASA

ANNUAL REPORT 2025 LARS TUFTELAND ENGELSEN

Annual report 2025

VESTVIKVEGEN 1, 5443 BØMLO

CONTENTS

2025 – CEO Statement 03

Key figures 04

Corporate Governance 05

HSEQ report for 2025 09

The Board of Directors 12

Report of the Board of Directors 2025 14

Declaration by the Board of Directors and CEO 24

Financial statements – consolidated accounts 25

Notes to the consolidated accounts 31

Financial statements – parent company 63

Notes to the annual accounts – parent company 67

Appendix 1 – Alternative performance measures definitions 74

Auditor’s report 75

2025 – CEO statement

2025 was a year of strong operational

performance, disciplined financial

management, and continued strategic

momentum for Eidesvik Offshore. Despite

fluctuations in parts of the market—

particularly within the North Sea platform

supply segment (PSV) segment—we delivered

solid results driven by high fleet utilisation,

long term customer relationships, and robust

execution across our operations.

We maintained high technical uptime across

the fleet and focused on optimising our cost

base by initiatives aimed at reducing sick

leave and lowering reliance on temporary

personnel. These efforts contributed to

improved cost efficiency and reinforced the

company’s operational stability.

Safety remains our top priority. In 2025, we

unfortunately recorded one lost-time injury

(LTI). We continue our focus on people,

systems, and operational practices to ensure

that everyone returns home safely.

The market environment was mixed across

segments. Subsea and renewables remained

robust, supported by strong customer demand

and backlog, while the PSV market

experienced an imbalance between supply

and demand toward the end of the year.

During the year we renewed contracts for

several of our vessels. Seven Viking extended

the contract with Subsea7 till end 2027, Aker

BP ASA extended the contract for Viking Lady

to end of February 2027, and Viking Princess

was awarded contracts with operators DNO

Norge, Sval Energi and Wellesley Petroleum

estimated until January 2027.

Fleet renewal remained a key area of focus.

While the delivery of our newbuild Viking Vigor

unfortunately is delayed to the third quarter of

2026 due to yard‑related challenges, the

vessel is a strategic asset for the company and

is scheduled to commence on a firm multi‑year

charter upon delivery.

We further strengthened our long‑term growth

platform by contracting an additional newbuild

Construction Support Vessel (CSV) together

with Agalas and Reach Subsea. The vessels

is scheduled for delivery in 2027 and will

commence on a firm five‑year charter with

Reach Subsea upon completion. This

investment reinforces our strategic focus on

growth in the subsea market and expands our

capacity in a segment with strong long‑term

fundamentals.

Another step in our strategic innovation focus

has been the continued development of Viking

Energy’s transformation into a dual‑fuel

ammonia‑capable vessel, in partnership with

Equinor and other technology providers. This

pioneering project continues to place Eidesvik

at the forefront of low‑ and zero‑emission

solutions in the offshore support vessel

market. The retrofit progressed according to

plan during 2025 and remains on schedule for

implementation in 2026.

Financially, Eidesvik delivered a solid full‑year

performance. Revenues for 2025 totaled NOK

785 million, and EBITDA reached NOK 294

million, corresponding to a margin of 37%.

Fleet utilisation for the year was an impressive

97%, reflecting the strength of our operational

platform, the dedication of our crews, and the

trust placed in us by our customers.

Looking ahead, we enter 2026 with optimism.

Increased rig activity, continued strength in

subsea, developing opportunities in offshore

renewables, and the ongoing shift toward

low‑emission technologies position Eidesvik

well for the future. Our strategic partnerships,

fleet growth, and talented workforce provide a

strong foundation for continued value

creation.

I would like to express my appreciation to all

our employees for their dedication and

professionalism throughout 2025. Their

commitment is the driving force behind our

achievements and positions us well for the

opportunities that lie ahead. I also extend my

gratitude to our customers, partners, and

shareholders for their continued trust and

collaboration.

Helga Cotgrove

CEO

Key figures

(all figures in TNOK)

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

Operating income

785 126

775 130

772 359

918 547

587 798

530 760

681 559

489 229

754 716

784 106

EBITDA

293 819

304 164

333 567

494 213

178 712

131 113

243 188

96 919

385 291

415 284

EBITDA margin

37 %

39 %

43 %

54 %

30 %

25 %

36 %

20 %

51 %

53 %

Net result for the year

111 620

103 690

533 222

406 736

30 737

-132 434

-690 273

-316 625

147 368

-564 519

Earnings per share

0,91

1,13

7,05

5,57

-0,25

-1,99

-9,64

-4,83

5,15

-18,34

Total assets

3 683 101

2 937 349

2 716 109

2 339 034

2 750 583

3 097 113

3 360 275

4 100 576

4 297 512

5 068 060

Equity

2 135 655

1 827 162

1 615 654

928 047

521 098

480 519

729 474

1 424 825

1 542 006

1 457 051

Equity ratio

58 %

62 %

59 %

40 %

19 %

16 %

22 %

35 %

36 %

29 %

Value-adjusted equity

2 989 400

2 544 173

2 136 654

1 593 047

1 402 098

1 284 519

2 094 474

2 291 825

2 434 806

2 701 029

Value-adjusted equity ratio

66 %

70 %

63 %

53 %

39 %

33 %

44 %

46 %

47 %

43 %

Market value at 31 December

996 222

976 517

1 007 170

559 350

252 951

188 936

325 666

284 647

244 215

186 629

Market value per share at 31 December

13,65

13,38

13,80

9,00

4,07

3,04

5,24

4,58

8,10

6,19

Dividend paid per share

0,30

0,25

0,00

Liquid funds incl. unused credit

340 499

395 843

498 825

655 653

330 401

429 183

408 319

515 605

557 440

549 738

Working capital incl. unused credit,

excl. balloons

247 922

275 100

433 287

630 725

237 746

527 918

432 256

477 152

264 646

395 827

First year’s repayment of long-term

liabilities

**)

120 967

124 033

121 192

1 095 934

128 364

157 725

93 756

93 232

304 836

322 187

Please see appendix 1 for alternative performance measures definitions.

*) Book equity plus added value of broker estimates per 31 December 2025, on vessels on the assumption that

the vessels are contract-free.

**) Excluding IFRS 16.

Corporate governance

PRINCIPLES AND VALUES FOR

CORPORATE GOVERNANCE IN

EIDESVIK OFFSHORE ASA

The Board of Directors of Eidesvik Offshore

ASA (the “Company”) shall ensure that the

Company complies with the “Norwegian

Code of Practice for Corporate Governance”

of 28 August 2025. The Group’s compliance

with, and any deviations from the code of

practice, must be commented by the Board

in relation to every point in the Norwegian

Code of Practice for Corporate Governance,

and made available to the Company’s

stakeholders along with the annual report.

The purpose of the guidelines for corporate

governance in Eidesvik Offshore ASA is to

clarify the roles between shareholders, the

General Meeting, the Board and executive

management exceeding what is evident by

legislation.

The Company shall be based on open

interaction and coordination between the

Company’s shareholders, Board and

management, as well as other stakeholders

such as employees, customers, suppliers,

creditors, public authorities and society in

general.

The Company’s core values and ethical

policy are set out in “Ethical guidelines and

core values for Eidesvik Offshore ASA”, and

its social responsibility policy is covered by

the “Human rights policy” and

“Environmental policy”.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Business

The Company’s business is described in

Article 3 of its Articles of Association. The

Board determines the Group’s overall goals,

strategy and risk profile. The strategic plan

is revised annually. The mission statement

in the Articles of Association and the

Company’s goals and strategies are set out

in the Annual Report, which are also

published on the Company’s website at

www.eidesvik.no.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Equity and dividends

The Board shall ensure that the Company

holds equity commensurate with the risk

from and scope of the Company’s

operations, cf. “Instructions for the Board of

Directors”. The Board determines the

Company’s dividend policy, and presents

this with its proposed dividend to the

Company’s General Meeting.

There is authorisation for the Board to issue

new shares to increase the Company’s

share capital for up to NOK 364,916. The

authorization is valid until the ordinary

general meeting in 2026, but no later than

30 June 2026.

There is authorisation for the board to

distribute dividend up to NOK 0.50 per share

based on the annual accounts for 2025. The

authorization is valid until the ordinary

general meeting in 2026, but no later than

30 June 2026. The Board distributed

dividend of NOK 0.30 per share in 2025

based on this authorisation.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Equal treatment of shareholders

Eidesvik Offshore ASA has only one class of

shares.

In the event of an increase in share capital,

the principle of equal rights for all

shareholders to buy shares applies. If the

Board proposes to deviate from

shareholders’ pre-emptive right in

connection with capital increases, the Board

will specifically set out and justify the

proposal.

Own shares are bought on the stock

exchange at market value.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Shares and negotiability

The shares in the Company are listed and

freely negotiable. The Articles of

Association do not impose any form of

restrictions on negotiability.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

General Meetings

The notice of and procedure for the

Company’s General Meeting follow the

regulations given by the Public Limited

Liability Companies Act with regards to

contents and deadlines. The registration

deadline is set as close to the meeting as

practicable. Shareholders who are unable to

attend may vote by proxy.

Notice of the meeting, proposed resolutions,

proxy forms, other case documents and

information on shareholders’ right to raise

matters at the General Meeting are made

available at the Company’s website as soon

as they have been approved by the Board.

The Board and the chair of the General

Meeting must arrange for the general

meeting to vote on each of the proposals to

be considered, including voting for

individual candidates in elections.

The minutes of the General Meetings are

made available on the Company’s website

as soon as possible.

Comment: Deviates from the Norwegian Code of

Practice for Corporate Governance. The company

has deemed it satisfactory that the Board is

represented by chair of the Board at the General

Meeting, and not all Board members.

Nomination committee

The Nomination Committee shall according

to the Articles of Association consist of

three to five members. The Nomination

committee shall make proposals for election

of Board Members and members of the

Nomination Committee to the General

Meeting. Shareholders may submit

proposals to the Nomination Committee for

candidates for election to the Board and

other appointments by contacting the chair

of the Nomination Committee. The General

Meeting may adopt guidelines for the

Nomination Committee.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Board of Directors: composition and

independence

The composition of the Board of Directors of

Eidesvik Offshore ASA is made to safeguard

the interests of shareholders and the

Company’s need for competence, capacity

and diversity. The Board considers it

important that the Board can function well

as a collegial body.

The Board is composed in such a way that it

can act independently of special interests.

The majority of the members elected by

shareholders are independent of the

Company’s executive management and

major business associates.

At least two of the members elected by

shareholders are independent of the

Company’s main shareholders.

Representatives of the executive

management are not members of the Board.

The Chair is elected by the General

Meeting, as the Company does not have a

corporate assembly.

The Board members are elected for two

years at a time. In the Annual Report, the

Board provides details of the Board

members’ competence and capacity, as well

as which Board members are considered to

be independent.

Board members are encouraged to own

shares in the Company.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

The work of the Board of Directors

A separate instruction for the Board of

Directors of Eidesvik Offshore ASA has

been prepared.

The Group has an audit committee, and the

Board of Directors of Eidesvik Offshore has

established instructions for the audit

committee.

For transactions between companies of the

Group, there are guidelines in “Instructions

for the Board of Directors”.

For significant transactions between the

Company and shareholders, board

members, senior executives or persons

related to them, an independent valuation

must be obtained. This does not apply when

the General Meeting is to discuss the matter

according to the provisions of the Public

Limited Liability Companies Act. The same

applies to transactions between companies

in the Group where there are minority

shareholders.

The instructions for the Board, the

instructions for the CEO, and the ethical

guidelines have rules for impartiality.

Comment: No deviations, all related parties

transactions are presented in the notes to the

financial statement in the annual report.

Risk management and internal control

According to the instruction for the Board of

Directors of Eidesvik Offshore ASA, the

Board ensures that the Company has good

internal control and appropriate systems for

risk management. The Board receives

monthly status reports on Company

operations, including financials with

deviation analysis and liquidity forecasts.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Remuneration of the Board of

Directors

The remuneration of the Board is

determined by the General Meeting and

does not depend on results. Information on

remuneration is given in the annual report.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Salary and other remuneration for

executive personnel

The Board has adopted guidelines approved

by the annual general meeting for

remuneration for executives stating the

main principles of the Company’s executive

remuneration policy.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Information and communications

The Board has adopted guidelines for the

Company’s contact with shareholders

outside the General Meeting. The Company

publishes a financial calendar each year,

and all interim reports and results

presentations are published on the

Company’s website and the Oslo Stock

Exchange.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

Take-overs

The Board has not prepared guiding

principles for how to act in the event of a

takeover bid.

Comment: Deviates from the Norwegian Code of

Practice for Corporate Governance. Given the

Company’s ownership structure, the Board has not

established separate takeover guidelines. Should a

takeover bid nevertheless be presented, the Board

will ensure a prudent and independent assessment

of the offer, in line with applicable legislation and

the Norwegian Code of Practice for Corporate

Governance, with particular emphasis on equal

treatment of shareholders

Auditor

The external auditor is elected at the

General Meeting, which also approves the

auditor’s fees for the parent company. On an

annual basis, the auditor presents an audit

plan and an audit summary report to the

audit committee, and participates in audit

committee meetings to review the Group’s

internal control and financial risk

management systems and procedures. The

auditor also participates in board meetings

when considered appropriate, with and

without management present. Information

about the auditor’s fees, including a

breakdown of audit related fees and fees for

other services is included in the notes to the

financial statements in accordance with the

Norwegian Accounting Act. The Company’s

external auditor is Ernst & Young AS.

Comment: No deviations from the Norwegian Code

of Practice for Corporate Governance.

TRCF1: Total reportable c ases per million exposure h ours worked during

the period (excluding first aid)

TRCF2: Total reportable c ases per million exposure h ours worked during

the period (including first aid)

LTI: Lost time incident per million exposure hours worked during the

period

HSEQ report for 2025

INTRODUCTION

The quality and safety system Eidesvik

Management System (EMS) is certified by

DNV to meet the requirements of the ISM

Code, ISO 9001:2015, ISO 14001:2015,

MLC 2006 and the ISPS Code.

Throughout 2025, our EMS are built on

“Simplified and improved safety

management”, and all our operational

vessels are using updated manuals for

bridge, deck, engine, galley, and crane

operations as applicable. We receive

positive feedback from both users and

clients. Required revisions are considered

on an ongoing basis, including new

procedures as needed. Focus on

awareness and monitoring of health, safety

and environmental aspects are key.

Eidesvik has prepared an annual HSEQ

program that specifically addresses focus

areas, including Key Performance Indicators

(KPIs). The KPIs are communicated to all

vessels and departments and posted in

public areas both on vessels and at office.

Eidesvik focuses on a strong commitment to

the HSEQ program to achieve the goals

within the various areas. The guiding

documents are continuously evaluated to

ensure optimal and functioning operating

procedures for the employees both offshore

and onshore.

The Company had one lost time incident

(LTI) in 2025. Eidesvik’s goal is zero LTI.

Continued strong focus on HSE is key in all

parts of the Company’s operations.

The statistic below illustrates the number of

personal injuries per million working hours

over the last five years.

Emphasising the analysis of causal relations

and underlying causes are important as a

basis for lessons learned within Eidesvik.

Focusing on operations and compliance with

the EMS are important accompanying

measures. In addition to the goal of

preventing injuries, we also focus on the

following actions:

• Focus on “safety observations”

reporting method, especially

proactive reports on potential safety

events. This has contributed to an

increase in reporting. Reports are

reviewed at safety meetings on

board. In 2025, 3,872 “safety

observations” were reported;

whereof 36% was proactive. This

constitutes a substantial portion of

the total number of reports in the

HSEQ field.

• Extensive use of risk analysis. All

vessels and office are analysing

tasks/jobs to avoid accidents/

injuries, and any hazards are

highlighted. Actions are

implemented to reduce and/or

remove the hazards. In 2025, 568

new and/or revised risk analysis

were done.

• Toolbox Talk meetings (TBT) prior to

executing a job is assists in focus

on avoiding accidents and injuries.

Prior to executing a job, the team

plans and receives information

about potential hazards in

connection with the job. Total

number of TBT in 2025 was 7,887.

• Work on board is performed

according to a Permit to Work

system (PTW). This assist avoiding

accidents and injuries. Everyone

needs to obtain permission from the

vessel’s management before

performing jobs that could cause a

risk to personnel, environment, and

vessel.

INCIDENT REPORTING

In 2025, 67 incident reports (including near

misses) in all categories were logged. In

addition, 169 document of change requests

and 108 improvements suggestion were

submitted. The company issued 27 lessons

learned reports. The incidents, near misses,

improvement suggestions, document of

change requests, and lessons learned

reports are a positive foundation for learning

and implementing specific actions to avoid

recurrences. A strong and healthy culture

for reporting enables the organisation to

identify developments and trends within

specific operations or tasks. This can

improve practices and prevent repeat

incidents. Reporting incidents has a

preventive effect, and the Company has a

strong focus on this.

QUALITY

Our goal is to provide services of a quality

that exceeds the customer’s expectations,

and we follow up on surveys of customer

satisfaction from every vessel and crew.

Quality is to do the job right the first time.

SICK LEAVE

Absence due to illness in 2025 was 4.9%

compared to 7.1% in 2024. Our target for

absence due to illness for 2025 was 2%-

points reduction from 2024. Eidesvik is

focused on preventive actions, both related

to the physical and psychosocial working

environment, and closer follow-up from the

company and management to increase

attendance at work. We provide our own

occupational health service.

111

The Board of Directors

KENNETH WALLAND (CHAIR OF

THE BOARD)

is educated Master Mariner, with additional

education from the Norwegian Naval

Academy and the University of Stavanger.

He has extensive experience from both

seafaring and onshore roles in the maritime

industries. Walland spent nearly three

decades with Østensjø Rederi, where he

held several senior positions and served as

CEO for the Group from 2016 to 2021. He

was CEO of Edda Wind ASA from 2021 to

end 2024. Walland attended all board

meetings from the date of election in 2025,

and is independent of the main shareholder

in the Company.

BJØRG MARIT EKNES (BOARD

MEMBER)

graduated with a Master in Business and

Economics from NHH in 1993, and has a

MBA from Bond University, Australia (2006),

and an Executive MBA from NHH (2021).

She has held various managing positions in

the Sparebanken Vest group from 1997 to

2021, and was part of the executive

management from 2013 to 2021. Since 2021

she has been director and part of the top

management at the Norwegian School of

Economics. She is today the chairperson of

Landkreditt Bank AS, and has sat on a

number of boards. Eknes was unable to

attend one board meeting in 2025, and is

independent of the main shareholder in the

Company.

ANNICKEN GANN KILDAHL (BOARD

MEMBER)

holds a Master of Business and Economics

from BI Norwegian Business School and is

a Certified Financial Analyst from the

Norwegian School of Economics and

Business (NHH). Since 2000, she has

worked in the family-owned Grieg Maritime

Group, as CFO with responsibility for

finance, economics, legal and sustainability

reporting. She has extensive experience

from various board positions with the

financial and maritime industry and has,

amongst others, served as a board member

and chair of the audit committee of Ocean

Yield ASA (2013-2021). Kildahl attended all

board meetings in 2025, and is independent

of the main shareholder in the Company.

TORE HETTERVIK (EMPLOYEE

ELECTED BOARD MEMBER)

is a deck foreman on Eidesvik’s Seven

Viking and is an employee representative.

He started his maritime career on board his

familiy’s fishing vessel. After some years

working onshore, he started in Eidesvik in

1997 as an able seaman on board the first

Viking Prince, and has been a crane

operator in Eidesvik since 2020. Hettervik

was unable to attend one board meeting

from the date of election in 2025, and is

independent of the main shareholder in the

company.

KJETIL EIDESVIK (BOARD

MEMBER)

is the co-owner of Evik AS, which owns 45%

of Eidesvik Invest AS. Eidesvik Invest AS

owns 59.86% of Eidesvik Offshore ASA.

Kjetil holds a Bachelor of Business

Administration from BI. Today he works in

Evik AS and serves as chairperson and

board member of several companies. Kjetil

Eidesvik attended all board meetings in

2025, and is associated with the main

shareholder in the Company.

LAURITZ EIDESVIK (BOARD

MEMBER AND DEPUTY CHAIR OF

THE BOARD)

is co-owner and chair of Bømmelfjord AS,

which owns 55% of the shares in Eidesvik

Invest AS. Eidesvik Invest AS owns 59.86%

of Eidesvik Offshore ASA. He has completed

formal maritime education and is certified as

deck officer, and an Executive MBA in

Developing and Managing Digital

Organisations from BI from 2020. Since

2008, he has held various positions in

121

Eidesvik AS within operations, technical,

HSE, strategy, and most recently as

chartering manager, leaving in the summer

of 2018 to join the family company

Bømmelfjord AS. Lauritz Eidesvik attended

all board meetings in 2025, and is

associated with the main shareholder of the

Company.

Report of the Board of Directors 2025

Eidesvik Offshore ASA’s (“Eidesvik”, the

“Company” or the “Group”) focuses its

business within platform supply vessels

(PSV), subsea and offshore renewables,

and position the Company at the front end

of the development of zero emission

shipping solutions. Eidesvik has three main

objectives for its strategy:

• Seek and evaluate vessels that fit

with the Eidesvik Offshore ASA

profile for additions to the PSV fleet

• Increase IMR fleet with dual use

capabilities within offshore

renewable

• Growth and fleet renewal based on

long-term partnerships, positive

cash flows and continued focus on

emission reductions

The main goal is to increase the Company’s

long-term financial and sustainable value

creation, thereby growing shareholder value

creating the basis for further growth.

The market during 2025 was characterised

by mixed performance across segments and

continued short-term volatility, set against

resilient long-term fundamentals. Subsea

and Offshore Renewables remained robust,

supported by strong customer demand and

growing backlogs, while the PSV segment

faced increasing pressure from oversupply

and uneven regional demand, most notably

in the North Sea toward year-end. Despite

these challenges, underlying drivers,

including stable oil and gas demand,

increased rig activity and future production

targets, continued to support an optimistic

expectation of improved utilisation and

gradual tightening when entering into 2026.

Norwegian interest rate remained stable

during the year, but inflation continued to

increase driving both salary and other

operating cost. Long lead times in the

supply chain continued.

All of Eidesvik’s vessels were on long-term

contracts until October 2025, when the

vessel Viking Queen went off contract and

has traded in the spot market since.

The Group entered into a new build contract

for a second (NB 76) Construction Support

Vessel (CSV). The vessel will be owned by

67% by an entity owned by Eidesvik and

Agalas, controlled by Eidesvik, and 33% by

Reach Subsea. The vessel is being built at

Sefine shipyard in Turkey, and is scheduled

to be delivered spring 2027, when it will

commence directly on a five- year charter

with Reach Subsea.

Eidesvik is pleased to continue its progress

with the Apollo project, retrofitting platform

supply vessel Viking Energy to be able to

operate with ammonia as fuel. Amongst

other this includes installing a dual fuel

ammonia engine. This is a major rebuild

made possible by Equinor and Eidesvik.

Upon completion Viking Energy will be the

first offshore vessel with the ability to

operate on ammonia and the first actual

project in the industry testing out ammonia

as fuel for a vessel in normal operation.

Again, Eidesvik is leading the way in

emission reduction.

THE BUSINESS

At the end of 2025 the group operated

thirteen vessels, with ten vessels wholly or

partly owned by the Group and three vessels

under management. The Group had two

vessel under construction. Eidesvik aim to

charter the vessels mainly on long-term

contracts at sustainable day rate levels in

the PSV and subsea/offshore renewable

segments. Eidesvik’s activities are managed

from the headquarter in Langevåg at Bømlo.

The shipping business is organised in

accordance with the special tax regime for

shipping companies in Norway. The vessels

are owned by various ship-owning

companies, and Eidesvik AS performs the

general and business management

functions for these companies.

The Group’s wholly-owned subsidiaries had

458 permanent employees at the end of the

year, and in addition there were 86

contracted workers. The Company and the

industry encourage women to seek a

maritime education.

The Group had no R&D projects during

2025.

HEALTH, SAFETY AND THE

ENVIRONMENT

The quality and safety system “Eidesvik

Management System” (EMS) is certified by

DNV. EMS meet requirements of ISM code

(International Safety Management Code),

ISO standards: 9001-2015, 14001-2015,

MLC 2006 and ISPS Code.

The management is continuously carrying

out awareness work within Health, Safety,

Environment and Quality (HSEQ), with a

particular focus on the exchange of lessons

learned, which facilitates continuous

improvement.

Absence due to illness in 2025 was 4.9%

down from 7.1% in 2024. The Company is

pleased to see that the measures

implemented have enabled us to achieve

our target of 2% points reduction compared

to 2024. The Group had one lost time

incident (LTI) in 2025. Eidesvik’s goal is

zero LTI. The Company continues its strong

focus on HSE in all parts of the Group’s

operations.

Based on the current assessment of

applicable thresholds and group structure,

Eidesvik is not subject to mandatory

reporting requirements under the revised

Corporate Sustainability Reporting Directive

(CSRD). The Company has prepared a

sustainability report in order to

communicate its sustainability impacts and

meet expectations from stakeholders.

DIVERSITY AND EQUALITY

Eidesvik considers it a competitive

advantage to have a diverse team, and does

not tolerate discrimination based on race,

caste, national origin, religion, age,

disability, gender, marital status, sexual

orientation, union membership or political

affiliation. The Company has an Equality

and Anti-Discrimination Policy in place,

describing how all Eidesvik employees

should make active, targeted and

systematic efforts to promote equality.

In accordance with the Norwegian Equality

and Anti-Discrimination Act, the Company

has developed an Equality Efforts

Compliance procedure that covers its

obligations related to activity duty and

reporting. VP Human Relations is

responsible for defining targets and

responsibilities.

Furthermore, Eidesvik performs internal

audits to investigate compliance with

policies related to work environment and the

Company’s non-tolerance for harassment.

The requirements of the Equality and Anti-

Discrimination Act are also integrated in

Eidesvik’s recruitment procedure.

On 31 December 2025 Eidesvik employed

458 people, where females accounted for

11% (49). 7% of the Company’s seafarers

were female. The male domination in the

shipping industry is reflected in these

figures. At the management level 14% were

female and 40% of onshore personnel were

female. No employees at Eidesvik are

employed part-time or on a temporary basis.

While the Company aims to attract more

female seafarers, it recognises that this is a

challenge. Recruiting more women to the

industry is often on the agenda at leadership

meetings. Eidesvik is also heavily involved

in Maritim Opplæring where the Company

serve on the board and is actively working

on mapping how to recruit more women to

the industry. Eidesvik also supports

initiatives by the Norwegian Shipowners’

Association aimed at recruiting more women

into the industry.

Table 1: Gender distribution 2025

The maj

ority of Eidesvik’s workforce is

Norwegian, but the Company also has

employees from Sweden, Denmark, the

Faroe Islands, Finland, the UK, Germany,

Latvia and Poland. Eidesvik has an

agreement with ship management provider

OSM Maritime, which the Company relies on

for temporary crewing services from the

Philippines.

5 female and 16 males took parental leave

in 2025. The average number of weeks was

27 weeks for females, and 10 weeks for

men.

Salary placement

Eidesvik has guidelines in place for salary

placement and salary adjustment. The

guidelines are outlined in the Company’s

Employee Handbook, which is based on the

Company’s HR policy and Code of Conduct.

The majority of Eidesvik’s employees are

seafarers. All seafarers are covered by

collective bargaining agreements between

the Norwegian Shipowners’ Association and

the seafarer’s unions, which set wage

agreements that the Company cannot

deviate from. These agreements ensure

equal treatment in relation to wages and

working conditions.

Eidesvik analyses the gender pay gaps of its

employees. A salary comparison of

employees at all levels shows that women’s

income was 75.8% to that of men’s in 2025.

For the pay gap analysis, onshore

employees were divided into “Management”

and “Other Employees”. For Management,

women’s income was 90.5% to that of men’s

in 2025. The group "Other Employees”

consists of job categories with large

variations in competence requirements, pay

levels and differences regarding what

positions are held by women and men, such

as technical specialists and administrative

positions. Technical specialists have

substantial specialised competence and

experience, and thus have higher pay

compared to administrative positions.

Technical positions are typically held by

individuals with experience as seafarers at

management level, whereof the majority are

men. The majority of administrative

positions in Eidesvik are held by women.

Table 2: Gender pay gap ratio for onshore employees 2025

EXTERNAL ENVIRONMENT

Eidesvik has a targeted environmental focus

in its operations with battery solution

installed on all PSV’s and three of the

subsea/offshore renewables vessels.

Furthermore, five of the PSV’s have LNG

dual fuel engines. The Company’s

continuous work to develop feasible

approaches for largescale climate emission

reductions in the fleet continued in 2025

with the world’s first order of an ammonia

combustion engine for commercial use.

Equinor and Eidesvik are key partners in the

industry cooperation, together with Wärtsilä,

Breeze Ship Design and Maritime Clean

Male Female <30 30-50 >50 Total

Seafares 379 29 168 149 91 408

Onshore 30 20 4 20 26 50

Management 6 1 0 1 6 7

Board of Directors 4 2 0 2 4 6

Group

Total number

of employees

Female Male

salary women to

men

Management 23 7 16 90.5%

Other employees 28 14 14 75.8%

Tech. The project has also received some

EU Funding. In addition to chartering the

vessel Equinor contributes with financing of

the conversion.

All vessels in Eidesvik’s fleet are approved

according to the new International Maritime

Organization (IMO) requirements for energy

efficiency.

The Environmental Ship Index (ESI) is

recognised by the Norwegian Coastal

Administration and many ports as the basis

for environmental differentiation of

fees/rates. 9 of our operational vessels are

registered in ESI, all with a strong

environmental profile.

SHAREHOLDERS, CORPORATE

GOVERNANCE AND MANAGEMENT

At year end, there were a total of 72,983,333

shares in the Company and 2,011

shareholders in the Company where foreign

investors had a 1.77% stake. In 2025, the

share was last traded at NOK 12.65.

As of 31 December 2025, the Company

owned no own shares.

All information is provided in such a way that

all shareholders are treated equally. The

information is shared through stock

exchange announcements, press releases

and open presentations, and is also

available on the Eidesvik website.

Eidesvik’s dividend policy is the following:

EIOF’s priority for the use of free cash flow

is investment opportunities providing value

added return and thereafter return of capital

to its shareholders via dividend.

The Group has an insurance agreement (the

“Agreement”) for physical persons that

previous had, currently has, or in the future

will hold positions as member or deputy

member of a board or a corresponding

governing body, CEO, other leader and/or

employee that may incur personal leader

responsibility. The Agreement cover their

partner as well in cases where the claim is

based on the insured personal leader

responsibility.

The Agreement is a group coverage for

Eidesvik Offshore ASA, including all

subsidiaries with ownership of more than

50%, and for persons representing

Eidesvik’s interests as board member or as

part of the management in companies

outside the Eidesvik group. The Agreement

applies to property damage that may incur

worldwide (excluding the US and Canada)

for business related to shipping and that the

insured person is liable in damages for

according to applicable law in Norway.

Internal claims between the companies are

not covered.

The Agreement does not cover criminal acts

as breach of information protection, forge of

documents, embezzlement, theft, fraud,

betrayal, corruption, and/or unjustified gain.

The Agreement does not cover fines/day

fines, libels and/or remedy for noneconomic

loss, nor liabilities after the Nature Diversity

Act or property damage related to pollution

or tipping of waste.

The “Norwegian code of practice for

corporate governance” forms the basis for

the discharge of these duties by the Board

and management. Minor, company-specific

changes and adaptations have been made

to the code of practice. A separate

explanation has been provided in the annual

report and on the Eidesvik website.

PROFIT & LOSS, BALANCE SHEET

AND FINANCIAL RISK

The consolidated accounts of the Eidesvik

Offshore Group (“the Group”) have been

prepared in accordance with recognition,

measurement and presentation principles

consistent with IFRS® Accounting

Standards as adopted by the EU (“IFRS”)

The Company accounts for the parent

company Eidesvik Offshore ASA are

prepared in accordance with the Norwegian

Accounting Act and generally accepted

accounting principles in Norway.

Profit & loss

Consolidated operating income for Eidesvik

in 2025 was NOK 785.1 million (775.1

million in 2024). Freight revenue increased

from 759.4 million to 785.1 million. This

increase in revenue was due to

improvement in utilisation.

Operating profit before depreciation and

amortisation (EBITDA) for 2025 was NOK

293.8 million (304.2 million in 2024).

Adjusted for other income EBITDA was NOK

293.8 million vs 288.4 million. Depreciation

and amortisation totaled NOK 188.5 million

in 2024 (180.7 million). There has been no

reversal of previous impairment in 2024 or

2025. Loss from joint ventures were NOK

3.2 million (0.8 million gain). This gives a

total operating result of NOK 102.1 million

in 2025 (124.3 million).

The net financial result of NOK 7.3 in 2025

(-18.3 million in 2024) includes financial

income of NOK 13.1 million (20.8 million).

Financial expenses were NOK -18.5 million

(-30.8 million), where the reduction is mainly

due to increased capitalised borrowing cost

according to IAS 23. Changes in market

value for derivatives were NOK 0 million (3.7

million), and net gain/loss on currency were

NOK 12.7 (-11.9 million) mainly related to

currency effect affecting the Group’s debt in

USD and EUR.

Net result was NOK 111.6 million in 2025

(103.7 million in 2024.) and total

comprehensive income was NOK 111.6

million (103.7 million).

For the parent company Eidesvik Offshore

ASA, the operating result was NOK -18.3

million in 2025 (-17.6 million in 2024). Net

financial items were NOK 44.2 million (55.1

million). The net result was NOK 20.2 million

(29.3 million).

Balance sheet

The consolidated book equity is NOK 2,136

million per 31 December 2025 (1,827

million per 31 December 2024). This is

58.0% (62.2%) of the Group’s total capital.

For the parent company, Eidesvik Offshore

ASA, the equity is NOK 819.1 million (820.8

million).

Vessels and assets under construction

account for NOK 2,853.6 per 31 December

2025 (2,089.0 million per 31 December

2024), of the non-current assets of NOK

3,065.3 million (2,315.7 million). The

increase in vessel value is due to additions

to the vessels under construction. Current

assets were NOK 617.7 million (621.6

million). Total assets are NOK 3,683.1

million (2,937.4 million), an increase of NOK

745.8 million due to new builds.

Broker values are used as supplementary

nformation to support impairment

assessments and management judgement,

but are not used as direct inputs in the

measurement of assets in the financial

statements. Average broker value

conducted by two independent brokers

evaluate the consolidated part of the fleet

value free of charter to NOK 2,376 million

(2,406 million at 31 December 2024) which

indicates an excess value before tax of NOK

854 million (729 million) compared to the

book value of the vessels.

The Group’s non-current liabilities are NOK

1,177.6 million per 31 December 2025

(763.7 million per 31 December 2024). The

increase was due to payment of yard

instalments partly by drawing of

construction loan.

The parent company’s assets are NOK

1,078.1 million per 31 December 2025

(1,069.9 million per 31 December 2024).

The company’s assets consist mainly of

investments in and loans to subsidiaries,

financial investments and cash. The

company has liabilities of NOK 259.0 million

(249.1 million). This consists of non-current

liabilities of NOK 257.1 million (232.2

million) and current liabilities of NOK 1.9

million (16.9 million). The company’s equity

is NOK 819.1 million (820.8 million), which

gives an equity ratio of 76% (77%).

Cash flow

Cash and cash equivalents decreased from

NOK 395.8 million 31 December 2024, to

NOK 340.5 million 31 December 2025,

whereof NOK 58.8 million was restricted

cash and funding restricted to use towards

Eidesvik’s joint development projects with

multiple partners for the development of

green ammonia as a fuel source. The

reduction in cash is mainly due to

investment in the second newbuild.

Net cash flow from operating activities for

2025 was NOK 296.3 million (368.7 million).

The decrease is mainly related to periodic

movement in working capital.

Net cash flow from investment activities of

NOK -921.9 million (-531.1 million) was due

to investment in vessels under construction.

Cash flow from financing activities in 2025

was NOK 566.3 million (56.4 million). This is

mainly due to construction loan drawdowns

and contributions from third party ownership

interests in the second newbuild, offset by

payment of dividend, instalments and

interests.

The parent company has cash and cash

equivalents of NOK 6.5 million (17.6

million). This is an decrease of NOK 11.1

million.

Profit allocation

The Board in Eidesvik Offshore ASA has

proposed no dividend for the fiscal year

2025 (paid NOK 0.30 per share during 2025

by proxy from the annual general meeting in

2025, based on the fiscal year 2024). NOK

1.7 million is proposed transferred from

other equity.

The board of directors of Eidesvik Offshore

ASA resolved 22 April 2026 to distribute a

dividend in the amount of NOK 0.20 per

share (total NOK 14.6 million), based on the

authorisation granted by the Company's

annual general meeting on 20 May 2025.

Going concern

The financial statements have been

prepared on a going concern basis. In

making this assessment, the Board has

considered the Group’s liquidity position,

expected cash flows from operations,

committed financing arrangements and the

investment obligations related to vessels

under construction. Based on this

assessment, the Board considers the going

concern assumption to be appropriate.

Events after the balance sheet date

The board of directors of Eidesvik Offshore

ASA resolved 22 April 2026 to distribute a

dividend in the amount of NOK 0.20 per

share (total NOK 14.6 million). The

resolution has been made by use of the

authorisation granted by the Company's

annual general meeting on 20 May 2025.

The EIOF share will trade ex dividend on 24

April 2026. No other events have occurred

after the balance sheet date with significant

impact on the financial statements for 2025.

Risk

Market and Operational risks

The Group is exposed to market and

operational risks related to fluctuations in

demand, vessel utilisation and day rates

across its operating segments. Market

conditions may vary between the supply

segment and the subsea and offshore

renewables segment. While parts of the fleet

operate under long‑term contracts,

exposure to the spot market may impact

earnings in periods of weaker demand.

The Group is also exposed to increase in

both expenses and lead time in the supply

chain.

The Board continuously monitors market

developments and operational performance

and considers the current risk management

framework to be appropriate.

Currency risk

The Group is exposed to currency risk

through revenues, financing and

investments denominated in NOK, USD and

EUR. A significant portion of the Group’s

long‑term debt is denominated in USD and

EUR, including construction loan financing

related to vessels under construction. Cash

flows from operations and financing are

therefore subject to exchange rate

movements, which may impact reported

earnings and liquidity. The Group seeks to

align currency exposure between revenues,

financing and operating costs where

possible, and the Board monitors currency

exposure and its effects on cash flow and

liquidity on an ongoing basis.

Credit risk

Eidesvik’s customers are solid companies

with good solvency. The risk that the

counterparties do not have the financial

capacity to fulfil their obligations is

considered low.

Liquidity risk

The Group’s liquidity position is assessed as

satisfactory at year‑end. This assessment

takes into account the Company’s

operational cash flow, available cash

balances, committed credit facilities and

construction financing arrangements. The

Group is in a capital‑intensive phase, with

ongoing investments in vessels under

construction, which are partly financed

through long‑term construction loans and

contributions from partners. Based on

current projections, committed financing

and expected contract coverage, the Board

considers the Group to have sufficient

financial flexibility to meet its obligations as

they fall due.

Climate risk

Eidesvik recognise that addressing climate

change requires coordinated action at

economic, political, and technological

levels, which will impact the fleet and

operations over the medium and long term.

Key risks identified include shifting market

dynamics and increasingly stringent

emission regulations requiring investments

in greener technologies.

For Eidesvik, the transition from fossil fuel

to clean energy poses a risk for a decline in

demand for vessels serving the oil & gas

market in the long term. However, the

Company assess the financial impact to be

moderate to low, as oil & gas will need to be

replaced with new energy markets also in

need of offshore shipping services. Eidesvik

has built extensive experience in the

renewable markets and has proven

expertise and capabilities to transition to

new markets. As a risk mitigating measure,

Eidesvik is also closely monitoring new

markets where the Company can utilise its

core competencies.

Furthermore, ambitious climate goals will

necessitate stricter emissions requirements

for shipping, which will have significant

impact on the fleet in the medium to long

term. The transition to low- and zero

emission technology will require capital

expenditures in relation to retrofit of existing

vessels and investments in new vessels.

Implementing new technology also involves

various risks that can affect operational,

financial, and regulatory outcomes. While

the Company acknowledge that climate

change mitigation and adaptation will impact

Eidesvik and introduce certain risks, the

Company assess the financial materiality

associated with these topics as moderate to

low in the short and medium term.

Eidesvik has a long history of being early

adopters of alternative energy sources and

technology. Currently, 85% of the

operational fleet is equipped with battery

hybrid systems, and close to 40% has LNG

dual fuel engines. This ensures that the

current fleet can comply with known

emission regulations in the short and

medium term.

In the long term, stricter requirements

necessitating a transition to new carbon free

fuels will come with a considerable cost.

Despite the prevailing contract structures

within our industry, wherein charterers

largely bear the costs of meeting existing

requirements and regulations, the inherent

risk persists. Nonetheless, our anticipation

is for forthcoming regulations to offer the

necessary predictability, rendering

compliance financially feasible.

Furthermore, through Eidesvik’s innovation

projects involving new fuels such as

ammonia, the Company has built adaptive

capacity to respond to climate change while

reinforcing the position as a market leader

within green offshore vessels. This strategic

approach enhances Eidesvik’s

competitiveness in the future market,

opening opportunities for increased revenue

and stronger reputational risk management.

Cyber security

As the maritime industry becomes

increasingly digitised, IT security has

emerged as a critical priority for the offshore

sector. Technological advancements bring

new vulnerabilities, and companies face

risks including cyberattacks, ransomware,

phishing, operational disruptions, and data

breaches — each carrying potential

financial and reputational consequences.

The Company is monitoring the

development and use of AI, and assessing

the risks that will accompany it.

Please see Note 3 for further information.

FRAMEWORK CONDITIONS

Access to and development of highly

qualified personnel is vital to ensuring good

operation and delivery of an optimum

service, helping our customers to a better

overall result. In order to ensure that

Norwegian maritime competence is also

developed and utilised in the future, the

industry is dependent on stable and

predictable framework conditions. The

availability of training positions is vital to

building up expertise over time, even in a

cyclical industry.

Eidesvik currently employs both Norwegian

and international crew on board its vessels.

There is a strong need for personnel with

maritime competence.

Legislation on net pay schemes is a positive

move on the part of the political authorities.

However, Eidesvik believes that net pay

schemes should be further reinforced.

Historically, the Company has been at the

forefront of increasing the recruitment of

Norwegian seafarers. Considerable

resources have been allocated to this work

through initiatives to increase the incentives

for young people to choose a maritime

education. The Company cooperates in

various forums to strengthen and enhance

Norwegian maritime competence. At the

same time, the industry is experiencing

increasing international competition, not

least when it comes to expertise and costs.

It is important for further investment in

Norwegian maritime competence in the

future that the framework conditions should

be organised in such a way as to make it

attractive for the industry to build up

Norwegian maritime competence over time.

CORPORATE SOCIAL

RESPONSIBILITY

The Company’s core values and ethical

policy are set out in “Ethical guidelines and

core values for Eidesvik Offshore ASA”, and

its social responsibility policy is covered by

the “Human rights policy” and

“Environmental policy”. These state that the

work of achieving the business goals must

be carried out to high ethical standard and

in a manner calculated to safeguard the

environment and society. This means that

we should act with respect and honesty

towards customers, suppliers, employees,

authorities, owners and society, and that the

Company and the individual should comply

with relevant legislation. The policy states

that the Company and the individual

employee should refrain from all forms of

corruption, and sets out how the Company’s

employees should act if they are offered

gifts or other benefits because of their

employment.

It is further stated that the Company and all

employees must comply with all recognized

rules for human rights, including refraining

from all forms of discrimination.

No breaches of the Company’s ethical

policies were recorded in 2025.

A report on due diligence in accordance with

the Transparency Act is published on the

company’s website Responsible Business

Conduct – Eidesvik.

BUSINESS SEGMENTS AND

OUTLOOK

Eidesvik owns and operates vessels in the

two segments of Supply and Subsea and

Offshore Renewables.

Supply

At year end 2025, Eidesvik operated 8 large

supply vessels. Out of the supply vessels, 5

run on LNG, and all 8 have batteries and

hybrid solutions installed.

Viking Lady continued on its contract for

Aker BP which runs till February 2027 with

options for extensions.

Viking Prince continued on its contract with

Aker BP which runs till end of April 2026.

Viking Avant was on charter to Equinor

entire 2025, and will continue to be on a firm

contract with Equinor till end of May 2026

with options for extensions.

Viking Queen came of its contract with

Harbour Energy in October 2025. The vessel

has been trading in the spot market since

and was in for intermediate docking in Q4

2025.

Viking Energy worked for Equinor entire

2025, as it has done since the vessel was

delivered in 2003. The firm contract for the

vessel runs till 2030 with options for

extensions.

Viking Princess came off its contract for

Harbour Energy in early January 2026. The

vessel is on firm contract for Well Exerptise

for 2026.

The spot market in the North Sea was

oversupplied in fourth quarter of 2025,

leading to rates below opex level and low

utilisation for the vessel owners. A sizable

number of vessels were idle during fourth

quarter. There were also a limited number of

requests for longer-term charters with the

biggest customer renegotiating and

extending its existing contracts. Longer

term, the market is expected to tighten due

to anticipated increased activity.

Subsea and Offshore Renewables

Eidesvik currently has four vessels in the

Subsea and Offshore Renewable segment,

of which one is owned in a JV with Subsea

7 (50/50). In addition, at year end Eidesvik

had two vessels under construction with

estimated delivery Q3 2026 and spring

2027.

Viking Wind Power continued on its contract

with Siemens Gamesa all year.

Subsea Viking continued on its contract for

Van Oord in the offshore renewable

segment.

Seven Viking is on contract for Subsea 7 to

December 2027 with a 1-year option

thereafter.

Viking Reach continued on its contract with

Reach Subsea, which runs until March 2029.

The EPC contractors continue to be slow in

adding vessel capacity, while at the same

time adding further backlog. Some of the

tardiness in contracting vessel is most likely

driven by the expectation that there will be

available tonnage due to the newbuilds

scheduled to enter the market. The

increased activity in the market is expected

to soak up this added capacity.

The renewable market continues to be

competitive for vessel owners even with

high activity, but with a positive sentiment

long term. The subsea secondhand tonnage

market is also currently commanding high

prices.

BØMLO, 22 APRIL 2026

Kenneth Walland

Lauritz Eidesvik

Kjetil Eidesvik

Annicken Kildahl

Chair of the Board

Board member

Bjørg Marit Eknes

Tore Hettervik

Helga Cotgrove

Board member

CEO

232323

Declaration by the Board of Directors

and CEO

The Board and the CEO have today reviewed and approved the annual report and the

consolidated annual accounts and notes for Eidesvik Offshore ASA as at 31 December 2025,

and for the year 2025, including consolidated comparative figures as at 31 December 2024, and

for the year 2024.

The annual accounts are submitted in accordance with the requirements of IFRS as adopted by

the EU and additional Norwegian requirements in the Securities Trading Act.

The Board and CEO believe that the annual accounts for 2025 have been prepared in

accordance with applicable accounting standards, and that the information in the accounts gives

a true picture of the Group’s assets, liabilities, financial position and overall performance as at

31 December 2025, and 31 December 2024. To the best of the Board’s and CEO’s knowledge,

the director’s report gives a true view of important events during the accounting period and their

influence on the annual accounts. To the best of the Board’s and CEO’s knowledge, the

description of the most important risk and uncertainty factors the business is facing in the next

accounting period, as well as the description of significant transactions with related parties,

gives a true account.

BØML

O, 22 APRIL 2026

Kenneth Walland

Lauritz Eidesvik

Kjetil Eidesvik

Annicken Kildahl

Chair of the Board

Board member

Bjørg Marit Eknes

Tore Hettervik

Helga Cotgrove

Board member

CEO

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(NOK 1,000)

2025

2024

Note

1.1-31.12

Freight revenue

785 126

759 400

Other income

15 730

Total operating income

785 126

775 130

Personnel expenses

357 681

341 956

Other operating expenses

133 626

129 011

Total operating expenses

491 306

470 967

Operating result before depreciation and impairment

293 819

304 164

Depreciation

12,19

188 527

180 701

Operating result before result from Joint ventures and

associated companies

105 292

123 463

Result from Joint ventures and associated companies

-3 218

839

Operating result

102 075

124 302

Financial income

12 889

20 750

Financial expenses

-18 547

-30 840

Changes in market value, derivatives

211

3 669

Net currency gain/loss

12 697

-11 896

Net financial items

7 250

-18 316

Result before taxes

109 325

105 985

Tax on result

2 295

-2 295

Net result for the year

111 620

103 690

Attributable to:

Equity holders of the parent

66 413

82 743

Non-controlling interests

45 207

20 947

Net result for the year

111 620

103 690

Earnings per share

0,91

1,13

Diluted earnings per share

0,91

1,13

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(NOK 1,000)

2025

2024

Note

1.1-31.12

Statement of comprehensive income

Net result for the year

111 620

103 690

Total comprehensive income for the year

111 620

103 690

Attributable to:

Equity holders of the parent

66 413

82 743

Non-controlling interests

45 207

20 947

Total comprehensive income for the year

111 620

103 690

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(NOK 1,000)

Note

31.12.2025

31.12.2024

Assets

Non-current assets

Vessels

1 522 255

1 676 989

Assets under construction

1 331 375

412 044

Buildings, land and other operating assets

19 017

19 470

Right-of-use asset

60 286

69 790

Investments in joint ventures

130 072

133 289

Investments in associates

2 350

4 154

Total non-current assets

3 065 354

2 315 737

Current assets

Accounts receivable

190 171

171 792

Derivatives

8 093

Other current assets

87 077

45 883

Cash and cash equivalents

340 499

395 843

Total current assets

617 747

621 612

Total assets

3 683 101

2 937 349

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(NOK 1,000)

Note

31.12.2025

31.12.2024

EQUITY AND LIABILITIES

Equity

Equity attributable to the Company’s shareholders:

Share capital

3 649

Share premium

301 054

Other equity

1 306 804

1 262 595

Total equity majority shareholders

1 611 507

1 567 298

Non-controlling interests

524 147

259 864

Total equity

2 135 655

1 827 162

Liabilities

Non-current liabilities

Interest-bearing debt

1 122 612

697 971

Lease liabilities

55 009

63 409

Deferred tax

2 295

Total non-current liabilities

1 177 621

763 675

Current liabilities

Interest-bearing debt

124 640

126 021

Lease liabilities

9 319

9 049

Accounts payable

42 425

42 099

Other current liabilities

193 441

169 343

Total current liabilities

369 826

346 512

Total liabilities

1 547 447

1 110 187

Total equity and liabilities

3 683 101

2 937 349

BØMLO, 22 APRIL 2026

Kenneth Walland

Lauritz Eidesvik

Kjetil Eidesvik

Annicken Kildahl

Chair of the Board

Board member

Bjørg Marit Eknes

Tore Hettervik

Helga Cotgrove

Board member

CEO

CONSOLIDATED STATEMENT OF CASH FLOW

(NOK 1,000)

Note

2025

2024

1.1-31.12

Cash flow from operations

Payments from customers

766 747

830 883

Payment to suppliers, employees and others

-556 541

-551 012

Payments from reimbursement scheme, Norwegian seamen

74 039

69 717

Interest received

12 022

19 092

Net cash flow from operating activities

296 266

368 680

Cash flow from investment activities

Received non-current receivables

49 006

Purchase of tangible fixed assets

-921 945

-580 113

Net cash flow from investment activities

-921 945

-531 107

Cash flow from financing activities

Contribution from minority interest related to new builds

217 901

125 214

Installment financial lease

-9 233

-9 114

New debt

549 960

145 783

Repayment of debt

-121 038

-122 610

Paid interest

8, 18

-49 355

-64 628

Dividend

-21 895

-18 246

Net cash flow from financing activities

566 340

56 399

Currency gain/loss on cash and cash equivalents

3 995

3 046

Net change in cash and cash equivalents

-55 344

-102 983

Cash and cash equivalents at start of period

395 843

498 825

Cash and cash equivalents at end of period

340 499

395 843

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(NOK 1,000)

capital

premium

Other

reserves Other equit

Total

Minority

Total

equit

Equit

at 01.01.2024 3 649 301 054 -1 339 1 199 437 1 502 801 112 853 1 615 654

Result for the year

0 0 0 82 743 82 743 20 947 103 690

Total comprehensive income

0 0

0 82 743 82 743 20 947 103 690

Dividend

0 0 0 -18 246 -18 246 0 -18 246

Change in non-controlling interests **

0 0 0 0 0 126 063 126 063

Other adjustments***

0 0 1 339 -1 339 0 0 0

Equity at 31.12.2024

3 649 301 054 0 1 262 595 1 567 298 259 864 1 827 162

Result for the year

0 0 0 66 413 66 413 45 207 111 620

Total comprehensive income

0 0 0 66 413 66 413 45 207 111 620

Dividend

0 0 0 -21 895 -21 895 0 -21 895

Change in non-controlling interests*

0 0 0 -309 -309 219 077 218 768

Equity at 31.12.2025

3 649 301 054 0 1 306 804 1 611 507 524 147 2 135 655

* Minority share of the new company Eidesvik Agalas Reach AS. Equity contributions in 2025.

** Minority share of the new company Eidesvik Agalas AS. Equity contributions in 2024.

***Effect of the discontinued defined-benefit pension scheme for a previous employee in Eidesvik Offshore

ASA. As of 31 December 2024, there are no employees in the Group on the defined benefit scheme.

3030

NOTES TO THE CONSOLIDATED ACCOUNTS

Note 1

Eidesvik Offshore ASA (the Company) and its subsidiaries (collectively the Group) offer services within the

maritime sector. The Group operates in several segments where the main segments are platform supply vessel

services, subsea and offshore renewables. The Group’s vessels are located across large parts of the world.

Eidesvik Offshore ASA is a public limited company registered in Norway and headquartered at Langevåg in

Bømlo municipality. Eidesvik Offshore ASA is listed at the Oslo Stock Exchange and is subject to the provisions

of the Public Limited Liability Companies Act with regards to limitations in shareholders’ liability to the

Company’s creditors. The annual accounts were submitted by the Board on 22 April 2026, and approved for

publication. The General Meeting approves the final annual accounts and is authorised to require changes to

the accounts before it is approved. All amounts are presented in Norwegian kroner (NOK) and are rounded to

the nearest thousand unless otherwise specified.

Information on the ultimate parent company is presented in Note 21.

Overview of Group relations:

Company Reg. office Owner shareEidesvik Offshore Holding AS Bømlo 100% Eidesvik Shipping Investments AS Bømlo 100% Eidesvik Shipping AS Bømlo 100% Eidesvik AS Bømlo 100% Eidesvik MPSV AS Bømlo 100% Eidesvik Shipping International AS Bømlo 100% Eidesvik Subsea Vessels AS Bømlo 100% Eidesvik Management AS Bømlo 100% Eidesvik Maritime AS Bømlo 100% Eidesvik Neptun II AS Bømlo 100% Eidesvik Supply AS Bømlo 100% Hordaland Maritime Miljøselskap AS Bømlo 91% Norsk Rederihelsetjeneste AS Bømlo 100% Eidesvik Shipping II AS Bømlo 100%

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Eidesvik UK LTD UK 100% Eidesvik Reach AS Bømlo 50.1% Eidesvik Agalas AS Harstad 50.1% Eidesvik Agalas II AS Harstad 50.1% Eidesvik Agalas Reach AS Harstad 33.6%

Joint Ventures:

Eidesvik Seven AS Bømlo 50% Eidesvik Seven Chartering AS Bømlo 50%

Please refer to Note 7 for further information.

Associated companies:

Bleivik Eiendom AS Haugesund 22.6% Eidesvik Ghana Ltd. Ghana 49%

The total book value of these amounts to NOK 2.4 million and is not considered material.

NOTE 2 – ACCOUNTING PRINCIPLES

The material information about accounting principles used in the preparation of the consolidated accounts are

described below. These principles are applied in the same way in all periods presented, unless otherwise stated

in the description.

2.1 Main principles

The consolidated accounts of the Eidesvik Offshore Group (“the Group”) have been prepared in accordance

with recognition, measurement and presentation principles consistent with IFRS® Accounting Standards as

adopted by the EU (“IFRS”).

Cash flow statements are prepared according to the direct method. Received interest is classified under

operating activities, while paid interest and dividend are classified under financing activities.

2.2 Principles of consolidation

The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries.

a) Subs

idiari

Subs

idiaries are entities where the Group has controlling influence on the entity’s financial and operational

strategy, normally through owning more than half the voting capital and where rights held by other parties

mainly are protective rights and do not provide the other parties with control over the subsidiary.

b) J

oint ventures

3232

The Group’s investment in its joint ventures are accounted for under the equity method of accounting. A joint

arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with

another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures

exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control.

The Group does not recognise its share of deficits if this means that the capitalised value of the investment

will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or

provided guarantees for the joint venture’s liabilities.

on-controlling interests

Non-controlling interests’ (minority interests) share of the equity is shown on a separate line in the Group’s

equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including

the share of identifiable added value at the time of acquisition of a subsidiary.

2.3 Segment Information

The Group’s reporting format is divided in business segments as this is reflecting the key areas for the business.

The primary operating segments are divided into Supply vessels (PSV), Subsea/Offshore renewables and

SG&A/other.

As the joint ventures are significant with regard to the core activities, gross figures from underlying companies

are included in segment information with the proportional values according to ownership.

2.4 Conversion of foreign currencies

a) Functional currency and presentation currency

The accounts of the individual entities in the Group are measured in the currency mainly used in the economic

area where the entity operates (functional currency). The consolidated accounts are presented in Norwegian

kroner (NOK), which is both the functional currency and the presentation currency of the parent company.

b) Tr

ansactions and balance sheet items

Transactions in foreign currencies are translated to the functional currency using the transaction exchange

rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items

(assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary

items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency

gains and losses are included in the income statement as “Net currency gain/loss”.

2.5 Vessels, depreciation and other fixed assets

Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and

impairments. Each part of the asset that has a material share of the total cost is depreciated separately and

linearly over the useful life of the asset to the residual value, which is determined based on the scrap value.

Components with the same useful life are depreciated as one component. The depreciation period and method

are evaluated at each balance sheet date to ensure that the method and the period used correspond with the

financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment.

Estimated useful life:

Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A

At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary

classification/periodic maintenance is separated. This amount is depreciated over the period until the next

docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the

3333

next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are

expensed as they incur.

2.6 Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract

conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases

and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-

use assets representing the right to use the underlying assets.

) Right-of

-use ass

ets

The Gr

oup recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying

asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and

impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets

includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or

before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a

straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining

depreciation periods are as follows:

Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the

exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

ii) Lease liabilities

the commencement date of the lease, the Group recognises lease liabilities measured at the present value

of lease payments to be made over the lease term. The lease payments include fixed payments (including in

substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an

index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also

include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments

of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are

incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease

commencement date when the interest rate implicit in the lease is not readily determinable.

The incremental

borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a

similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the

amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments

made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in

the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in

an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase

the underlying asset.

iii)

Short-term

leases

Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.

2.7 Impairment and reversal of previous impairment of fixed assets

Impairment tests are performed on individual cash generating units (vessels) when indications of impairment

or reversal of previous impairments are identified.

3434

Refer to Note 2.22 and 12 for further information.

2.8 Sale of vessels

Gain or loss on the sale of vessels is recorded on a separate line.

2.9 Derivatives and hedging

The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated

with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or

a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is

to secure the Group’s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the

Group’s derivatives at 31 December 2025.

2.10 Accounts receivable

Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For

subsequent measurements, accounts receivable is assessed at amortised cost determined by using the

effective interest method, less provision for expected loss. The Group has chosen to apply the practical

simplification approach to calculate losses on accounts receivable. The group has established a provision

model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the

debtors and the economic environment. The group has historical had minor losses on trade receivables. See

Notes 3 and 13.

2.11 Cash and cash equivalents

Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable

investments with a maximum of three months’ original maturity.

2.12 Share capital

Ordinary shares are classified as share capital.

Expenses directly associated with issuing new shares are recorded as reduction in received consideration in

equity (premium on shares). Other reserves are mainly related to actuarial effects.

2.13 Accounts payable

Payables are measured at fair value at the first recognition.

2.14 Loans

Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent

periods, loans are recognised at amortised cost using the effective interest method. Interest expense is

recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the

redemption value is recognised over the term of the loan.

When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a

continuation of the old loan or as a new loan. (see Note 8).

2.15 Revenue recognition principles

Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and

discounts. Revenue is recognised as follows:

Time charters

The Group’s vessels are being contracted on time charters (TC). This means that the charter is agreed as a

lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The

time charter lapses in periods when the vessel is not operational (is “off hire”).

3535

In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra

crew, sale of provisions and coverage of other operating expenses.

When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the

vessel is returned.

Group as a lessor

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of

an asset are classified as operating leases. Rental revenue arising is accounted for on a straight-line basis

over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature.

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount

of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents

are recognised as revenue in the period in which they are earned.

2.16 Government grants

Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction

(under “payroll expenses”).

2.17 Dividends

Disbursements of dividends to the Company’s shareholders are classified as debt from the date when the

dividend is determined by the general meeting.

2.18 Events after the balance sheet date

New information after the balance sheet date on the Company’s financial position on that date has been

considered in the annual accounts. Subsequent events that do not affect the Company’s financial position on

the balance sheet date, but will affect it in the future, are reported if they are significant.

2.19 Earnings per share accruing to the parent company’s shareholders

The calculation of earnings per share is based on the majority share of net profit, using the number of shares

at the end of the period. Diluted earnings per share is equal to basic earnings per share.

2.20 Taxes

Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred

taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets

are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical

purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled.

Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet.

Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future,

and that the temporary differences can be deducted from this income.

The parent company and some other companies in the Group are subject to ordinary taxation. Several

companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance

with IAS 12.

Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the

gross basis of income, this is classified as an income reduction and presented together with operating income.

Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described

above.

2.21 Changes in accounting policies

The accounting principles applied are consistent with the principles used in previous periods, and no changes

in accounting principles had material effect on the Group’s accounts. The Group is about to start the

consideration of the effect of the implementation of IFRS 18 from 1 January 2027.

3636

2.22 Significant accounting estimates and matters associated with uncertainty in

estimates

The management reviews estimates on an ongoing basis, based on both history and experience, but also from

consultations with experts, trend analyses, and other methods which are considered relevant for each estimate.

Estimates and assessments that could have a significant effect on the accounts are described below.

a) Vessels

- Economic life/useful life

The level of depreciation depends on the estimated economic life of the vessels. The estimate is based on

history and experience related to the vessels which are included in the Group. The Group’s main strategy is to

keep the vessels until they are scrapped. However, there are ongoing evaluations where the main strategy can

be deviated from when financial conditions dictate. The estimate is reviewed each year. A change in the

estimate will affect depreciation in future periods.

- Residual value at the end of economic life

The level of depreciation depends on the estimated residual value on the balance sheet date. Expected residual

value is based on the knowledge of scrap values for vessels. The scrap value is dependent on steel prices.

The estimate of scrap value is subject to annual review.

- Impairment/reversal of previous impairment

On the balance sheet date, the Group has made an assessment of whether there are indications that vessels

may need to be impaired, or previous impairments may need to be reversed.

When indications for impairment exist, the recoverable amount for the vessel is estimated, and the value of the

vessel is written down to the recoverable amount. If indications for reversal of previous impairment exist, the

recoverable amount for the vessel is estimated, and previous impairments are reversed limited to lower of the

recoverable amount for the vessel and the amount equal to the previous impairments for the vessel.

Refer to Note 12 for more details on the principles, estimates and matters associated with uncertainty in the

estimate that have been applied.

b) Subsidiaries with major minority interest

For subsidiaries with major minority interest, Eidesvik shall at all times be chair of the board (with casting vote

in the event of a tie). Unanimous shareholder decisions focus on protective rights for the shareholders. Refer

to Note 7 for further information.

c) Climate and Regulatory Risks

In preparing the financial statement, the Group, has considered the impact of regulatory changes, in particular

in the context of climate change risks. The considerations did not impact the Company’s judgement and

estimates in the current year. Climate risk is also considered in estimates that include the use of future

cashflows.

The most important key assumptions and sources of uncertainties identified for future cashflows are in

connection with climate and regulatory risks are:

• Useful life of vessels, there are no known regulatory changes that in the Group’s opinion affects the

useful life of the current fleet.

• Residual value of vessels, there are no known regulatory changes that in the Group’s opinion affects

the residual value of the current fleet.

• Cash flow from operations, to the extent the effect of a regulatory change can be estimated and is

applicable this has been included in the future estimated cash flows

• Short term and long- term investments, the Company has estimated investments needed in the next 5

years to be in compliance with known regulatory changes.

3737

Eidesvik has been a frontrunner in adopting new technologies that reduces emissions. In 2021, Eidesvik and

the technology group Wärtsilä signed a landmark cooperation agreement aimed at converting an offshore supply

vessel to operate with ammonia-fuelled combustion engines. An order for the engine and fuel gas system was

placed in July 2024.

Eidesvik has two vessels under construction. The two newbuild will be able to operate on methanol.

By the end of 2025 85% of the fleet has hybrid fuel solutions and the company achieved 2% year on year

reduction in tons CO2 equivalent reduction per day.

Refer to Note 12 for more information.

NOTE 3 – FINANCIAL RISK MANAGEMENT

Financial risk

The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is

the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group’s

assets, liabilities and future cash flows.

The Group’s overall risk management plan focuses on the unpredictability of the capital markets and seeks to

minimize the potential adverse effects on the Group’s financial performance. Elements included in the

management of financial risk are the contract length on charters, use of currency and interest-bearing

instruments, and debt in the same currency as expected payments of charter income. The main focus for the

management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash

flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations

in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the

revenues reported in the accounts is subordinate to risk management of the cash flows.

The Group does not perform hedge accounting.

The Group’s risk management is handled by management according to guidelines from the Board.

a) Market risk

(i) Currency risk (see also Note 20)

The Group operates internationally and is exposed to fluctuations in exchange rates for several currencies.

Currency risk arises from future transactions, and relates to booked assets and liabilities.

To manage the currency risk from future commercial transactions and booked assets and liabilities, the Group

normally uses currency derivatives. As of year end 2025 the Group had none ongoing currency derivatives.

The Group is particularly exposed to fluctuations in EUR, as it has considerable charter income but low

operating costs in this currency. It seeks to reduce fluctuations with currency forward contracts in the same

currency. On 31 December 2025, the Group’s long-term liabilities were divided between 38% NOK, 6% USD

and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR.

The Group’s exposure to EUR and USD on the balance sheet date is shown in table below. The table below

shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had

been 50 øre higher/lower at 31 December 2025.

+50 øre -50 øre Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2

(ii) Interest rate risk (see also Note 23)

3838

The Group’s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating

interest rates involve a risk for the Group’s cash flow. Fixed rate loans exposes the Group to fair value interest

rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024).

The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the

The effect of a change in interest rates is simulated in order to support decisions on fixed rate contracts. The

simulation illustrates the cash effect of a change in interest rate based on the size of the loan and the level of

current interest rate hedging. An increase of 1 percentage point in the interest rate, all else being equal, would

decrease net profit before tax by approximately NOK 7.3 million (4.8 million for 2024).

(b) Credit risk

The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik’s

customers are mainly solid companies with good solvency. The risk of counterparties not having the financial

capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly.

The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss

provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and

the economic environment.

The following table categorises the Group’s receivables according to the risk of non-recovery of outstanding

amounts:

Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792

Group 1: Established customer relationship, good solvency/willingness

Group 2: New customers, possibly slow recovery

Group 3: Established customer relationship, weaker solvency/willingness

Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives,

on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk

associated with derivatives is considered low.

The Group aims to manage the cash flow from operations by focusing on long-term charters with little price

volatility. Surplus liquidity is mainly placed in ordinary bank deposits.

The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as

well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per

year.

The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note

20 for information on amortisation profiles/refinancing needs for long-term liabilities.

The following table sums up the maturity profile for the Group’s liabilities at 31 December 2025, based on

contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at

31 December 2025.

Maturity statement for capitalised liabilities, 31

December 2025

2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357

3939

Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657

Maturity statement for capitalised liabilities, 31 December 2024:

2025 2026 2027 2028 2029 Later Loans 124 033 124 033 124 033 130 863 96 714 96 714 Accrued interest 1 988 0 0 0 0 0 Derivatives -8 093 0 0 0 0 0 Accounts payable 42 099 0 0 0 0 0 Other current liabilities 169 343 0 0 0 0 0 Subtotal debt items excl. market value derivatives 329 369 124 033 124 033 130 863 96 714 96 714

Estimated interest Interest payments on existing loans 47 695 38 552 29 410 19 070 11 393 4 382 Adjustment incurred 31.12.2023 -1 988 0 0 0 0 0 Subtotal assumed interest 45 707 38 552 29 410 19 070 11 393 4 382

Leases Leases (Note 19) 12 944 12 935 12 750 11 883 11 783 32 801 Total contractual commitments falling due 388 020 175 521 166 194 161 816 119 890 133 897

Risk management of capital

A primary goal for the Group is to secure long-term financing of its assets. In 2023, the Group refinanced its

main part of debt. This facility was further amended in 2024, where the maturity was amended to December

2030 (previous December 2027). Please see Note 18 for further information.

Assessment of fair value

IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by

level, with the following level classification for measuring fair value:

Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions)

The following balance sheet items represent financial instruments at fair value:

Balance sheet item: Level Cash and cash equivalents 1 Amortised cost 2 Derivatives 2

Derivatives are recognised on the basis of valuations from the counterparty (mark to market).

4040

Debts to credit institutions with floating interest rates are recognised at amortised cost and are valued at

approximate fair value. The Group did not have any fixed-rate loans at year end 2025 or 2024.

NOTE 4 – SEGMENT INFORMATION

The Group’s activities are divided into strategic operating segments according to the nature of the vessels’

activities. The various operating segments offer different shipping services, address partially different customer

groups, and have different risk profiles. The Group is divided into the following operating segments:

a. Supply

b. Subsea/Offshore Renewables

c. Other

The Supply segment delivers services to the offshore oil industry.

The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and

various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea

inspection, maintenance, repairs and construction, trenching support services and walk-to work.

Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the

remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and

the segment is therefore eliminated.

Transactions between segments are eliminated. These are mainly administration costs that are charged to each

segment.

Long-term financial items in the Group are not allocated, as the Group’s liabilities are mainly included in fleet

facilities.

Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the

segments is recorded under “Other”.

Segment performance is assessed on the basis of operating profit, and is consistently measured against

operating profit in the consolidated financial accounts.

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Operating segments

(NOK thousands) Supply Subsea / Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment result Operating income (IFRS 15) 263 457 251 353 176 690 166 033 27 219 23 456 467 365 440 842 Bareboat income (IFRS 16) 157 905 167 832 159 855 150 726 0 15 730 317 761 334 288 Operating income from JV * (IFRS 15) 0 0 48 367 43 361 0 0 48 367 43 361 Bareboat income from JV * (IFRS 16) 0 0 25 794 30 814 0 0 25 794 30 814 Total operating income 421 362 419 185 410 706 390 934 27 219 39 186 859 287 849 305 Personnell expenses 181 940 166 754 103 907 98 105 72 039 77 097 357 886 341 956 Other operating expenses ** 84 643 86 909 64 479 57 554 -15 701 -15 452 133 421 129 011 Personnell expenses share from JV* 0 0 34 069 33 681 0 34 069 33 681 Other operating expenses share from JV * 0 0 12 760 8 488 0 0 12 760 8 488 Total operating expenses 266 583 253 663 215 215 197 828 56 338 61 645 538 135 513 136 Depreciation 108 547 103 396 72 625 70 315 7 355 6 990 188 527 180 701 Depreciations share from JV * 0 0 22 299 22 189 0 0 22 299 22 189 Total depreciation 108 547 103 396 94 924 92 504 7 355 6 990 210 826 202 890 Operating result incl. share of the JVs * 46 232 62 126 100 567 100 601 -36 474 -29 449 110 325 133 278 Net finance items and tax in JV * 0 0 -8 250 -9 429 0 0 -8 250 -9 429 Share of profit from associated companies 0 0 0 0 0 454 0 454 Operating result 46 232 62 126 92 316 91 172 -36 474 -28 995 102 075 124 304 Net financial items 7 250 -18 316 Tax costs 2 295 -2 295 Net result for the year 111 620 103 690

No impairments or reversal of impairments in 2025 or 2024

*) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group’s

ownership interest. In this note gross values are used in the result, and equity method equity method are used

for shares in joint ventures. No changes in other principles. Refer to Note 7

**) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore

Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction.

4242

(NOK thousands)

Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 212 531 2 408 217 Proportion of assets in JV* 0 0 244 654 272 853 0 0 244 654 272 853 Unallocated assets (cash) 0 0 0 0 0 0 340 499 395 843 Total consolidated assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 553 030 2 804 060 Assets incl. share of JV* 1 012 842 1 101 135 2 240 938 1 410 612 203 404 169 322 3 797 684 3 076 912 Segment current liabilities (excl. mortgage debt) -16 346 -17 235 -18 026 -17 971 -214 487 -187 272 -248 859 -222 479 Proportion of debts from JV* 0 0 -114 582 -139 563 0 0 -114 582 -139 563 Segment mortgage debt and other non-current liabilities -351 836 -420 290 -891 743 -400 472 -55 009 -66 946 -1 298 588 -887 708 Total liabilities incl. share of JV* -368 182 -437 525 -1 024 351 -558 007 -269 496 -254 218 -1 662 029 -1 249 750 Investments in non-current assets 14 349 59 815 894 444 511 312 0 0 908 793 571 127 Gross sales of non-current assets 0 0 0 0 0 0 0 0

*) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group’s

ownership interest.

Information on large customers

The majority of the Group’s income is earned from a small number of large customers. The table below shows

the total operating income from all customers representing more than 10% of the Group’s operating income.

The amounts are distributed by segments.

Supply Subsea / Offshore Renewables Operating segments 2025 2024 2025 2024 Customer 1 116 847 113 389 Customer 2 130 868 130 677 Customer 3 138 542 138 791 Customer 4 177 648 162 493 Customer 5 105 509 91 973 Customer 6 111 398 123 297 Total operating income large customers 419 915 416 467 360 898 344 152

Secondary segments are not reported. The Supply and Subsea/Offshore Renewables business segments are

the only groups reported internally. Although the vessels in the Subsea/Offshore Renewables segment operate

in various parts of the world, this is mainly a consequence of the customer's preferred areas of operation, not

necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is

considered misleading. For the Supply segment, all operations in 2024 and 2025 are in just one geographical

area defined as Europe. Secondary segmentations is therefore omitted.

The performance obligations for time charter income is satisfied over time, hence the group have not any

contract assets or contract liabilities, as of 31 December 2025.

Refer to Note 19 for maturity for future lease income.

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NOTE 5 – OTHER INCOME

(NOK thousands) 2025 2024 Sale of ancillary equipment 0 406 Reversal of previous write-downs related to receivables 0 15 324 from JVs Other income 0 15 730

In 2024 NOK 15. 3 million is related to the reversal of previous impairments on repayments received for the

claim against Oceanic Seismic Vessels AS.

NOTE 6 – OTHER OPERATING EXPENSES

(NOK thousands) 2025 2024 Technical operation of vessels 93 872 91 505 Insurance 12 855 12 180 Communication costs 8 557 7 803 Administrative costs 18 342 17 524 Other operating expenses 133 626 129 011

Technical operation of vessels includes ongoing operating costs and maintenance of the Group’s vessels;

classification costs are capitalised and depreciated until the next classification and so do not appear as a

separate operating cost.

Administration costs consist mainly of travel, consultancy, legal, audit, office costs and other short term leases

not included in IFRS 16.

Auditor:

(NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115

The auditor’s fees are presented excluding VAT.

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NOTE

7 – INVESTMENTS IN JOINT VENTURES AND SUBSIDIARIES WITH

SUBSTANTIAL MINORITY INTERESTS

(NOK thousands)

The Eidesvik Offshore ASA Group has the following investments in joint ventures:

Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2024 2025 31.12.2025 Norway Shipping 50,0 % Eidesvik Seven AS company 119 545 -6 559 112 985 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 13 744 3 345 17 087 Total 133 289 -3 218 130 072

Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2023 2024 31.12.2024 Norway Shipping 50,0 % Eidesvik Seven AS company 121 709 -2 162 119 545 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 11 196 2 547 13 744 Total 132 905 385 133 289

Eidesvik Seven AS and Eidesvik Seven Chartering AS are classified as joint ventures, as Subsea 7 Norge AS

and Eidesvik each own 50% of the shares in the company. Eidesvik Shipping AS is indirectly guarantor for 50%

of the debt in Eidesvik Seven AS.

Summary of financial information for the joint ventures:

2025:

Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 431 858 429 981 1 877 137 225 973 205 884 0 205 877 Eidesvik Seven 57 152 0 57 152 23 508 33 865 23 287 0 23 287 Chartering AS

Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the year share items Eidesvik Seven AS 51 588 49 682 44 598 90 18 292 -18 202 0 -13 118-6 559 Eidesvik Seven 148 681 4 067 0 973 91 882 0 6 833 Chartering AS 3 345 -3 218

4545

2024:

Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 478 285 467 637 10 648 113 239 092 239 194 0 239 194 Eidesvik Seven 67 271 0 67 271 42 398 27 338 39 933 0 39 933 Chartering AS

Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the year share items Eidesvik Seven AS 61 628 59 793 44 378 52 19 792 -19 740 0 -4 325 -2 162 Eidesvik Seven 148 681 4 067 0 973 91 882 0 4 950 Chartering AS 2 547 385

No other comprehensive income in 2025 or 2024 for the JVs.

Subsidiaries with substantial minority interests

The Group has, per 31 December 2025, four subsidiaries where there are substantial minority interests. Of

companies with minority interests, only the companies below are considered material.

2025:

Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS Norway 49.90 % 24 877 Eidesvik Agalas AS Norway 49.90 % 10 920 Eidesvik Agalas II AS* Norway 49.90 % -442 Eidesvik Agalas Reach AS* Norway 66.43% 9 852 45 207

2024:

Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS Norway 49,90 % 14 406 Eidesvik Agalas AS ** Norway 49,90 % 6 576 20 983

*Eidesvik established an entity, Eidesvik Agalas II AS, in Q1 2025 together with Agalas Energy Holding III AS

where Eidesvik has the controlling interest. Eidesvik shall at all times be chair of the board (with casting vote

in the event of a tie). Unanimous shareholder decisions focues on protective rights for the shareholders. This

entity has aqquired 67% of the entity Eidesvik Agalas Reach AS. Eidesvik Agalas Reach AS has entered into

an agreement to build a new Constrution Support Vessel (CSV) with estimated delivery first half of 2027. Upon

completion the vessel is scheduled to commence on a 5-year time charter with Reach Subsea. Eidsvik will have

full management of the vessel. The minority share include IFRS adjustments according to IAS 23 with a positive

effect of NOK 16.8 million in 2025.

**Eidesvik established an entity, Eidesvik Agalas AS, in Q1 2024 together with Agalas Energy II Holding AS

where Eidesvik has the controlling interest. Eidesvik shall at all times be chair of the board (with casting vote

in the event of a tie). Unanimous shareholder decisions focues on protective rights for the shareholders. This

entity has entered into an agreement to build a new Constrution Support Vessel (CSV) with estimated delivery

second half of 2026. Upon completion the vessel is scheduled to commence on a 5-year time charter with Reach

Subsea. Eidsvik will have full management of the vessel.

4646

The minority share include IFRS adjustments according to IAS 23 with a positive effect of NOK 15.7 million in

2024 and NOK 21.9 million in 2025.

Summary of financial information for subsidiaries with substantial minority interests:

2025:

Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Agalas AS 734 901 728 555 6 345 5 204 250 657 484 244 472 717 11 527 Eidesvik Reach AS 407 069 328 783 78 286 52 174 303 282 103 787 90 179 13 607 Eidesvik Agalas II AS 220 186 220 158 28 8 219 538 648 0 648 Eidesvik Agalas Reach AS 564 793 556 333 8 460 7 772 326 964 237 829 224 242 13 587

Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Agalas AS 0 -486 0 459 25 434 0 -51 Eidesvik Reach AS 136 354 76 200 31 131 13 721 9 396 4 325 0 49 394 Eidesvik Agalas II AS 0 -626 0 0 260 -260 0 -887 Eidesvik Agalas Reach AS 0 -501 0 175 1 690 -1 515 0 -2 016

2024 Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Agalas AS 404 091 398 489 5 602 5 300 250 708 153 383 146 192 7 191 Eidesvik Reach AS 407 995 359 941 48 054 14 080 253 888 154 107 133 042 21 065

Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Agalas AS 0 -308 0 14 2 230 -2 216 0 -2 524 Eidesvik Reach AS 134 044 80 623 27 959 2 061 25 855 -23 793 0 28 871

4747

NOTE 8 – NET FINANCIAL ITEMS

(NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316

Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs

on newbuild (IAS 23).

The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on

the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used

01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs.

Currency gain in 2025 is mainly related to unrealised currency gain on loans.

4848

NOTE 9 – TAX

(NOK thousands) 2025 2024 Tax cost Norway and abroad -2 295 2 295 Tax costs -2 295 2 295 Fixed asset reserve 68 817 69 920 Profit and loss account -7 702 -9 653 Loss carried forward -616 120 -605 836 Interest deduction carried forward 0 -2 326 Total temporary differences* -556 626 -547 895 Recognised deferred tax assets 0 -2 295 Applied tax rate 22 % 22 % Deferred tax 0 -2 295 Applied tax rate 22 % 22 % Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad 0 0 Total tax payable 0 0 Explanation of taxes in the income statement: Profit/loss before taxes 109 325 105 985 Calculated 22%/22% tax 24 051 23 317 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -26 347 -21 022 Calculated tax for the year -2 295 2 295 The Group’s effective tax rate -2 % 2 %

* Temporary differences are estimated based on preliminary tax assessments. Preliminary tax assessments

ndicate that basis for deferred tax is 0. As a result, previously recognised deferred tax is reversed in the

period.

The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating

expenses

NOTE 10 – EARNINGS PER SHARE

(NOK thousands) 2025 2024 Profit/loss for the year attributable to the majority 66 413 82 743 shareholders Number of issued ordinary shares (thousands) 72 983 72 983 Number of issued ordinary shares (thousands) 72 983 72 983 Earnings per share 0.91 1.13 Diluted earnings per share 0.91 1.13

Dividend of NOK 21.9 (18.3) million was paid in 2025. The board of directors of Eidesvik Offshore ASA resolved

22 April 2026 to distribute a dividend in the amount of NOK 0.20 per share (total NOK 14.6 million). The

resolution has been made by use of the authorisation granted by the Company's annual general meeting on 20

May 2025.

NOTE 11 – PAYROLL EXPENSES AND NUMBER OF EMPLOYEES

(NOK thousands) 2025 2024 Payroll after net pay refund 220 686 214 938 Social security costs 57 943 56 266 Contribution pension 15 776 13 718 Hired personnel 25 636 24 422 Other personnel costs 37 641 32 612 Total personnel costs 357 681 341 956

Sal

aries and payroll tax are shown after deduction for the reimbursement scheme for seafarers.

The average number of full-time equivalents was: 464 432 Number of employees at end of year: 458 437

In 2025, NOK 45.510 thousand (NOK 43.320 thousand in 2024) was received in connection with the

reimbursement scheme for Norwegian seafarers.

In 2025, NOK 3.115 thousand (NOK 2.583 thousand in 2024) was received from Stiftelsen Norsk Maritim

Kompetanse. All received refunds are presented as a reduction of payroll expenses.

The Company is required to have an occupational pension scheme under the Mandatory Occupational

Pensions Act.

The Company’s pension schemes satisfy the requirements of this Act.

NOTE 12 – TANGIBLE FIXED ASSETS

2025:

Total other Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 22 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 177 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 646

202

Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2024 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Addition 0 0 1 589 1 589 65 037 106 667 171 704 412 044 585 336 31 December 2024 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Accumulated depreciation and impairments 1 January 2024 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 118 645 Depreciation in the year 180 0 193 373 51 202 169 847 0 170 220 31 December 2024 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Book value 17 249 100 2 121 19 470 1 554 355 122 636 1 676 989 412 044 2 108 504

5050

(*) Right-of-use asset NOK 60.3 million and depreciation NOK 10.6 million is not included in the table above.

Refer to Note 19, IFRS 16 Lease.

Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not

depreciated.

Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by

Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025)

will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach

Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the

second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when

delivered. Please refer to Note 8 for information regarding capitalised borrowing cost.

Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment

or reversal of previous impairments are identified. Due to observed indicators, such as change in market interest

rates or P/B below 1, the vessels’ book values have been tested for impairment and reversal of previous

impairments at all quarter ends during 2025. Based on these tests, Eidesvik has not recognized need for

impairment or reversal of previous impairment.

The Group monitors the presence of impairment indicators during the periodical financial reporting and thus

may update its assessments of impairments to reflect further changes in the underlying market assumptions.

Broker estimates are not used as an approximate sales value on the balance sheet date as there are few

observed sales for some of the vessels the Group owns. For the assessment of value in use, expected future

cash flows are used, discounted to net present value using a discount rate before taxes reflecting the market-

based time value of money, as well as risk specific to the asset. The value in use is calculated using three

scenarios, base, high and low case, weighted 60%, 20% and 20%, respectively.

The discount rate is derived from a weighted average cost of capital (WACC) for market players. The WACC

used in the calculations per 31 December 2025, is 9.5% (10.3%). This takes into account that the Group’s

business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before

and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital

structure in comparable companies with similar assets in a normal situation. Equity cost is based on the

expected required rate of return for the Group’s investors. Debt costs are based on the risk-free interest rate,

plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are

evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available

market data for identified comparable companies.

Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years.

The cash flows used in the impairment tests for 2025 are based on and reconciled against the financial forecasts

which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-

term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses,

periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on

uncontracted revenue are increased/decreased by 20%.

Sensitivi

There is significant uncertainty associated with the assumptions for the value in use calculations. The

calculation is based on firm contracts and market prospects which are considered to be good in both segments

in the short and medium term.

The expected future earnings used in the calculations are implicitly adjusted for utilisation rate adapted to this

general market view. Therefore, sensitivity calculations have also been performed for the value in use

calculations and the amounts post any reversals of previous impairments, in order to highlight the uncertainty

in the calculations. Reasonable possible changes may be increased discounting rate and/or decreased revenue

(by changes in utilisation and/or charter rate), and these key assumptions are analysed both separately and in

conjunction with each other. Base case is basis for the sensitivity analysis.

If the utilisation rate for the consolidated fleet is assumed to be reduced by 5 percentage points on uncontracted

revenue, this would not indicate impairments. If the WACC assumed had increased to 10.5%, the impairment

charge would not be affected. By combining these two changes, this would indicate impairments of total NOK

22 million related to two PSV’s.

Climate-related matters

The Group constantly monitors the latest regulatory changes in relation to climate-related matters.

5151

Eidesvik has already invested in hybrid battery solutions for the majority of its fleet. Eidesvik has a long history

of investigating new fuels and technologies, in collaboration with our clients and suppliers. Our continuous work

to develop feasible approaches for largescale climate emission reductions in our fleet commenced at full speed

in 2025 with the public launch of the EU funded project Apollo and the world’s first order of an ammonia

combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation,

together with Wärtsilä, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel

Equinor contributes with financing of the conversion.

In 2025 Eidesvik announced the construction of an additional state-of-the-art Construction Support Vessel

(CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid

system the vessel will be among the world’s most environmentally friendly vessels within its operating

segments. The vessel will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik,

and 33% by Reach Subsea.

Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent

relevant and are therefore included in assessment of impairment and reversal of impairment. The investments

done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term

contracts for the vessels, in periods where there has been excess capacity in the market. Customer will

according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission

will have a limited impact on the groups opex short term.

For the Group’s long term sustainability goals of close to 40% reduction in CO2 in 2030, and close to climate

neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield

appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from

public funding continue to be critical. In the current market, with the existing fleet in the industry, current new

build plans and commercial maturity of new emission technology there is no impact on residual values or useful

life of the Group’s existing vessels. All the Group’s vessels comply with current environmental requirements.

Reference is also made to Note 2.22 c).

NOTE 13 – ACCOUNTS RECEIVABLE

(NOK thousands) 31.12.2025 31.12.2024 Accounts receivable 163 880 151 455 Accounts receivable related parties/joint ventures 26 291 20 338 Total accounts receivable 190 171 171 792 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 14 912 12 157 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 14 912 12 157

Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows:

(NOK thousands) 31.12.2025 31.12.2024 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group’s accounts receivable per currency: EUR 38 180 33 949 USD 0 -9 946 NOK 151 992 147 789 Total accounts receivable 190 171 171 792

5252

Net change in provisions for impairment of accounts receivable:

31.12.2025 31.12.2024 At 1st of January 0 0 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 0 At 31 December 0 0

NOTE 14 – OTHER CURRENT ASSETS

(NOK thousands) 31.12.2025 31.12.2024 Inventories (bunkers, lube oil, slop chest) 6 046 4 078 Other shares 91 34 VAT receivable 3 835 6 981 Insurance settlement receivable 23 269 Net payroll 15 155 14 742 Prepaid expenses 17 082 17 446 Accrued unbilled income 1 795 2 333 Other receivable 43 050 0 Total other current assets 87 077 45 883

Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.

NOTE 15 - CASH AND CASH EQUIVALENTS

Of total cash and cash equivalents at 31 December 2025, of NOK 340.5 million (NOK 395.8 million at 31

December 2024), were NOK 11.0 million (NOK 11.0 million) restricted tax funds and NOK 47.7 million (NOK

60.4 million) funding restricted for use towards Eidesvik’s joint development projects with multiple partners for

the development of green ammonia as a fuel source.

NOTE 16 - SHARE CAPITAL AND PREMIUM

Changes in paid share capital:

(NOK thousands) Number of shares Share capital 2025 2024 2025 2024 Ordinary shares Opening balance 72 983 72 983 3 649 3 649 Share issue 0 0 0 0 At 31 December 72 983 72 983 3 649 3 649

Nominal value per share in Eidesvik Offshore ASA is NOK 0.05 (5 øre).

5353

The 20 largest shareholders in Eidesvik Offshore ASA as at December 31, 2025:

Number Ownership Shareholder Country of shares share EIDESVIK INVEST AS NORWAY 43 684 833 59,86 % JAKOB HATTELAND HOLDING AS NORWAY 3 559 341 4,88 % CAIANO INVEST AS NORWAY 3 152 881 4,32 % HELGØ FORVALTNING NORWAY 2 121 076 2,91 % M EIDESVIK OG SØNNER AS NORWAY 1 824 686 2,50 % VINGTOR INVEST AS NORWAY 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % DUNVOLD INVEST AS NORWAY 1 170 457 1,60 % HELGØ INVEST AS NORWAY 612 500 0,84 % DNB CARNEGIE INVESTMENT BANK AB SWEDEN 565 629 0,78 % ØSTLANDSKE PENSJONISTBOLIGER AS NORWAY 545 697 0,75 % COLORADO EIENDOM AS NORWAY 375 000 0,51 % CALIFORNIA INVEST AS NORWAY 360 000 0,49 % LØVLID, ARNE NORWAY 282 742 0,39 % CHREM CAPITAL AS NORWAY 250 562 0,34 % LGJ INVEST AS NORWAY 250 000 0,34 % HANNESTAD, KARL CHRISTIAN NORWAY 230 950 0,32 % O H MELING & CO AS NORWAY 223 510 0,31 % LØNNING JR AS NORWAY 216 598 0,30 % Others 9 320 751 12,77 % Total 72 983 333 100,00 %

The Company had 2,011 shareholders as of 31 December 2025, and a foreign owner share of 1.77%. See also

Note 21.

NOTE 17 - OTHER LIABILITIES

(NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343

Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers

and docking/average adjustment.

Prepaid funding for ammonia projects is related to received EU funding. The funds are booked as current

liabilities, and these liabilities are reduced towards project costs as they incur.

5454

NOTE 18 - LONG-TERM LIABILITIES

Book value (NOK thousands) 31.12.2025 31.12.2024 Mortgage (NOK) 483 572 580 286 Mortgage (USD) 78 822 116 106 Construction loan (EUR) 697 116 146 192 Other loan 0 1 242 Capitalised establishment costs -15 930 -21 822Total interest-bearing long-term liabilities 1 243 579 822 004 Total long-term liabilities 1 243 579 822 004 Short-term portion of long-term liabilities -120 967 -124 033 Total long-term liabilities excl. first year’s repayment 1 122 612 697 971 Short-term loans First year’s repayment of long-term liabilities 120 967 124 033 Accrued interest 3 673 1 988 Total 124 640 126 021 Book value of liabilities in currency NOK 469 457 559 706 USD 77 007 116 106 EUR 697 116 146 192 Total 1 243 579 822 004

Amortisation profile on long-term liabilities at 31 December 2025:

2026 120 967 2027 120 967 2028 127 030 2029 96 714 Later 96 715 Total repayments 562 393

The construction loans drawn in December 2024 and October 2025 is not included in the table above. These

loans will be replaced by a mortgage loan at the time of delivery of the vessels.

Amortisation profile on long-term liabilities at 31 December 2024:

2025 124 033 2026 124 033 2027 124 033 2028 130 863 Later 193 429 Total repayments 696 392

Of total liabilities, NOK 562.4 million are secured against mortgages in vessels recorded at NOK 1,522.3 million.

For an assessment of the fair value of long-term liabilities, see Note 3.

5555

Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2025 126 021 9 049 697 971 63 409 896 450 Net repayment of debt/new debt -121 038 -9 233 549 960 0 419 689 New debt 0 0 0 Interest paid -49 355 -1 988 0 0 0 -51 343 Cash flow from financing -49 355 -123 026 -9 233 549 960 0 368 346 Exchange rate effects 0 0 -10 918 0 -10 918 Capitalisation costs 0 0 5 892 0 5 892 Interest accrued but not paid 3 673 0 0 0 3 673 Other changes 117 972 9 503 -120 293 -8 400 -1 218 At 31 December 2025 124 640 9 319 1 122 612 55 009 1 311 580

Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 146 192 0 15 886 New debt 0 0 0 Interest paid -62 363 -2 265 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 146 192 0 -48 743 Exchange rate effects 0 0 12 078 0 12 078 Capitalisation costs 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 1 988 Other changes 124 033 10 162 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 697 971 63 409 896 450

The facility with Sparebanken Norge was amended in Q4 2024. The maturity of the loan is amended to December

2030 (previous December 2027). This facility is the NOK 483.6 million (580.3 million) amount in the first table

in this note.

The most important financial covenants related to this financing per 31 December 2025, were:

• Minimum free liquidity the higher of NOK 50 million and 10% total interest-bearing debt (borrower

group).

• Positive working capital (current assets less current liabilities, including 6 months of instalments and

excluding other current portion of long term debt)(borrower group).

• Value adjusted equity ratio of minimum 40% (borrower group).

The borrower group is required to comply with these covenants at all times.

Eidesvik Reach AS

Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long-

term USD loan in connection with the acquisition of the vessel in 2023. This loan and the entity are isolated

from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March

2028, and has an amortization profile of six years. The loan is the mortgage (USD) loan in the first table in this

note and corresponds to NOK 78.8 million per 31 December 2024 (116.1 million).

The most important financial covenants related to the financing of Viking Reach per 31 December 2025, were:

• Minimum free liquidity of NOK 10 million (in the company).

5656

• Positive working capital (current assets less current liabilities, excluding instalments and current

portion of long term debt)(in the company).

• Minimum book equity of NOK 160 million (in the company).

• Equity ratio of 35% (in the company).

Eidesvik Reach AS is required to comply with these covenants at all times.

No companies in the Group were in breach of any covenants at 31 December 2025, or during 2025.

NOTE 19 - LEASES

(NOK thousands)

Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2025 79 625 1 269 26 634 107 528 Addition of right-of-use assets 1 104 0 0 1 104 Acquisition cost 31 December 2025 80 729 1 269 26 634 108 632 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2025 31 478 818 5 465 37 760 Depreciation 2025 6 612 151 3843 10 607 Accumulated depreciation and impairment 31 December 2025 38 090 969 9308 48 367 Carrying amount of right-of-use assets 31 December 2024 42 639 301 17 341 60 286 Lower of remaining lease term or economic life 1-7 years 14-22 months4.5 years

Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2024 76 261 926 26 634 103 821 Addition of right-of-use assets 3 364 343 0 3 707 Acquisition cost 31 December 2024 79 625 1 269 26 634 107 528 Accumulated depreciation and impairment Accumulated depreciation 1st January 2024 25 002 677 1 601 27 279 Depreciation 2024 6 476 141 3 864 10 481 Accumulated depreciation and impairment 31 December 2024 31 478 818 5 465 37 760 Carrying amount of right-of-use assets 31 December 2024 48 148 452 21 184 69 790Lower of remaining lease term or economic life 2-8 years 26-34 months5.5 years

Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 561 141 4 433 13 135 1 year 8 454 55 4 433 12 942 2 year 7 767 0 4 292 12 059 3 year 7 767 0 4 192 11 959 4 year 7 767 0 2 182 9 949 5 year 7 767 0 0 7 767 6 year 7 767 0 0 7 767 7 year 7 767 0 0 7 767 Total undiscounted lease liabilities at 31 December 2024 63 614 196 19 532 83 342

5757

Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2025 52 779 326 19 340 72 458 New lease liabilities recognised in the year 1 104 0 0 1 104 Payments -8 561 -141 14 494 -13 196 Interest expense on lease liabilities 2 435 6 1 509 3 949 Total lease liabilities at 31 December 2025 47 756 191 16 354 64 328 Current lease liabilities 6 561 133 2624 9 319 Non-current lease liabilities 41 219 58 13 731 55 009 Total cash flow for leases 13 196

For information related to cost of short term leases not included in IFRS 16, see note 6.

The Group as lessor

The Group’s main activity is leasing of offshore tonnage. See overview as of 22 April 2026 below.

Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2027 February, 2031 Viking Avant Time charter Equinor May, 2026 December, 2026 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP April, 2026 Viking Princess Time charter DNO, Wellesley December 2026 Viking Wind Power Time charter Siemens Gamesa January, 2027 June, 2027 Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March, 2032 Viking Vigor (NB #71) Time charter Reach Subsea 5 years after delivery 2 years after firm period NB #76 Time charter Reach Subsea 5 years after delivery 2 years after firm period

Contract expiry, Vesssel in joint venture Contract type Customer fixed Contract expiry, charterer's option Seven Viking Time charter Subsea 7 December, 2027 December, 2028

Future lease terms as at 22 April 2026, for consolidated vessels on firm contracts have the following maturity

(100% utillization):

Next 1 year 647 000 1 to 5 years 1 984 000 After 5 years 347 000 Future minimum lease 2 978 000

The Group has operating lease contract on its vessels representing income. All of the vessels is subject to

operating leases. The leases have terms of between 4 and 64 months. As payments from the lessee to the

Group is determined based on the fixed day rate agreed in the contract, no portion of the payments varies other

than the passage of time. All of the vessels is subject to operating leasing.

5858

NOTE 20 – FINANCIAL INSTRUMENTS

(NOK thousands)

Capitalised financial assets and liabilities

Capitalised value equals fair value, except for loans. For details of fair value loans, see the section on “Interest”

below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which

are recorded at fair value.

(NOK thousands) Category 31.12.2024 31.12.2024 Assets Market-based shares for trading FVTPL 9 9 Interest derivatives FVTPL 0 8 093 Accounts receivable (Note 14) FVTPL 190 171 171 792 Cash and cash equivalents (Note 16) FVTPL 340 499 395 843 Total 530 679 538 773 Liabilities Loans (Note 18) Amortised cost 1 259 509 842 584 Total 842 584 842 584

Currency

The Group had

no currency derivatives per 31 December 2024 and 2025.

Interest

The Group has the following interest derivatives:

31 December 2025

Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Unhedged 1 259 509 Total liabilities, hedged and unhedged 1 259 509

31 December

2024:

Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 4 076 None Cap NOK 1,00 % 15.07.2025 150 000 4 017 None Unhedged 542 584 Total liabilities, hedged and unhedged 842 584 8 093

At 31 December 2025,

0% (36%) of the Group’s loans were hedged with interest cap.

The Group did not have any fixed-rate loans at 31 December 2025 or 31 December 2024.

See Note 18 for information on long-term loans.

5959

Other information

No financial assets have been reclassified such that the valuation method has been changed from amortised

cost to fair value, or vice versa.

For assessment of fair value (MTM), see Note 3.

NOTE 21 - TRANSACTIONS WITH RELATED PARTIES

(NOK thousands)

The Group has some transactions with related parties, concerning crew hire, management services for vessel

operations, business and accounting services and leasing of offices. All transactions are based on the arm’s

length principle.

2025 2024 Lease of offices from AS Langevåg Senter -9 723 -9 560 Lease of offices to Evik AS 756 727 Lease of apartment from Evik AS 0 -71 Lease of offices to Bømmelfjord AS 801 834 Purchase of office services from Eidesvik Invest AS 0 -71 Lease of offices and other services to Signatur Management AS 720 734 Purchase of office services from Signatur Management AS 384 0 Lease of stockroom and other services from Klubben Eiendom AS -980 -940 Purchase of technical and layup services from Bømlo Skipservice AS -2 396 -15 093 Sale of crew and management services to Eidesvik Seven Chartering AS 100 486 95 324 Sale of management services to Eidesvik Seven AS 6 986 238

The balance sheet includes the following amounts resulting from transactions with related parties:

31.12.2025 31.12.2024 Accounts receivable 26 291 20 338 Accounts payable -223 -173 Total 26 068 20 165

Shares owned/controlled by Board members/senior executives:

2025 2024 Eidesvik Invest AS* 43 684 833 43 684 833 Bjørg Marit Eknes 25 000 25 000 Helga Cotgrove 5 800 5 800 Kenneth Walland 266 N/A Lauritz Eidesvik 200 200

* Eidesvik Invest AS is 55%-controlled by Bømmelfjord AS, where Lauritz Eidesvik indirectly holds 20% of the

shares. The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Kjetil Eidesvik indirectly holds

20% of the shares.

The Eidesvik Offshore ASA Group is a subsidiary of Eidesvik Invest AS, which is a subsidiary of the ultimate

parent company Bømmelfjord AS.

6060

Remuneration to senior executives:

Pension 2025 Base salary Bonus Other costs Total CEO Helga Cotgrove 2 870 879 376 145 4 271 CFO Lars Tufteland Engelsen 1 650 509 106 134 2 398 COO Arve Nilsen 1 826 535 197 138 2 696 Total 2024 6 346 1 923 678 418 9 365

Pension 2024 Base salary Bonus Other costs Total CEO Helga Cotgrove 2 386 751 198 141 3 477 CFO Lars Tufteland Engelsen 1 284 143 49 103 1 580 COO Arve Nilsen 1 741 529 188 136 2 594 Former CEO Gitte Talmo 2 944 445 416 140 3 945 Total 2024 8 355 1 868 852 520 11 596

The Company has published a separate Report on Remuneration to the Board of Directors, CEO and Senior

Executives, available for download from the Company’s website.

In accordance to the company renumeration policy, a bonus scheme is established for CEO and senior

executives. Bonus scheme is based on company targets (75%) and individual targets (25%). Maximum bonus

is 35% of annual salary. The Board of Directors may temporarily deviate from any part of the guidelines if

deemed necessary to protect the long term interest and financial capacity of the Company or safeguard the

viability of the company.

The CEO has a mutual notice period of 6 months and is entitled to 6 months of severance pay on certain terms

per 31 December 2024.

CEO Helga Cotgrove was appointed Interim CEO from 18 September 2024, before she was appointed as

permanent CEO from 28 November 2024. Cotgrove came from the position as CFO in the Company.

Former CEO Gitte Gard Talmo resigned as CEO on 9 September 2024 and received remuneration until 30

November 2024.

CFO Lars Tufteland Engelsen was appointed Interim CFO from 18 September 2024, before he was appointed

as permanent CFO from 9 December 2024.

Remuneration of the Board 2025 2024 Arne Austreid 610 585 Kenneth Walland* 0 0 Kjetil Eidesvik* 163 0 Lauritz Eidesvik 309 269 Bjørg Marit Eknes 349 335 Annicken G. Kildahl* 280 157 Tore Hettervik 42 0 Petter Lønning 93 134 Børre Lindanger* 145 45 Kristine Elisabeth Skeie 137 288 Lars Eidesvik* 117 269 John Egil Stangeland 117 269 Borgny Eidesvik* 0 132 Johnny Olson 0 89 2 361 2 570

The Board Remuneration Annual Change -8.84%

Board remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the

previous year, 2024. 2025 remuneration will be decided on the next Annual General Meeting.

In 2024, the Board was reduced from eight members to six members, both including one employee

representative.

* Kenneth Walland was elected as chair of the board in 2025. Walland replaced Arne Austreid.

6161

* Kjetil Eidesvik replaced Lars Eidesvik in 2024.

* Annicken G. Kildahl was elected as board member in 2023. Kildahl replaced Borgny Eidesvik.

* Børre Lindanger was, respectively, elected as employee representative for the board in 2024, replacing Petter

Lønning. Tore Hettervik replaced Lindanger in 2025.

The employees have one employee representative in the Board, and one deputy employee representative. The

total remuneration for these two representatives are equal to an original Board Member, and the split is

originally 70/30 between the two employee representatives, depending on the number of meetings the deputy

employee representative has attended. The employee representatives rotate on a yearly basis, from July to

July.

Nomination Committee 2025 2024 Per Åge Hauge 50 48 Eivind Eidesvik* 0 0 Lars Eidesvik** 19 0 Kjetil Eidesvik** 14 32 Kristine Klaveness* 33 32 Borgny Eidesvik** 33 19 Lauritz Eidesvik** 0 13 Kolbein Rege 33 32

* At the Annual General Meeting in 2023, Borgny Eidesvik replaced Lauritz Eidesvik in the Nomination

Committee.

* At the Annual General Meeting in 2024, Lars Eidesvik replaced Kjetil Eidesvik in the Nomination Committee.

** This compensation is not included in the table for remuneration of the board.

Remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the previous

year, 2024.

NOTE 22 - LIABILITIES AND UNEXPECTED EVENTS

The Company has no framework agreements or other liabilities per 31 December 2025.

NOTE 23 - EXCHANGE RATES

Average exchange Exchange rate Average exchange Exchange rate rate 2025 31.12.2025 rate 2024 31.12.2024 Euro 11.7177 11.8430 11.6276 11.7950 US dollar 10.3912 10.0791 10.7433 11.3534

Exchange rates from the Norwegian Central Bank’s website.

NOTE 24 – SUBSEQUENT EVENTS AND OTHER INFORMATION

The board of directors of Eidesvik Offshore ASA resolved 22 April 2026 to distribute a dividend in the amount

of NOK 0.20 per share (total NOK 14.6 million). The resolution has been made by use of the authorisation

granted by the Company's annual general meeting on 20 May 2025. The EIOF share will trade ex dividend on

24 April 2026.

No other events have occurred after the balance sheet date with significant impact on the financial statements

for 2025.

Annual accounts – Parent Company

STATEMENT OF PROFIT AND LOSS – PARENT COMPANY

(NOK 1,000)

Note

1.1.-31.12.

2025

1.1.-31.12.

2024

Personnel expenses

1,2

8 459

7 987

Other operating expenses

9 824

9 563

Total operating expenses

18 283

17 550

Operating result

-18 283

-17 550

Interest income from companies in the same group

53 541

54 337

Other interest income

332

740

Other financial income

8 344

12 820

Interest expenses to companies in the same group

-18 033

-12 375

Other financial expenses

-1

-471

Net financial items

44 182

55 051

Result before taxes

25 899

37 502

Tax on result

- 5 694

-8 205

Net result for the year

20 204

29 297

Allocation (coverage) of result for the year

Distribution of dividend

21 895

Transferred to/from other equity

-1 691

29 297

Total allocated (covered)

20 204

29 297

636363

STATEMENT OF FINANCIAL POSITION – PARENT COMPANY

(NOK 1,000)

Note

31.12.2025

31.12.2024

Assets

Tangible fixed assets

Buildings and land

8 921

Operating equipment

156

Total tangible fixed assets

9 077

Financial assets

Investments in subsidiaries

364 852

344 163

Loans to Group companies

697 520

698 889

Other financial assets

128

Total financial assets

1 062 500

1 043 123

Total non-current assets

1 071 577

1 052 199

Current assets

Receivables

Accounts receivable

Other current assets

Total receivables

Bank deposits, cash etc.

6 472

17 598

Total current assets

6 544

17 697

TOTAL ASSETS

1 078 121

1 069 896

646464

STATEMENT OF FINANCIAL POSITION – PARENT COMPANY

(NOK 1,000)

Note

31.12.2025

31.12.2024

EQUITY AND LIABILITIES

Paid-in equity

Share capital

10,11

3 649

Share premium

301 054

Other paid-in equity

549

Total paid-in equity

305 252

Retained earnings

Other equity

513 887

515 578

Total retained earnings

513 887

515 578

Total equity

819 139

820 830

LIABILITIES

Other non-current liabilities

Liabilities to Group companies

257 082

232 166

Total other non-current liabilities

257 082

232 166

Current liabilities

Accounts payable

Public duties payable

345

627

Other current liabilities

1 463

16 242

Total current liabilities

1 900

16 901

Total liabilities

258 982

249 067

TOTAL EQUITY AND LIABILITIES

1 078 121

1 069 896

BØMLO, 22 APRIL 2026

Kenneth Walland

Lauritz Eidesvik

Kjetil Eidesvik

Annicken Kildahl

Chair of the Board

Board member

Bjørg Marit Eknes

Tore Hettervik

Helga Cotgrove

Board member

CEO

656565

STATEMENT OF CASH FLOWS – PARENT COMPANY

(NOK 1,000)

1.1-31.12

Note

2025

2024

Cash flow from operations

Payments to suppliers and employees

1,2,4

-17 903

-18 183

Interest received/paid

8 637

12 074

Net cash flows from operations

-9 266

-6 110

Cash flow from investment activities

Purchase of shares

-557

-297

Net cash flow from investment activities

-557

-297

Cash flow from financing activities

Dividend paid to the Company’s shareholders

-21 895

-18 246

Changes in intercompany balances

20 591

8 195

Net cash flow from financing activities

-10 051

--10 051

Net effect of translation differences regarding currency in

cash and cash equivalents

5 560

Net increase (decrease) in cash and cash equivalents

-11 126

-10 897

Cash and cash equivalents at start of period

17 598

28 495

Cash and cash equivalents at end of period

6 472

17 598

666666

NOTES TO THE ANNUAL ACCOUNTS – PARENT COMPANY

Accounting principles

The financial statements have been prepared in accordance with the Norwegian Accounting Act of 1998 and

generally accepted accounting principles.

Classification and valuation of balance sheet items

Current assets and short-term liabilities include items maturing within one year after the balance sheet date.

Other items are classified as fixed assets/long-term liabilities.

Current assets are valuated at the lower of acquisition cost and fair value. Short-term liabilities are capitalised

at nominal value at the time of establishment.

Non-current assets are valued at acquisition cost but depreciated to fair value if the impairment in value is not

expected to be transient. Long-term liabilities are capitalised at nominal value at the time of establishment.

Accounts receivable

Accounts receivable and other receivables are listed in the balance sheet at fair value after deduction of

provisions for expected loss. Provisions for loss are made on the basis of individual assessments of individual

receivables. An unspecified provision is also made for other accounts receivable in order to cover presumed

loss.

Currency

Monetary items in foreign currency are valued according to the exchange rate at the end of the accounting

year.

Investments in subsidiaries/associated companies

Subsidiaries and associated companies are valued according to the cost method in the company accounts. The

investment is valued at acquisition cost for the shares, unless write-downs have been necessary. Group

contributions to subsidiaries, with taxes deducted, are listed as increased cost for shares. Dividends/group

contributions are recorded in the same year as the provision is made in the subsidiary/associated company.

When a dividend/group contribution substantially exceeds the share of retained profits after the acquisition, the

excess amount is treated as a repayment of invested capital and is deducted from the value of the investment

in the balance sheet.

For loans to subsidiaries, refer to Note 5.

Tangible fixed assets

Tangible fixed assets are capitalised and depreciated over the useful life of the asset. Maintenance of fixed

assets is expensed on an ongoing basis under operating costs, while upgrades or improvements are added to

the cost of the asset and depreciated in step with the asset. The distinction between maintenance and upgrades

is calculated in relation to the condition of the asset when it was acquired.

Tax

The tax costs in the income statement include both tax payable for the period and the change in deferred taxes.

Deferred tax assets are calculated at 22% on the basis of the temporary differences that exist between

accounting and tax values, and losses carried forward for tax purposes at the end of the accounting year.

Temporary differences that increase and decrease taxes and that reverse or may reverse during the same

period are offset and netted off.

Pension cost

The Company’s pension schemes meet the requirements of the Mandatory Occupational Pensions Act.

Cash flow statement

The cash flow statement has been prepared according to the direct method. Cash and cash equivalents include

cash, bank deposits, and other short-term liquid placements which can be converted to known cash amounts

immediately and without significant risk of bankruptcy and which mature in less than three months from the

date of acquisition.

676767

NOTE 1 - PAYROLL COSTS, NUMBER OF EMPLOYEES, REMUNERATION,

LOANS TO EMPLOYEES

he Company had one employee at the end of the year. The Company has established an occupational pension

scheme.

n accordance to the company renumeration policy, a bonus scheme is established for CEO and senior

executives. Bonus scheme is based on company targets (75%) and individual targets (25%). Maximum bonus

is 35% of annual salary. The Board of Directors may temporarily deviate from any part of the guidelines if

deemed necessary to protect the long term interest and financial capacity of the Company or safeguard the

viability of the company.

The CEO has a mutual notice period of 6 months and is entitled to 6 months of severance pay on certain terms

per 31 December 2024.

CEO Helga Cotgrove was appointed Interim CEO from 18 September 2024, before she was appointed as

permanent CEO from 28 November 2024.

Cotgrove came from the position as CFO in the Eidesvik Offshore ASA group.

Payroll costs 2025 2024

Salaries 2 337 3 157

Payroll tax 1 045 1 114

Pension costs 285 211

Board remunera ti on 2 543 2 746

Other remuneration 2 249 759

Total 8 459 7 987

Remuneration to the CEO 2025 2024

Salary 2 870 264

Pension costs 145 0

Other remuneration 1 256 284

Tota l 4 271 548

Remuneration to the former CEO 2025 2024

Salary 0 2 994

Pension costs 0 140

Other remuneration 0 861

Tota l 0 3 995

Remuneration of the Board

2025 2024

Arne Aus trei d

610

585

Kenneth Walland*

Kjetil Eidesvik*

163

Lauritz Eidesvik

309

269

Bjørg Ma ri t Eknes

349

335

Annicken G. Kildahl*

280

157

Tore Hettervik

Petter Lønning

134

Børre Li nda nge r*

145

Kristine Elisabeth Skeie

137

288

Lars Eidesvik*

117

269

John Egil Stangeland

117

269

Borgny Eidesvik*

132

Johnny Olson

2361

2570

The Board Remuneration Annual Change -8,84 %

686868

Board remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the

previous year, 2024. 2025 remuneration will be decided on the next Annual General Meeting.

In 2024, the Board

was reduced from eight members to six members, both including one employee representative.

* Kenneth Walland was elected as chair of the board in 2025. Walland replaced Arne Austreid

* Kjetil Eidesvik replaced Lars Eidesvik in 2024.

* Annicken G. Kildahl was elected as board member in 2023. Kildahl replaced Borgny Eidesvik.

* Børre Lindanger was, respectively, elected as employee representative for the board in 2024, replacing

Petter Lønning. Tore Hettervik replaced Lindanger in 2025.

The employees have one employee representative in the Board, and one deputy employee representative. The

total remuneration for these two representatives are equal to a original Board Member, and the split is originally

70/30 between the two employee representatives, depending on the number of meetings the deputy employee

representative has attended. The employee representatives rotate on a yearly basis, from July to July.

* At the Annual General Meeting in 2023, Borgny Eidesvik replaced Lauritz Eidesvik in the Nomination

Committee.

* At the Annual General Meeting in 2024, Lars Eidesvik replaced Kjetil Eidesvik in the Nomination Committee.

** This compensation is included in the table for remuneration of the board.

Remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the previous

year, 2024.

NOTE 2 - PENSION COSTS AND LIABILITIES

The Company’s pension schemes meet the requirements of the Mandatory Occupational Pensions Act.

The Company’s pension schemes satisfy the requirements of this Act.

Other members of the Nomination Committee 2025 2024

Per Åge Hauge

50 48

Eivind Eidesvik*

0 0

Lars Eidesvik**

19 0

Kjetil Eidesvik**

14 32

Kristine Klaveness*

33 32

Borgny Eidesvik**

33 19

Lauritz Eidesvik**

0 13

Kolbein Rege

33 32

Auditor 2025 2024

Expenses to auditor are distributed as follows:

Statutory audit 890 846

Financial advice 0 0

Tax advice 0 0

Other certification services 133 127

Total expenses to the auditor excl. VAT 1 023 973

696969

NOTE 3 – SUMMARY OF TANGIBLE FIXED ASSETS

NOTE 4 – OTHER OPERATING EXPENSES

Of which, from related parties:

Management and accounting services, NOK 7.4 million (NOK 7.2 million) provided by the subsidiary Eidesvik

AS.

The offices are leased from Langevåg Senter AS, a wholly-owned subsidiary of Eidesvik Invest AS, the

Company’s largest shareholder. The lease on the office runs to 2033, with 6 x 5-year options thereafter. The

gross lease cost is NOK 7.7 million (NOK 7.6 million).

The offices are subleased, 23% to companies related to the principal shareholder, and 69% to the subsidiary

Eidesvik AS. 8% of the premises are used by the lessor itself. The item “Office lease” represents this share.

NOTE 5 – RECEIVABLES AND LIABILITIES TO SUBSIDIARIES

Residential

property

Non-

depreciable

assets

Total

Acquisition cost 1 January 8 921 156 9 077

Additio

n 0 0 0

Disposal 0 0 0

Acquis iti on cos t 31 December 2025 8 921 156 9 077

Accumulated depreciation 1 January 0 0 0

Depreciation in the year 0 0 0

Reduction in depreciation 0 0 0

Accumulated depreciation 31 December 0 0 0

Booked value 31 December 2025 8 921 156 9 077

Depreciation rates 0 % 0

Depreciation method

2025 2024

Management and accounting 7 414 7 226

Inves tor relations costs 744 772

Statutory audit 1 079 1 054

Consultant/legal advice 723 504

Office lease 616 607

Margin reinvoice office lease -1 548 -1 454

Other reinvoices -91 -73

Other expenses 887 926

Total other operating expenses 9 824 9 563

Long-term receivables 2025 2024

Eidesvik Management AS 3 242 3 960

Eidesvik Supply AS 53 003 51 149

Eidesvik MPSV AS 0 634

Eidesvik Shipping Investments AS 354 546 244 695

Eidesvik Offshore Holding AS 288 349 400 070

Provision for loss* -1 620 -1 620

Total long-term receivables (*) 697 520 698 889

* Loss on account receivable pr 31.12.24 is NOK 1,6 millions related to Eidesvik Management AS

Long-term liabilities 2025 2024

Eidesvik AS 95 691 90 943

Eidesvik Shipping AS 88 451 73 435

Eidesvik Shipping II AS 72 940 67 787

Total long-term liabilities 257 082 232 165

The interest on the intercompany balances is calculated quarterly using 3-month NIBOR + 3% margin.

707070

NOTE 6 – LONG-TERM LIABILITIES

Financial risk

The Company has provided guarantees for all ship mortgage debt in the 100% owned subsidiaries. The

guarantees involve substantial risk. The Company has no currency risk. For more details, see the discussion

of financial risk management in Note 3 to the consolidated accounts.

NOTE 7 - INVESTMENTS IN SUBSIDIARIES AND ASSOSIATED COMPANIES

2025:

In 2025 Eidesvik Offshore ASA bought GSE Invest AS shares in Eidesvik Neptun II AS.

2024

Company Share capital

Owner share /

voting share

Number Nominal

Book value

Equity at

31.12.2025

Profit 2025

Eidesvik Offshore Holding AS 300 100 % 3 000 100 343 206 244 889 -9 461

Eidesv

ik Shipping Investments AS 30 100 % 3 000 10 20 222 -21 713 -25 952

Hordaland Maritime Miljøs. AS 4483 91 % 39 933 100 332 118 -86

Eidesvik Neptun II AS 100 92,23 % 1 000 000 0,10 1 091 2 998 27

Total 364 852 226 292 -35 472

Other financial assets

Company Share capital

Owner share /

voting share

Number Nominal

Book value

Equity at

31.12.2025

Profit 2025

Eidesvik Ghana Ltd. 49 % 15

Eidesvik Seven Chartering AS 100 50 % 5 000 10 56

33 865 6 527

Langevåg i vekst AS 726 8 % 57 1 000 57

Total 128 33 865 6 527

Subsidiaries

Company Share capital

Owner share /

voting share

Number Nominal

Book value

Equity at

31.12.2024

Profit 2024

Eidesvik Offshore Holding AS 300 100 % 3 000 100 343 206 254 349 9 264

Eidesvi

k Shipping Investments AS 30 100 % 3 000 10 24 -21 614 -15 739

Hordaland Maritime Miljøs. AS 4483 91 % 39 933 100 332 198 -93

Eidesvik Neptun II AS 100 92,23 % 922 300 0,10 591 2 971 -82

Total 344 153 235 905 -6 650

Other financial assets

Company Share capital

Owner share /

voting share

Number Nominal

Book value

Equity at

31.12.2024

Profit 2024

Eidesvik Ghana Ltd. 49 % 15

Eidesvik Seven Chartering AS 100 50 % 5 000 10 56

27 338 4 950

Total 71

717171

NOTE 8 - TAXES

ax expenses for the year

ax effect of temporary differences and loss carry-forwards which have given rise to deferred tax and deferred

tax assets, broken down by categories of temporary differences:

o deferred tax assets have been posted.

NOTE 9 – BANK DEPOSITS

f the NOK 6.5 millions (NOK 17.6 millions) in bank deposits, restricted tax funds represent NOK 0.3 millions

(NOK 0.5 millions).

NOTE 10 – SHARE CAPITAL AND SHAREHOLDER INFORMATION

he Company’s share capital consists of 72,983,333 shares at NOK 0.05 each.

All shares have equal voting rights.

or the 20 largest shareholders in Eidesvik Offshore ASA as at 31 December 2025, see Note 17 to the

consolidated accounts.

hares owned/controlled by Board members and the CEO:

idesvik Invest AS is 55%-controlled by Bømmelfjord AS, where Lauritz Eidesvik indirectly holds 20% of the

shares. The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Kjetil Eidesvik indirectly holds

20% of the shares.

2025 2024

Recognised tax on ordinary profit: 5 694 8 202

Tax payable 0 0

Change in deferred tax assets 0 0

Tax expense on ordinary profit 5 694 8 202

Taxable income:

Ordinary profi t before ta x 25 899 37 502

Permanent differences 0 0

Changes in temporary differences -15 -208

Group contributions made -25 883 -37 294

Taxable Income 0 0

Tax payable in the balance sheet:

Tax payable on profit for the year 5 694 8 202

Tax payable on group contributions made -5 694 -8 202

Total tax payable in the balance sheet 0 0

2025 2024 Change

Tangible fixed assets -61 -77 -15

Receivables -1 620 -1 620 0

Non-current liabilities in foreign exchange 0 0 0

Pension funds/liabilities 0 0 0

Total -1 681 -1 697 -15

Accumulated loss carry-forward 0 0 0

Basis for calculating deferred tax -1 681 -1 697 -15

Deferred tax assets (22%) -370 -373 -3

Effect of change of tax rate 0 0 0

2025 2024

Ei de s vi k Inve s t AS* 43 684 833 43 684 833

Bjørg Ma rit Ekne s 25 000 25 000

Helga Cotgrove 5 800 5 800

Kenneth Walland 266 N/A

Lauritz Eidesvik 200 200

727272

NOTE 11 - EQUITY

Dividend of NOK 21.9 million was paid in 2025.

The board of directors of Eidesvik Offshore ASA resolved 22 April 2026 to distribute a dividend in the amount

of NOK 0.20 per share (total NOK 14.6 million), based on the authorisation granted by the Company's annual

general meeting on 20 May 2025. The EIOF share will trade ex dividend on 24 April 2026.

Other paid-in Other

Share capital Share premium equity equity Total

Equity 31.12.24 3 649 301 054 549 515 578 820 830

Profit/loss for the year 20 204 20 204

Dividend -21 895 -21 895

Equity 31.12.25 3 649 301 054 549 513 887 819 139

APPENDIX 1 – ALTERNATIVE PERFORMANCE MEASURES DEFINITIONS

The Group’s financial information is prepared in accordance with international financial reporting standards

(IFRS). In addition, the Group discloses alternative performance measures as a supplement to the financial

statement prepared in accordance with IFRS. Such performance measures are used to provide better insight

into the operating performance, financing and future prospects of the Group and are frequently used by

securities analysts, investors and other interested parties.

The definitions of these measures are as follows:

• Contract coverage: Number of future sold days compared with total actual available days (incl.

vessels in layup), excluding options.

• Backlog: Sum of undiscounted revenue related to secured contracts in the future.

• Utilisation: Actual days with revenue divided by total actual available days.

• Equity Ratio: Equity divided by total assets.

• Net interest bearing debt (“NIBD”): Interest bearing debt less cash and cash equivalents. The use

of term “net debt” does not necessarily mean cash included in the calculation is available to settle

debt if included in the term. Reference is made to Note 12.

• EBITDA: Operating result (earnings) before depreciation, impairment, amortization, result from

join ventures and associated companies, net financial costs and taxes is a key financial parameter.

The term is useful for assessing the profitability of operations, as it is based on variable costs and

excludes depreciation, impairment and amortized costs related to investments. EBITDA is also

important in evaluating performance relative to competitors. See table below for matching to the

accounts.

• Adjusted EBITDA: EBITDA adjusted for Gain/loss on sale and Other income.

• EBITDA margin: EBITDA divided on Total operating revenue.

• Working capital: Current assets less short-term liabilities.

• Minimum market value clause: Booked value of an asset shall not be lower than a given ratio

compared to outstanding debt on the same asset.

2025 2024

Total operating income

785 126

775 130

Total operating expenses

-491 306 -470 967

EBITDA

293 819

304 164

Ordinary depreciation 188 527 (180 701)

Result from Joint Ventures and associated companies -3 218 839

EBIT

102 075

124 302

747474

Eidesvik Offshore ASA

Vestvikvegen 1

NO-5443 Bømlo

Norway

+47 53 44 80 00

office@eidesvik.no