NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES
OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN

Bømlo, 29th June 2023: Reference is made to Eidesvik Offshore ASA's (OSE: EIOF)
("EIOF" or the "Company") stock exchange announcement dated 2 March 2023 where
the Company announced the completion of a private placement raising gross
proceeds of approximately NOK 130 million (the "Private Placement") and that the
board of directors would consider carrying out a subsequent offering of up to
2,000,000 new shares in the Company (the "Subsequent Offering").

The Company has decided not to proceed with the Subsequent Offering. Since
announcement of completion of the Private Placement, the Company's shares have
traded on Oslo Børs, with sufficient trading volume, at prices close to or below
the subscription price in the Private Placement of NOK 12. Accordingly, any
shareholders wishing to neutralize the dilutive effect of the Private Placement
have had the opportunity to purchase shares in the Company in the market, at
prices close to or below what would have been the subscription price in a
Subsequent Offering. In light of this, the Company has resolved not to proceed
with a Subsequent Offering that would have resulted in additional costs for the
Company.

CONTACT
For further information, please contact:
Helga Cotgrove, Chief Financial Officer 
Phone: +47 90 73 52 46

This information is subject to the disclosure requirements pursuant to the STA
section 5-12. 

IMPORTANT INFORMATION
This document is not an offer to sell or a solicitation of offers to purchase or
subscribe for shares. Copies of this document may not be sent to jurisdictions,
or distributed in or sent from jurisdictions, in which this is barred or
prohibited by law. The information contained herein shall not constitute an
offer to sell or the solicitation of an offer to buy, in any jurisdiction in
which such offer or solicitation would be unlawful prior to registration,
exemption from registration or qualification under the securities laws of any
jurisdiction. 

This communication may not be published, distributed, or transmitted in or into
the United States, Canada, Australia, the Hong Kong Special Administrative
Region of the People's Republic of China, South Africa or Japan and it does not
constitute an offer or invitation to subscribe for or purchase any securities in
such countries or in any other jurisdiction. In particular, the document and the
information contained herein should not be distributed or otherwise transmitted
into the United States of America or to U.S. persons (as defined in the U.S.
Securities Act of 1933, as amended (the "Securities Act")) or to publications
with a general circulation in the United States of America. 

This document is not an offer for sale of securities in the United States. The
securities referred to herein have not been and will not be registered under the
Securities Act, or the laws of any state, and may not be offered or sold in the
United States of America absent registration under or an exemption from
registration under Securities Act. 

EIOF does not intend to register any part of the offering in the United States.
There will be no public offering of the securities in the United States of
America. The information contained herein does not constitute an offer of
securities to the public in the United Kingdom. No prospectus offering
securities to the public will be published in the United Kingdom. This document
is only being distributed to and is only directed at (i) persons who are outside
the United Kingdom or (ii) to investment professionals falling within article
19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order") or (iii) high net worth entities, and other persons to whom
it may lawfully be communicated, falling within article 49(2)(a) to (d) of the
Order (all such persons together being referred to as "relevant persons"). The
securities are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such securities will be engaged in only
with, relevant persons. Any person who is not a relevant person should not act
or rely on this document or any of its contents. In any EEA Member State, this
communication is only addressed to and is only directed at qualified investors
in that Member State within the meaning of the Prospectus Regulation, i.e., only
to investors who can receive the offer without an approved prospectus in such
EEA Member State. The expression "Prospectus Regulation" means Regulation
2017/1129 as amended together with any applicable implementing measures in any
Member State. Investing in securities involves certain risks. This publication
may contain specific forward-looking statements, e.g. statements including terms
like "believe", "assume", "expect", "forecast", "project", "may", "could",
"might", "will" or similar expressions. Such forward -looking statements are
subject to known and unknown risks, uncertainties and other factors which may
result in a substantial divergence between the actual results, financial
situation, development or performance of EIOF and those explicitly or implicitly
presumed in these statements. Against the background of these uncertainties,
readers should not rely on forward-looking statements. EIOF assumes no
responsibility to update forward -looking statements or to adapt them to future
events or developments.