Eidesvik Offshore ASA ("Eidesvik" or the "Company") is pleased to announce that
it has formed a joint venture with Reach Subsea ASA ("Reach"). The joint venture
will own and operate the Subsea IMR vessel Edda Sun upon completion of the
planned acquisition of the vessel. Eidesvik will own 50.1% of the new entity.
The joint venture will be financed by equity from both parties and by around
MNOK 150 of bank financing. The bank financing has been credit approved and
final documents are currently being completed. 

The main owner (Eidesvik Invest AS) in EIOF will guarantee for Eidesvik's share
of the equity contribution to the joint venture and a private placement is
contemplated to be completed in due course. Eidesvik has engaged Pareto
Securities AS as financial advisor and Advokatfirmaet Selmer AS as legal
advisor.    
 
The vessel will commence on a 6-year time charter contract with Reach at the
start of Q2. Going forward the vessel will be managed and operated by Eidesvik
under its new name Viking Reach. 
 
Gitte Gard Talmo, CEO & President, comments: 

"The investment forms part of Eidesvik's growth strategy, and we are very
excited by the acquisition of Edda Sun. We look forward to collaborating with
Reach in this exciting new venture".   

Bømlo, February 23, 2023

Contacts:
CEO Gitte Gard Talmo (+47 915 23 245)
CFO Helga Cotgrove (+47 907 35 246)


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.

Important information 
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to forecasts,
projections and estimates, statements of management's plans, objectives and
strategies for the Company, such as planned expansions, investments or other
projects, management, as well as statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements. Although
the Company believes that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ materially
from those projected in a forward-looking statement or affect the extent to
which a particular projection is realized. 

No assurance can be given that such expectations will prove to have been
correct. The Company disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

This stock exchange announcement was published by Lars Tufteland Engelsen, VP
Finance at Eidesvik AS, on the time and date provided.