Enova has granted Eidesvik Offshore ASA ('Eidesvik') NOK 44.7 million in public
funding to support the potential construction of a platform supply vessel (PSV)
designed to operate on ammonia.

The realisation of the newbuild vessel is contingent on Eidesvik securing a
long-term contract with sufficient returns to ensure the vessel's operational
viability.

Enova's allocations for ammonia vessels are largely based on the vessels'
installed power. Eidesvik has developed a highly energy efficient vessel concept
that reduces the need for installed power and provides significant benefits in
terms of lifecycle costs.

"For over 20 years, Eidesvik has demonstrated its commitment to advancing the
decarbonisation of maritime operations. We are pleased that Enova recognises the
innovative and energy-efficient ammonia vessel concept we have developed", says
Helga Cotgrove, CEO of Eidesvik Offshore ASA.

Ammonia is widely regarded as an important component of the future energy mix.
Eidesvik is also exploring the potential of this fuel through the Apollo
project, which aims to retrofit the PSV Viking Energy with an ammonia combustion
engine in 2026.

Bømlo, 17 December 2024

Contacts:
CEO Helga Cotgrove (+47 907 35 246)