Eidesvik Offshore ASA ("Eidesvik" or the "Company") is pleased to announce that
it together with Agalas has entered into an agreement to build a new
Construction Support Vessel (CSV). The newbuild will be equipped to perform
inspection, maintenance and repair (IMR) work.  

The vessel will be owned by an entity to be named Eidesvik Agalas AS, where
Eidesvik will be the majority owner with 50.1%. The remaining shares will be
owned by Northern Norway shipowners Agalas.  

Planned delivery for the vessel is early 2026, with an estimated build cost of
EUR 81.5 million. In addition, Eidesvik Agalas AS has been granted options for 4
additional vessels.

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

Upon completion the vessel is scheduled to commence on a 3 to 5-year time
charter with Reach Subsea. Eidsvik will have full management of the vessel. 

"By renewing our fleet with a low emission, favourably priced and versatile
vessel we confirm our ability to deliver on our strategy. This vessel, along
with the options for 4 additional vessels, will increase our capacity and
competitive edge in the future energy mix", says CEO & President of Eidesvik
Offshore, Gitte Gard Talmo. 

The vessel is set to be built at the Sefine Shipyard in Turkey. Together with
designer NSK Ship Design, Agalas has developed a highly flexible vessel with
state-of-the-art design, comfort and capabilities. She measures 99.9 metres in
overall length with a breadth of 21 metres, and can accommodate 100 people.
Equipped with a 150-metric tonne heave-compensated crane and a spacious deck
area of approximately 900 square meters she is well-suited for conducting IMR
and construction work. 



Bømlo, February 19, 2024 

Contacts: 
CEO Gitte Gard Talmo (+47 91 52 32 45) 
CFO Helga Cotgrove (+ 47 90 73 52 46)




This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to the STA section 5-12. This stock exchange release was published by Helga
Cotgrove, CFO at EIOF, on the time and date provided.