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, 2 March 2023: Reference is made to Eidesvik Offshore ASA's (OSE: EIOF)
("EIOF" or the "Company") stock exchange announcement dated 2 March 2023,
regarding a contemplated partially underwritten conditional private placement of
 shares in the Company (the "Offer Shares"), raising gross proceeds of
approximately NOK 105 to 130 million (the "Offer Size") (the "Private
Placement"). The net proceeds to the Company from the Private Placement will be
used to fund the Company's share of the equity in the joint venture with Reach
Subsea, which main purpose is to acquire, own and operate the subsea IMR vessel
"Edda Sun" (to be named "Viking Reach") (the "JV Company"), working capital for
the JV and general corporate purposes.

The Company is pleased to announce that the Private Placement has been
successfully placed and will raise gross proceeds of approximately NOK 130
million, through the conditional allocation of 10,833,333 Offer Shares at a
price per Offer Share of NOK 12 (the "Offer Price").  

The following persons discharging managerial responsibilities and their close
associates have been allocated Offer Shares in the Private Placement:

· Eidesvik Invest AS, the Company's largest shareholder and a close associate of
the Company's board members Borgny Eidesvik, Lars Eidesvik and Lauritz Eidesvik,
and board observer Kjetil Eidesvik, was allocated 6,484,833 Offer Shares.

· Vest-Norsk Handelskompani AS, a close associate of the Company's board member
Kristine Elisabeth Skeie, was allocated 166,666 Offer Shares.

Detailed statutory information on the above trades will be disclosed separately
following approval of the Private Placement by the EGM.

Following registration of the share capital increases pertaining to the Private
Placement, the Company will have a share capital of NOK 3,649,166.65  divided
into 72,983,333 shares, each with a nominal value of NOK 0.05.

Provided that the Conditions (defined below) are fulfilled, settlement of the
Offer Shares is expected to take place on a delivery versus payment (DVP) basis
on or about 28 March 2023. DVP settlement of the Offer Shares will be
facilitated by a share lending agreement between the Company, the Manager and
the Majority Shareholder (the "Share Lending Agreement"). 

The completion of the Private Placement is subject to, inter alia, the following
conditions (jointly, the "Conditions")