Financial report for the 1st quarter 2021

Tue, May 25, 2021 17:09 CET

Revenues for the first quarter of 2021 was MNOK 1,337 vs MNOK 1,203 in 2020, while EBITDA adjusted for the first quarter was MNOK 432 vs MNOK 284 in 2020.
Full settlement agreed with Saipem on the termination fee for Normand Maximus charter. Total termination fee of MUSD 44,3 booked in 1Q 2021.
The quarter is affected by seasonal low activity.
Increased bidding activity within Oil & Gas and Offshore Wind bodes for improved market balance going forward particularly for the CSV-fleet.
The active fleet has been increased from 73 to 75 vessels during the quarter. All reactivations have been done based on new contracts.
Sold 8 of 37 vessels classified as non-strategic vessels, year to date

Skudeneshavn, May 25^th, 2021

Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.