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Report 4th Quarter 2014 and preliminary accounts for 2014

In 4th Quarter 2014 Eidesvik Offshore ASA had 
consolidated operating income of MNOK 259,4. In 4th 
Quarter 2013 the operating income was MNOK 237,9. 
Operating profit before depreciations (EBITDA) was 
MNOK 132,0, MNOK 135,2 last year, and operating profit 
(EBIT), after an amortizion of MNOK 53 on older 
seismic vesssels,  was MNOK 20,9 (MNOK 81,0). Net 
financial items was MNOK -275,6 (MNOK -46,0), whereof 
unrealized items amounted to MNOK -243,8 (MNOK -9,3). 
Profit after tax was MNOK -255,5 (MNOK 31,8).

The operating income in 2013 was MNOK 993,7 included 
gain on sale of MNOK 50,5. Operating profit before 
depreciation (EBITDA) was in 2014 MNOK 492,2 compared 
to MNOK 551,2 last year, and operating profit was 
MNOK 202,0 compared to MNOK 309,9 in 2013. 

Impairment tests for all the vessels in the group are 
conducted. As a consequence of market deteriotion for 
three, older seismic vessels with a possible need of 
upgrade, it is decided to amortize the book value of 
these vessels with a total of MNOK 52,0. No further 
need for impairment of the group's vessels are 
identified.

Net financial items was in 2014 MNOK -432,4 (MNOK -
162,6). Hereof, unrealized foreign exchange loss 
related to loans and forward exchange contracts in 
USD, was MNOK -331,5 (MNOK -104,6).

Profit after tax for the whole year 2014 amounted to -
233,2 (MNOK 140,9).

For the whole year 2014, the group's consolidated operating income was MNOK 984,7.

In 4th Quarter 2014 Eidesvik Offshore ASA had 
consolidated operating income of MNOK 259,4. In 4th 
Quarter 2013 the operating income was MNOK 237,9. 
Operating profit before depreciations (EBITDA) was 
MNOK 132,0, MNOK 135,2 last year, and operating profit 
(EBIT), after an amortizion of MNOK 53 on older 
seismic vesssels,  was MNOK 20,9 (MNOK 81,0). Net 
financial items was MNOK -275,6 (MNOK -46,0), whereof 
unrealized items amounted to MNOK -243,8 (MNOK -9,3). 
Profit after tax was MNOK -255,5 (MNOK 31,8).

The operating income in 2013 was MNOK 993,7 included 
gain on sale of MNOK 50,5. Operating profit before 
depreciation (EBITDA) was in 2014 MNOK 492,2 compared 
to MNOK 551,2 last year, and operating profit was 
MNOK 202,0 compared to MNOK 309,9 in 2013. 

Impairment tests for all the vessels in the group are 
conducted. As a consequence of market deteriotion for 
three, older seismic vessels with a possible need of 
upgrade, it is decided to amortize the book value of 
these vessels with a total of MNOK 52,0. No further 
need for impairment of the group's vessels are 
identified.

Net financial items was in 2014 MNOK -432,4 (MNOK -
162,6). Hereof, unrealized foreign exchange loss 
related to loans and forward exchange contracts in 
USD, was MNOK -331,5 (MNOK -104,6).

Profit after tax for the whole year 2014 amounted to -
233,2 (MNOK 140,9).

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EIDESVIK OFFSHORE ASA / phone +47 53 44 80 00