Viking Supply Ships A/S lays up Odin Viking as part of market adaption plan and notifies impairment of part of the fleet.

Press release
As a direct consequence of the poor market conditions within the conventional
AHTS market, Viking Supply Ships A/S has decided to lay up Odin Viking with
immediate effect. The company will commence negotiations with the employees and
respective unions in order to assess the crewing situation going forward with
the ambition to minimize lay-offs.

Viking Supply Ships A/S has already implemented a cost reduction program,
reducing the yearly operational costs with MNOK 45. As a response to the weak
market, the company will further initiate a new Market Adaption Program (MAP),
with an ambition of additional yearly savings of up to MNOK 70.

As a result of parts of the fleet being laid up, the company will also make
impairment on the PSV fleet, which will have a negative effect on the third
quarter results to be published 12th November.

For further information please contact:

Christian W. Berg, CEO, ph. +45 41 77 83 80, e-mail
christian.berg@vikingsupply.com

Morten G. Aggvin, IR & Treasury Director, ph. +47 41 04 71 25, e-mail
ir@vikingsupply.com

Viking Supply Ships AB (publ) is a Swedish company with headquarter in
Gothenburg, Sweden. Viking Supply Ships A/S is a subsidiary of Viking Supply
Ships AB (publ). In addition Viking Supply Ships AB (publ) has the subsidiary
TransAtlantic AB. The operations are focused on offshore and icebreaking
primarily in Arctic and subarctic areas as well as on RoRo and container feeder
services mainly between the Baltic Sea and the Continent. The company has in
total about 750 employees and the turnover in 2014 was MSEK 3,190. The company’s
B-shares are listed on the NASDAQ Stockholm, Small Cap segment. For further
information, please visit: www.vikingsupply.com

Viking Supply Ships AB is obliged to make this information public according to
the Financial Markets Act and/or the Financial Instruments Trading Act (Sw:
lagen om värdepappersmarknaden and lagen om handel med finansiella instrument).
Viking Supply Ships A/S is obliged to make this information public according to
the agreement with the bond holders in VSS01, listed on Nordic ABM at Oslo Stock
Exchange. The information was submitted for publication on 2nd November 2015
16:00.