Index: contrib/elftoolchain/elfcopy/binary.c
===================================================================
--- contrib/elftoolchain/elfcopy/binary.c
+++ contrib/elftoolchain/elfcopy/binary.c
@@ -49,6 +49,7 @@
 	Elf *e;
 	Elf_Scn *scn;
 	Elf_Data *d;
+	Elf64_Addr baseaddr;
 	GElf_Shdr sh;
 	off_t base, off;
 	int elferr;
@@ -76,8 +77,10 @@
 		    sh.sh_type == SHT_NOBITS ||
 		    sh.sh_size == 0)
 			continue;
-		if (base == -1 || (off_t) sh.sh_offset < base)
+		if (base == -1 || (off_t) sh.sh_offset < base) {
 			base = sh.sh_offset;
+			baseaddr = sh.sh_addr;
+		}
 	}
 	elferr = elf_errno();
 	if (elferr != 0)
@@ -111,7 +114,7 @@
 			continue;
 
 		/* lseek to section offset relative to `base'. */
-		off = sh.sh_offset - base;
+		off = sh.sh_addr - baseaddr;
 		if (lseek(ofd, off, SEEK_SET) < 0)
 			err(EXIT_FAILURE, "lseek failed");