Norway · Delayed Price · Currency is NOK Eidesvik Offshore ASA Earnings Call Transcripts
Fiscal Year 2026
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Freight revenues rose 3% year-over-year, but EBITDA and margins declined due to higher costs and vessel renewals. Backlog and utilization remain strong, with positive outlooks for the PSV and subsea markets amid ongoing fleet renewal and contract wins.
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Q1 2026 saw lower revenue and EBITDA due to weak spot market and vessel utilization, but profit before taxes increased year-over-year. Contract backlog declined, yet cash balance and equity ratio improved, with positive market trends expected to continue.
Fiscal Year 2025
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Q4 2025 saw stable EBITDA and margins despite a slight revenue decline, with backlog rising to NOK 3.2 billion. Supply segment utilization dropped, but subsea and renewables achieved 100% utilization and higher margins. Market outlook remains positive amid short-term volatility.
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Freight revenues and EBITDA were stable to slightly down year-over-year, with strong vessel utilization and a growing contract backlog. Market volatility and a delay in a newbuild delivery present challenges, but long-term demand outlook remains positive.
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Q2 2025 saw strong fleet utilization and a NOK 0.30 dividend, with revenue up 7% adjusted year-on-year. Supply and subsea segments performed well, and the PSV market outlook is positive through 2028. Cash flow declined due to newbuild investments.
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Freight revenue and EBITDA reached their highest levels since 2017, with near-100% fleet utilization and a contract backlog of NOK 3.6 billion. Strong market demand and new builds support a positive outlook, though geopolitical and industry uncertainties remain.
Fiscal Year 2024
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Q4 results were impacted by two major vessel dockings, leading to lower revenue and EBITDA, but annual figures showed improved freight revenue and margins. The contract backlog increased to NOK 2.5 billion, and the balance sheet remains strong, supporting a positive outlook for 2025 and beyond.
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Q3 saw record-high adjusted EBITDA and strong revenue growth, with a robust contract backlog and 100% vessel utilization. The balance sheet remains healthy, and long-term contracts shield from market volatility, while investments in new builds and emission-reducing technology support future growth.
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Q2 2024 saw stable operations, a record NOK 2.95 billion backlog, and strong financials with adjusted EBITDA of NOK 70.7 million. Major developments include the Apollo project for ammonia-fueled shipping and a contract extension for Viking Energy through 2030.