Norway · Delayed Price · Currency is NOK Eidesvik Offshore ASA Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw stable EBITDA and margins despite a slight revenue dip, with strong subsea and renewables performance offsetting weak PSV spot market results. Contract backlog grew, and investments in new builds and emission-reducing technology continued.
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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 margins, but annual figures showed improved freight revenue and EBITDA margin. The company maintains a strong balance sheet, robust backlog, and positive market outlook, with growth expected in 2026 and 2027.
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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.