Good morning, and welcome to Eidesvik Offshore ASA's Q1 presentation. Attending this webcast from our end is our Chief Financial Officer, Helga Cotgrove, and myself. This presentation contains forward-looking statements. We kindly ask you to carefully read the text on this disclaimer slide. It's a pleasure to announce a strong first quarter for Eidesvik. Our revenue reached NOK 183.4 million, an increase of 37% compared to same quarter last year. Our EBITDA ended at NOK 67.7 million, marking a significant increase of over 142%, while adjusted EBITDA had an astonishing increase of 151%. We have not seen such a strong Q1 result in 7 years. This underscores our ability to deliver premium services while capitalizing on thriving markets within all our operating segments.
Our consolidated backlog grew by 44% during the quarter to NOK 2.8 billion, also reaching its highest level in 9 years. Our balance sheet has had an increase in assets and net interest bearing debt, and a decrease in cash on hand and equity ratio this quarter. The reason is the inclusion of our strategic subsea new build. Safe to say that our debt level is very low and manageable. Our key financial metrics all remain sound and healthy, and Helga will get into more details about this shortly. Over to business updates. We have for some time reviewed possibilities for fleet growth and fleet renewal. We are therefore pleased to report that we, during the quarter, entered into an agreement to build a new construction support vessel for delivery in early 2026. The agreement includes call options for an additional four vessels in our favor.
The vessel is owned by an entity named Eidesvik Agalas AS, where Eidesvik are the majority shareholder with 50.1%. The remaining shares will be owned by Northern Norway shipowners, Agalas. Financing of the new build is a combination of equity from both shareholders and around 70% debt financing from SpareBank 1 Nord-Norge and Eksfin. The financing is non-recourse, and Eidesvik share of equity came from cash on hand. Upon delivery, the vessel will commence on a long-term charter to Reach Subsea. We are convinced this state-of-the-art new build, including the 4 options, are well-timed in the strong subsea market we foresee going forward.
I would like to mention that when we ordered the market's first subsea new build, we did so on the backdrop of our sold-out legacy fleet on a business case, which made a lot of sense for us with its firm contract and very attractive marketing terms. We have also had some contract renewals, which equals client confidence in our ability to deliver our services in operation. Aker BP ASA declared an option to extend the contract for the supply vessel, Viking Lady. The contract extension runs from February 2025, in direct continuation of the current contract, extending the firm period to February 2026. Furthermore, we signed a three-year extension on our ship management agreement with our client, DEME, on the CSV Viking Neptune. The agreement includes a two-year options for further extensions.
Lastly, on business updates, we are pleased to announce that the board of directors at the annual general meeting on the thirteenth of May 2024, will propose that the shareholders approve a cash dividend of NOK 0.25 per share. This proposal reflects our confidence in the long-term sustainability of our business and our commitment to creating shareholders returns. Operational updates. Overall, fleet utilization in Q1 2024 was 96%. Our utilization remains among the industry's best quarter after quarter, year after year. Our supply fleet delivered 100% utilization, while our subsea offshore wind fleet delivered 89% utilization during the quarter. Utilization for the subsea offshore wind fleet was impacted by the 25th-year annual classing for our vessel, Subsea Viking, among other dockings.
We continue to deliver an operation, and I would like to extend my gratitude to the competent colleagues on and offshore for their continued efforts and dedication. Our backlog has also reached its highest level in nine years, with an impressive growth of 44% during the quarter. Our consolidated contract backlog is now at NOK 2.8 billion. As mentioned, we booked this new backlog on the backdrop of a fully booked legacy fleet. A legacy fleet, which represent a profitable backlog with recurring cash flows, well-balanced terms and conditions, concluded with Tier 1 clients in all operating segments. The security of this backlog plays a major role in our ability to secure attractive financing terms and our ability to consider new growth opportunities. Aligned with our strategy, we continue to focus on our three strategic operating segments: supply, subsea, and offshore wind.
This is reflected in our backlog, where 62% of the backlog is related to the oil and gas market, and 38% of our backlog is related to offshore wind. These 38% represent a solid footprint for Eidesvik in the energy transition markets, and our operating experience and competence from the traditional oil and gas markets are fully compatible with operations in the offshore wind markets. We are today serving Tier 1 clients in both the operation and maintenance phase and the installation phase of an offshore wind farm's life cycle. Total contracted backlog, including joint ventures, is close to NOK 3 billion. The group divides its contract backlog into two segments. Supply is reported standalone, and subsea offshore wind are reported as one segment. Market updates. Oil service sector maintains momentum with a continued high oil price and a solid demand outlook.
There is a noticeable increase in the overall activity in both oil service and in offshore wind. E&P and renewable offshore spending is forecasted to increase in the foreseeable future, correlated with the growing need for energy globally. The supply market is tight as we head into the summer season in the North Sea. Rates are on the rise, and utilization levels remain high. There are few, if any, relevant reactivation candidates left, meaning that there's little swing capacity in the market, which can influence the vessel supply side. With no new vessel capacity entering the market, we expect the supply-demand balance to further strengthen in favor of asset owners. We maintain a very positive market outlook for this segment. Subsea and offshore wind market. Subsea EPC backlog is at an all-time high with a solid tendering pipeline ahead.
Strong growth in subsea tieback projects and increased subsea vessel demand from the offshore wind market is set to drive vessel demand going forward. The global subsea fleet capacity was reduced during the oil and gas downturn, and there are fewer vessels available to execute the record high EPC backlog. The existing fleet is not likely to cover the increased demand. Hence, we believe new builds will be necessary. We remain very positive to the subsea space in the long-term perspective. The offshore wind market has also experienced increase in day rates and utilization levels this quarter compared to same quarter last year. Tenders requesting tonnage in 2025 and 2026 are in the markets, indicating that charters need to secure tonnage early as vessel supply is reducing.
We maintain our positive outlook in this future-oriented and growing market as well. Then over to Helga for the financials.
Thank you, Gitte. Please note that all the numbers are in Norwegian kroner. I'm happy to present a very solid quarter for Eidesvik. Revenue in Q1 was NOK 183.4 million, compared to NOK 133.5 million in Q1 2023. Revenue increased almost NOK 50 million quarter-on-quarter, which is more than a 37% increase. EBITDA improved NOK 39.6 million, up from NOK 27.8 million to NOK 67.4 million. This means an improvement of more than 142% quarter-on-quarter. These are unadjusted numbers. Adjusted for a small sales gain in Q1 2023, the percentage for revenue and EBITDA increases are 39% and 151% respectively. Personnel expenses in the quarter increased compared to 2023, due to the addition of vessel Viking Reach and general salary adjustments.
Joint ventures had a loss of NOK 1.6 million, compared to a loss of NOK 8.9 million in Q1 2023. The substantial reduction in loss since Q1 2023 is mainly due to the vessel having its ten-year docking in Q1 2023. Operating results for EBIT was NOK 23.7 million in the quarter, compared to a loss of NOK 13.9 million in Q1 2023, i.e., excuse me, i.e., an improvement of NOK 37.6 million. Profit before taxes in Q1 was NOK 9.4 million, compared to a loss of NOK 25.1 million in Q1 2023. In supply, revenue grew from NOK 79.9 million to NOK 105 million in Q1 2024, an increase of more than 31% due to improvement in rates and increased utilization.
EBITDA went from NOK 20.9 million to NOK 43 million in the segment. The EBITDA margin improved from 26% to over 41%. The segment delivered a stellar 100% utilization in the quarter. We own six vessels in this segment and in addition, have management of two. All our vessels are on long-term contracts. For subsea and offshore wind, revenue increased from NOK 52.1 million to NOK 86.2 million quarter-on-quarter. This is an increase of 65%. The numbers here include our consolidated numbers plus 50% of revenue from vessel Seven Viking. EBITDA increased from NOK 16.8 million to NOK 35 million. EBITDA margin is 40.6%, which is an increase from Q1 2023's 32%. The increased revenue and EBITDA are due to the addition of the vessel Viking Reach and increased utilization.
We wholly or partly own four vessels in this segment and have one under management. All vessels in this segment are on long-term contracts. Our fixed assets have increased from year-end, mainly due to the initial installment on the new build vessel, which is currently being built at Sefine Shipyard in Turkey, which is treated as asset under construction. Our equity percentage is 57.4%, compared to 59.5% at year-end, which reflects our strong balance sheet. Net interest-bearing debt by end of the quarter was NOK 443 million, compared to NOK 378 million at the end of 2023. Our last twelve months adjusted net interest-bearing debt over EBITDA is 1.2. We are seeing an improvement in cash flow from operating activities for the quarter of NOK 75.1 million, compared to 41.2 million in Q1 2023.
On the investment side, spending is due to the initial installments of the previous mentioned new build and yard stay in relation to Subsea Viking's 25-year class renewal. Cash balance at the end of the period is about NOK 411 million. It should be noted that around NOK 85 million of this is restricted. Now back to Gitte for closing remarks.
Thank you. Yes, yet another quarter with strong operational and financial performance for Eidesvik. We booked substantially new backlog growth on top of the fully booked legacy fleet during the quarter. We continued on our growth strategy with the acquisition of the new build with attractive price and financing. And furthermore, we have a very positive market outlook in all our operating segments. And lastly, we are pleased to announce that the board of directors will propose dividend to our shareholders based on our 2023 financials and our upcoming annual general meeting. Then over to Q&A.
Yes, the first question for Helga: Will you need to fund the new build by cash on hand until delivery, or can you draw on debt financing during construction period?
Yeah. We have project financing secured, so during construction, it will be a combination of equity and project financing.
Thank you. Next question for Helga: How much of the long-term receivables were received in Q1, and how much in April?
Around NOK 3 million was received in Q1, and the remaining will be received in Q2 or has already been received, as indicated in our comments on subsequent events.
Thank you. That concludes the line of questions.
Okay, thank you for attending. We wish you all a nice day.