Good morning, everybody, and welcome to Eidesvik Offshore ASA's Q3 presentation. Attending this webcast from our end is our Interim CFO, Lars Tufteland Engelsen, and myself, Interim CEO Helga Cotgrove. We kindly ask you to take note of the text on this disclaimer slide. "Outstanding operational performance and strong financial delivery" is the message from the quarter. We had freight revenues of NOK 207 million in the quarter. This is above the NOK 196 million equivalent for the same period last year, and also an increase from NOK 186 million in Q2 2024. EBITDA was NOK 96.5 million compared to NOK 96.1 million in Q3 2023 and NOK 70.7 million in Q2 2024. These numbers are the best in almost eight years. The EBITDA margin at 47% for the quarter compared to 49% same period last year. Lars will provide further details on the margin difference.
Consolidated backlog is NOK 2.85 billion, an increase of close to NOK 1 billion compared to the same quarter last year. Our balance sheet is extremely strong, with an equity ratio of 64% and net interest-bearing debt of NOK 360 million. Non-restricted cash of NOK 351 million and our net interest-bearing debt over EBITDA is now below one. The year has so far been very busy with follow-up of the new build in Turkey, the Apollo project, and also project management of a third-party new build. We have also had two of our own vessels and three of our managed vessels for class renewal so far, with two more owned vessels to be completed in Q4. So, a total of seven vessels for class renewal/docking during the year. Equinor Energy AS in Q3 declared options to extend the contract for the supply vessel Viking Energy.
The contract extension runs from April 25 to April 2030. The contract also includes options for further extension at rates reflecting an improved market for vessel owners, and if declared, will see Viking Energy operational into her 30s. Viking Energy has been on continuous operation for Equinor since her launch in 2003. This contract is a very good example of how we work, building long-term client partnership and seeking long-term contracts. We're very proud of the operational service and the continuous innovative fuel solution improvement delivered over time for this vessel. A proof of this is the collaboration with Equinor and multiple other partners to convert Viking Energy to be able to operate on an ammonia combustion engine. The operation here is planned to start first half of 2026, and the vessel will be the first of its kind to operate on ammonia.
The vessel keeps its ability to run on MGO. Equinor is funding the conversion in combination with a grant from the EU. The project confirms our commitment to explore solutions for reduction in emission. Subsequently to the quarter, the existing customer for PSV Viking Princess declared its final options on the contract for the vessel. The vessel is then available from January 2026. This is one of our newest and largest PSVs that is very attractive in the market. In regard to the new build currently being built at the Sefine Shipyard in Turkey, we are progressing in line with the plans. Steel cutting was held October 15. The vessel is scheduled to go directly on contract with Reach Subsea at its completion early 2026. Total fleet utilization for the quarter was close to an impressive 100%.
In the supply segment, utilization was 100%, with all our vessels being on contract the full period. In subsea and offshore renewables, utilization was 99% in the quarter. We're happy to report that we've had no LTIs in the quarter. We continue our high focus on safety and explore different ways of ensuring that safety is at the forefront of everybody's mind. Our consolidated contract backlog is now NOK 2.85 billion. All our vessels are on long-term contracts. As all our vessels are on long-term contracts, backlog increases via adding capacity, declaration of options, or new contracts as vessels become available. The backlog is reduced as work is performed. We are positive to our capability to secure new contracts at improved rates as vessels become available, and we're exploring opportunities to add additional tonnage.
Our fleet is attractive, and our innovative approach to the emission reductions, combined with a very strong maintenance program, ensure that vessels are capable of staying operational for prolonged periods. Our backlog within renewable is steady at mid-30%. Investing in vessels that have capabilities to operate in both subsea and offshore renewable markets creates the ability to run in both markets with opportunity for increased utilization. Total contract backlog, including JVs, is above NOK 2.9 billion and includes the vessel Seven Viking that we own jointly with Subsea7. The ongoing upcycle in the offshore market is continuing. Although unexpected market movements occur and seasonal challenges are experienced, the fundamentals remain strong. Global increase in drilling rigs on contract are expected to continue to rise. The market is also expecting an increase in FPSO projects.
In the Norwegian sector of the North Sea, there are a limited number of available rigs, but rigs on contract have been fairly flat since early 2023. Activity is expected to increase in 2025 from 2024 levels. In the U.K. sector of the North Sea, there's been a sharp drop in tender activity for rigs in 2025. This implies reduced activity in 2025. There are no laid up PSVs in the North Sea market. There's been a reduction in term charters in the North Sea in 2024 compared to 2023. This is partly due to early securing of tonnage from charterers, but also due to the slowdown in the U.K. I want to point out that all our vessels are on long-term contracts, so we're not materially impacted by short-term fluctuations in the market. The subsea market continues to be strong, with record backlog reported for the major E&C companies.
At the same time, the number of owned vessels by these companies is down. This is expected to continue to increase the need for vessels within inspection, maintenance, and repair in addition to construction. Demand for subsea vessels is at an all-time high, combined with very limited spare capacity. This is driving the ordering of new build vessels seen recently. However, the current estimated vessel needs are currently outpacing the new build orders. The activity is also continuing to develop within offshore renewable, with stronger demand noted in, for example, the cable market. The market is further developing, with alternation of vessels between subsea and renewable becoming more frequent. Then over to Lars for the financials.
Thank you, Helga. Please note all numbers are in Norwegian kroner. Revenue in Q3 was NOK 207.1 million compared to NOK 195.6 million in Q3 2023. Adjusted for gain on sale and other income Q3 last year, revenue increased about 6% quarter on quarter. EBITDA was NOK 96.5 million compared to NOK 105.2 million in 2023. If we adjust for the sales gain and other income in Q3 2023, EBITDA was slightly higher, NOK 96.5 million this quarter compared to NOK 96.1 million in Q3 2023. The adjusted EBITDA this quarter was the highest in nearly eight years. Personnel expenses in the quarter increased compared to 2023 due to general salary adjustments. Other operating expenses increased due to technical component replacements and general price increase. Compared to Q2 this year, the high utilization is the main driver for the increase in both freight revenue and EBITDA.
Joint ventures had a loss of NOK 1.1 million compared to a loss of NOK 3.6 million in Q3 2023. The improvement is due to improved day rate and utilization. In Q2 2024, one-off effect due to received insurance proceeds improved the result to NOK 3.2 million. Operating result, or EBIT, was NOK 48.6 million in the quarter compared to NOK 61.7 million in Q3 2023. If we adjust for the previously mentioned sales gain and other income in Q3 2023, the adjusted EBIT in that quarter was NOK 52.7 million. Net financial items reduced from minus NOK 10.7 million to minus NOK 9 million quarter on quarter. The reduction is due to reduced interest cost. Profit after taxes in Q3 was NOK 39.6 million compared to NOK 51 million in Q3 2023.
If we take a look at our segments on the next slide, we see in our supply segment, revenue quarter on quarter increased to NOK 109.3 million compared to NOK 104 million in Q3 2023. This is mainly due to rate adjustments. The increase in revenue was offset by increase in OPEX, mainly due to technical component replacements, and EBITDA went from NOK 51.8 million to NOK 46.9 million in the segment.
The EBITDA margin decreased from 49% to 43%. The utilization was impressive 100% in both Q3 2024 and Q3 2023. We own six vessels in this segment, and in addition, we have management of two. All our vessels are on long-term contracts. For subsea and renewables, revenue increased from NOK 98.4 million to NOK 110.4 million quarter on quarter. The numbers here include our consolidated numbers plus 50% of revenue from the vessel Seven Viking. EBITDA increased from NOK 51.8 million to NOK 59.7 million.
EBITDA margin is 54%, which is an increase from 53% in Q3 2023. The increase in revenue and EBITDA in this segment quarter on quarter are due to improved day rates in addition to high utilization for Seven Viking. 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. On the next slide, we see that our fixed assets have increased from end last year, mainly due to the investment in a new build vessel, which is currently being built at Sefine Shipyard in Turkey, which is treated as an asset under construction. Our equity percentage is 64% compared to 59% at year-end, which reflects our strong balance sheet. Net interest-bearing debt by the end of the quarter was NOK 360 million compared to NOK 378 million at year-end last year.
Net interest-bearing debt, excluding IFRS 16 of our adjusted EBITDA last 12 months, is 1. We are seeing an improvement in cash flow from operating activities. Year to date, operating cash flow is NOK 268 million compared to NOK 184 million for the same period last year. This is driven by the addition of the vessel Viking Reach for the entire period, but also improved working capital and increased day rates. On the investment side, spending is due to yard stays and investment in the new build. Cash flow from finance is mainly due to payment of installments, interests, and dividend, offset by contribution from minority interest in Eidesvik Agalas AS. It should be noted that both the dividend and the investment in the new build has been sourced by cash on hand. Cash balance at the end of the period is around NOK 428 million, and NOK 77 million of this is restricted.
Now back to Helga for closing remarks.
Thank you, Lars. The quarter can be summed up as the following. It's a strong quarter operationally and financially. We have a sturdy backlog with key vessels scheduled to become available into a solid market. We have an extremely healthy balance sheet. We see continued strong market fundamentals, and we are positioned for profitable growth opportunities where we continue to explore the market with a focus that any investment needs to be accretive to our shareholders, and then over to Q&A.
Thank you, Helga. There are no questions coming in.
Okay, thank you, Maria. That concludes our Q3 conference call. So we wish you all a nice day.