Good morning, everybody. Welcome to Eidesvik Offshore ASA's Q4 presentation. Attending this webcast from our end is our CFO, Lars Tufteland Engelsen, VP of IR, Sindre Stovner, and myself, CEO Helga Cotgrove. We will address any questions submitted during the webcast at the end of the presentation. We kindly ask you to take note of the text on this disclaimer slide. We had freight revenues of NOK 187 million in the quarter. This is slightly below NOK 191 million equivalent for the same period last year. Our EBITDA was NOK 58 million compared to NOK 69 million in Q4 2023. The EBITDA margin was 31% compared to 36% in Q4 2023. The reduction in revenue and margin is mainly due to two vessels being in for docking for their 15 and 20-year class renewals. Lars will provide further color on the financials.
Consolidated backlog is close to NOK 2.5 billion, an increase of more than NOK 500 million from the same period last year. We are very comfortable with the position of our balance sheet with an equity ratio of 62% and NOK 499 million in net interest-bearing debt. Net interest-bearing debt has increased some due to the progress of our new build. We have this year completed seven class renewal dockings with the last two this quarter. Four of these were our owned vessels and three on our vessels under management. We have no major dockings planned in 2025. Our new build being built in Turkey is progressing well and is currently scheduled to be delivered on time. I will also say that for our full year, we saw an improvement in freight revenue of 9% and also improved our adjusted EBITDA margin ending on 38%.
The final option for the PSV Viking Princess was declared in the quarter, extending this contract till January 2026. Viking Princess has been on this contract since 2020. Viking Princess and Viking Prince, which are high-end PSVs, are both available from 2026. Based on our application, Enova granted Eidesvik NOK 44.7 million in public funding to support a potential construction of a platform supply vessel designed to operate on ammonia. The realization of this new build vessel is contingent on Eidesvik securing a long-term contract with satisfactory returns. Total fleet utilization for the quarter was 93%. In the supply segment, utilization was 94%, and in subsea and offshore renewable, utilization was 92%. As mentioned, we've had our PSV Viking Avant in for its 20-year class renewal and also Viking Reach within the subsea segment in for its 15-year class renewal. This affected utilization in both segments.
We are 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. We have had one LTI for the year. Our consolidated contract backlog is now NOK 2.5 million. Excuse me. I do make you aware that there was an error reported in our backlog previously for 2028 onwards, which has now been corrected. As our vessels are all on long-term contract, 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 capacity to secure new contracts at improved rate as vessels become available, and we are exploring opportunities to add additional tonnage. Our backlog within renewable is steady above 30%.
We continue to see interest in vessels that are capable of operating in both segments. Hence, it makes sense to consider that when evaluating investments. This also creates opportunity for increased utilization. Our total contract coverage continues to be high. However, as this slide shows, we're starting to see vessels coming off older contracts and options on older contracts coming to an end from 2026 and onwards. We consider this positive when we link this to the market outlook. Total contract backlog, including JVs, is above NOK 2.6 billion and includes the vessel Seven Viking, which we own jointly with Subsea 7. Market fundamentals continue to be positive, but seasonal demand decline affected part of the market this quarter, in particular in the North Sea. Current expectations are an overall stable market in 2025, with some geographical and seasonal variances, with further growth in 2026 and 2027.
The decline in supply vessel demand in the North Sea in Q3 continued in Q4, driven by seasonal demand, early contracting by customers, and following decline in drilling. The decline is mainly driven by lack of activity in the U.K. sector. Constraint in supply, particularly for large PSVs and several rigs entering the Norwegian sector, is expected to increase demand into 2025 and even more so in 2026 and 2027. The subsea market continues to report record backlog by the major EPC contractors. This is expected to continue to increase the need for vessels within inspection, maintenance, and repair, in addition to construction. The fleet-level backlog ratio that the major contractors have available in 2024 is about 50% less than the ratio in the previous peak backlog. Although orders for new builds still continue to be placed, demand is expected to keep up with these adds at the moment.
If there is a lack of discipline in ordering new builds on speculative orders, this can affect utilization and prices. Hence, capital discipline is key. The offshore renewable market will also be a taker for some of these new builds, with a need for support vessels to large enablers. Over to Lars for the financials.
Thank you, Helga. Please note all numbers are in Norwegian kroner. Revenue in Q4 was NOK 186.8 million compared to NOK 193.7 million in Q4 2023. Adjusted for other income in the quarter in 2023, revenue decreased about 2% quarter on quarter, mainly due to the two main class renewals in the quarter impacting utilization. EBITDA was NOK 57.7 million compared to NOK 71.9 million in the same quarter in 2023. Adjusted for other income in Q4 2023, the adjusted EBITDA for that quarter was NOK 68.8 million. EBITDA this quarter was strongly affected by the two main class renewals already mentioned. Personnel expenses in the quarter increased compared to the same quarter in 2023 due to general salary adjustments and increased use of temporary personnel. Other operating expenses increased due to technical components replacements and general price increase.
Compared to third quarter this year, the low utilization due to the main class, due to the two main class renewals in the quarter, is the main driver for the decrease in both freight revenue and EBITDA. Joint ventures had a profit of NOK 0.3 million compared to a profit of NOK 11 million in Q4 2023. For the gain in 2023 was due to reversal of previous impairment on the vessel Seven Viking. The joint venture had improved day rate and utilization compared to the same quarter in 2023. Operating result or EBIT was NOK 10.7 million in the quarter compared to NOK 111.3 million in the same quarter in 2023. If we adjust for the other income and reversal of previous impairments in the fourth quarter in 2023, the adjusted EBIT in that quarter was NOK 31.3 million.
If we further adjust for the mentioned reversal of impairment in the joint venture, the EBIT would then be NOK 16.9 million. Net financial items reduced from minus NOK 11.4 million to NOK 0.6 million quarter on quarter. We extended the maturity on our bank facility with SpareBank 1 during the quarter from December 2027 to December 2030. This affected the net financial items positive due to new amortized cost of the loan. The reduction is also affected by decrease in interest cost and capitalized borrowing cost related to the new build. Profit after taxes in Q4 was NOK 11.3 million compared to NOK 99.9 million in Q4 2023, where this number includes the reversal of previous impairment of NOK 77 million. For 2024, freight revenue increased by 9%, and EBITDA, adjusted for the other income and sales gain, increased by 11%, providing an EBITDA margin of 38% compared to 37% in 2023.
The increase is mainly due to improvement in day rates and utilization in both our segments. If we take a look at our segments on the next slide, we see in our supply segment, revenue quarter on quarter had a marginal decrease to NOK 108 million compared to NOK 108.7 million in Q4 2023. This is mainly due to low utilization due to one vessel being in for class renewal, offset by rate adjustments. Increase in OPEX affected the EBITDA, which decreased from NOK 44.4 million to NOK 39.5 million in the segment. The EBITDA margin decreased from 41% to 37%. Utilization was 94% in Q4 2024 compared to impressive 100% in Q4 2023. 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 renewables, revenue increased from NOK 89.7 million to NOK 91.2 million quarter on quarter.
The numbers here include our consolidated numbers plus 50% of revenue from the vessel Seven Viking. EBITDA increased from NOK 39.9 million to NOK 41.6 million. EBITDA margin is 46%, which is an increase from 44% in Q4 2023. The increased revenue and EBITDA in this segment quarter on quarter are due to rates being slightly higher, but offset by Viking Reach being in for its 15th- year class renewal. Utilization was 92% compared to 90% in Q4 2023. In Q4 2023, we had some technical off-hire related to a vessel with lower day rate than Viking Reach. We wholly or partially own four vessels in the segment and have one under management. All vessels in this segment are long contract.
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 and is treated as an asset under construction. Our equity percentage is 62% compared to 59% at year-end, which reflects our strong balance sheet. Net interest-bearing debt by the end of the quarter was NOK 499 million compared to NOK 378 million at year-end last year. The increase is due to payment of yard installments, partly by cash on hand and partly by construction loan. Net interest-bearing debt over adjusted EBITDA in the last 12 months is 1.5. We are seeing an improvement in cash flow from operating activities. 2024 operating cash flow was NOK 372 million compared to NOK 253 million for 2023.
This is driven by the addition of the vessel Viking Reach for the entire period, but also improved working capital and increased rates. On the investment side, spending is due to yard stays and investment in the new build. The investment in the new build is capitalized under asset under construction. Cash flow from finance is mainly due to payment of installments, interest, and dividend, offset by contribution from minority interest in Eidesvik Agalas and draw on construction loan related to our new build. 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 about NOK 396 million, and NOK 71 million of this is restricted. Now back to Helga for closing remarks.
Thank you, Lars. The quarter can be summed up as the following: quarter impacted by two material dockings, but we see annual improvement in revenue and margins. We have a sturdy backlog with key vessels and new builds scheduled to become available into a solid market. We have an extremely healthy balance sheet. The market fundamentals continue to be strong, and we are well positioned for profitable growth opportunities where we continue to explore the market with the focus that any investments need to be accretive to our shareholders. Then over to Q&A.
Thank you, Helga. So far, we have received zero questions.
Okay, thank you, Sindre. We are closing out our Q4 conference call. Thank you, everybody, for joining. Wish you all a nice day.