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Viking Supply Ships (VSSAB) investor relations material
Viking Supply Ships Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for Q2 2025 reached MSEK 312, up from MSEK 212 in Q2 2024, driven by higher rates despite lower utilization.
EBITDA for Q2 2025 was MSEK 142 (Q2 2024: MSEK 99); profit after tax was MSEK 87 (Q2 2024: MSEK 51).
Year-to-date net sales were MSEK 459 (371), EBITDA MSEK 180 (162), and profit after tax MSEK 63 (157), with 2024 boosted by a MSEK 97 capital gain from vessel sales.
Revenue Sharing Agreement (RSA) with Sea1 Offshore Inc. Group began in Q2 2025, covering 11 AHTS vessels.
Acquisition agreement for the AHTS vessel Atlantic Kestrel (to be renamed Ben Viking) signed, with delivery expected in August or September 2025.
Financial highlights
Q2 2025 net sales: MSEK 312 (Q2 2024: MSEK 212); EBITDA: MSEK 142 (99); profit after tax: MSEK 87 (51).
Earnings per share after tax: SEK 6.6 (3.8) for Q2; SEK 4.8 (11.9) year-to-date.
Equity ratio at quarter-end: 72.7% (71.1%); market adjusted equity ratio: 75.4% (73.3%).
Net financial items for H1 2025: MSEK -43, impacted by exchange rate differences of MSEK -10.
Cash holdings at quarter-end: MSEK 49, down from MSEK 166 at year start.
Outlook and guidance
North Sea market expectations are low for the remainder of 2025 due to softened spot activity and lower rig count.
Semi-sub rig activity in Australia expected to temporarily decrease in 2025, increasing vessel availability and pressuring rates.
Rig activity in Australia anticipated to grow again in 2026.
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