Eidesvik Offshore (EIOF) Pareto Securities' 31st annual Energy Conference Presentation summary

Company overview and strategy

• Operates 14 vessels (one under construction) and employs 416 people as of end 2023, focusing on supply, subsea, and offshore wind segments.

• Reported 2023 revenue of MNOK 772 and EBITDA of MNOK 334, with a consolidated contract backlog of MNOK 2,953 as of Q2 2024.

• Strategic focus on green PSV leadership, expanding subsea partnerships, and increasing offshore wind presence with emphasis on long-term contracts and cash flows.

Fleet and operational highlights

• Maintains a highly utilized, versatile fleet with advanced fuel technologies including LNG, battery, methanol, and ammonia dual-fuel capabilities.

• Notable projects include the world’s first ammonia-powered PSV (Viking Energy) and a new methane-powered CSV for delivery in early 2026.

• Fleet utilization remains high, averaging 94–95% in recent periods.

Key projects and contract developments

• Viking Energy contract extended with Equinor to April 2030, with ammonia conversion planned for 2026 and EUR 5 million EU support.

• New CSV to be delivered in 2026, majority-owned by Eidesvik, will start a 5-year charter with Reach Subsea upon delivery.

• Record high contract backlog, with 34% from renewables, ensuring strong forward cash flow.