Eidesvik Offshore (EIOF) Q1 2026 earnings summary

Executive summary

• Q1 2026 freight revenues were NOK 185.2 million, down NOK 14 million year-over-year, mainly due to weak spot market performance and lower vessel utilization, though market activity improved towards quarter-end.

• EBITDA was NOK 58 million, down from NOK 72 million in Q1 2025, with an EBITDA margin of 31%, reflecting lower utilization and subdued rates.

• Profit after tax increased to NOK 41.5 million from NOK 29.3 million, aided by positive currency effects and reduced financial expenses.

• Contract backlog stands at NOK 3 billion, a decrease of NOK 600 million from Q1 2025, reflecting vessels coming off contracts.

• Dividend of NOK 0.20 per share (NOK 14.6 million total) was approved for distribution in April 2026.

Financial highlights

• Revenue declined 7% year-over-year to NOK 185.2 million, mainly due to weak spot market and low utilization.

• EBITDA fell to NOK 57.7 million from NOK 72 million; operating result dropped to NOK 5.6 million from NOK 23 million.

• Net interest-bearing debt reduced to NOK 881.2 million from NOK 967.4 million at year-end.

• Cash balance increased to NOK 371.1 million from NOK 340 million at year-end, supported by project funding.

• Profit before taxes rose to NOK 41 million from NOK 29 million year-over-year.

Outlook and guidance

• Spot and term rates in the North Sea are improving, with positive trends expected to persist through 2027–2028.

• Subsea and renewables markets remain strong, absorbing competitive tonnage and seeing increased contracting activity.

• Available tonnage and newbuild program position the company for profitable growth.

• Continued focus on growth, fleet renewal, and emission reduction.