Eidesvik Offshore (EIOF) Q2 2026 earnings summary

Executive summary

• Freight revenues for Q2 2026 reached NOK 204.5 million, up from NOK 198 million year-over-year, driven by improved day rates for supply vessels, though offset by lower utilisation and increased costs.

• EBITDA was NOK 71.4 million, with a margin of 35%, down from 38% in Q2 2025 due to higher personnel and operating expenses.

• Consolidated backlog declined to NOK 2.9 billion from NOK 3.4 billion, reflecting vessel contract completions and asset sales.

• Strategic milestones included a renewed four-year frame agreement with Aker BP, contract extensions with Equinor, and the sale agreement for Viking Reach, expected to yield a NOK 80 million gain.

• Ongoing fleet renewal and emission reduction efforts highlighted by the retrofit of Viking Energy for ammonia fuel and progress on two newbuild subsea vessels.

Financial highlights

• Q2 2026 revenue: NOK 204.5 million (Q2 2025: NOK 198.5 million); EBITDA: NOK 71.4 million (Q2 2025: NOK 76.4 million); EBITDA margin: 35% (Q2 2025: 38%).

• Operating expenses increased to NOK 133.1 million, mainly due to higher personnel and repair costs.

• Net interest-bearing debt was NOK 920.3 million, down from NOK 967.4 million at year-end 2025.

• Cash and equivalents at quarter-end: NOK 338.5 million; equity ratio increased to 59%.

• Cash flow from operations YTD: NOK 139.5 million (YTD 2025: NOK 114.2 million).

Outlook and guidance

• Offshore drilling activity and vessel demand are expected to strengthen into 2027–2028, supported by energy security concerns and increased operator production targets.

• PSV spot market is improving, with increased day rates and favorable vessel availability expected, though supply-demand balance remains sensitive.

• Subsea/renewables segment outlook remains robust, supported by record-high backlog and strong fundamentals.

• Delivery of newbuilds estimated for Q4 2026 and Q2 2027.

• Operating expenses expected to normalize in the second half, though salary increases will persist.