Eidesvik Offshore (EIOF) Q3 2025 earnings summary

Executive summary

• Freight revenue for Q3 2025 was NOK 204.6–205 million, nearly flat year-over-year, with optimal vessel utilisation close to 100% in both segments.

• EBITDA was NOK 87.6–88 million, down from NOK 96.5–97 million in Q3 2024, with a margin of 42.8–43%.

• Contract backlog reached nearly NOK 3.3 billion, up NOK 350 million from Q3 2024, including JV share.

• Dividend of NOK 0.30 per share was paid in August/September 2025.

• Personnel costs increased 5% quarter-on-quarter, reflecting general salary increases.

Financial highlights

• Q3 2025 revenue: NOK 204.6–205 million, a slight decrease from NOK 207.1 million in Q3 2024.

• EBITDA: NOK 87.6–88 million, down 9% year-over-year.

• Profit after tax: NOK 43.5 million, nearly flat year-over-year.

• Net interest-bearing debt at quarter-end: NOK 511.8–512 million.

• Cash position at period end: NOK 290.5–291 million.

Outlook and guidance

• Market volatility persists due to oil price fluctuations and geopolitical uncertainty.

• OSV market flat in Q3 2025, with regional variances and a soft PSV spot market rebounding in September.

• Market expected to improve in 2026 and 2027, especially in subsea and renewables.

• Several vessels will become available for new contracts in late 2025 and early 2026.