Eidesvik Offshore (EIOF) Q3 2026 earnings summary

Executive summary

• Q3 revenue was NOK 202.5m and EBITDA NOK 85.5m, with a 42.2% margin; fleet utilisation was 97% and technical uptime 100%.

• No lost-time incidents occurred in Q3; two LTIs were recorded YTD.

• Backlog including the share of JVs was NOK 2,844m; renewable projects represented 36% of fixed backlog.

Financial highlights

• Q3 revenue was NOK 202.5m vs NOK 204.6m YoY; EBITDA was NOK 85.5m vs NOK 87.6m.

• Operating result was NOK 45.1m vs NOK 41.0m; pre-tax result was NOK 66.5m vs NOK 44.9m, aided by positive currency effects.

• YTD revenue was NOK 592.2m vs NOK 601.9m; EBITDA was NOK 214.6m vs NOK 236.2m, with margin at 36% vs 39%.

• Q3 operating expenses were NOK 117.0m, flat YoY; personnel costs rose 7.7%, while other operating costs fell 18.5%.

Outlook and guidance

• Viking Queen secured a firm one-well contract estimated at ~290 days, starting early 2027, with extension options; Viking Avant's firm period with Equinor runs through end-2027, with an option to extend.

• Viking Vigor is expected to be delivered in Q1 2027; the Viking Energy ammonia-enabled dual-fuel retrofit with Equinor is progressing.

• Forward contracting and improved rates for quality tonnage are emerging for 2027 and beyond; H2 2026 is more transitional than anticipated.

• The Viking Reach sale is expected to generate a gain of NOK 75–80m in Q4 2026, with estimated net cash proceeds of NOK 185m.