Eidesvik Offshore (EIOF) Q4 2023 earnings summary

Executive summary

• Q4 fleet utilization was 96%: supply 100% and subsea/offshore wind 90%; FY2023 utilization was 94%.

• Q4 revenue was NOK193.7m and adjusted EBITDA NOK74.6m, with a 38% adjusted EBITDA margin; contract backlog was NOK1,975m.

• FY2023 reported revenue was NOK772.4m and EBITDA NOK336.2m; profit after tax was NOK536.9m, including substantial impairment reversals.

Financial highlights

• Q4 revenue rose 19% to NOK193.7m from NOK164.2m excluding the prior-year NOK269.7m vessel-sale gain; adjusted EBITDA rose to NOK74.6m from NOK53.0m.

• Q4 adjusted EBITDA margin increased to 38% from 32%; adjusted EBITDA was NOK21.6m higher year over year.

• FY2023 adjusted revenue was NOK714m vs. NOK649m; adjusted EBITDA was NOK278.2m vs. NOK224.5m.

• FY2023 reported revenue was NOK772.4m vs. NOK918.5m and EBITDA NOK336.2m vs. NOK494.2m; prior-year results included the vessel-sale gain.

• FY2023 profit after tax was NOK536.9m vs. NOK406.7m; Q4 profit after tax was NOK103.5m vs. NOK354.4m.

Outlook and guidance

• Consolidated backlog was NOK1,975m, excluding variable contractual mechanisms and the announced newbuild; renewable projects represented 70%.

• A new CSV with Agalas is scheduled for delivery in early 2026 and a 3–5-year time charter with Reach Subsea; options cover four additional vessels.

• Long-term outlook was positive across supply, subsea and offshore wind, with all vessels on long-term contracts and strong demand and tender activity.