Eidesvik Offshore (EIOF) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was NOK 186.8 million, down slightly year-over-year due to two major vessel dockings impacting utilization and margins.

• Annual freight revenue increased by 9%, with adjusted EBITDA margin improving to 38% for the full year.

• Strong contract backlog of NOK 2.5 billion, with high contract coverage and positive market outlook.

• Balance sheet remains robust, supporting profitable growth and newbuild investments.

• Viking Princess contract extended to January 2026; NOK 44.7 million public funding granted for potential ammonia-powered PSV, contingent on contract award.

Financial highlights

• Q4 2024 EBITDA was NOK 57.7 million (31% margin), down from NOK 71.9 million (36%) in Q4 2023.

• Full-year 2024 adjusted EBITDA increased to NOK 288 million, margin at 38% versus 37% in 2023.

• Operating result (EBIT) was NOK 10.7 million, compared to NOK 111.3 million in Q4 2023; adjusted EBIT for Q4 2023 was NOK 31.3 million.

• Net interest-bearing debt at year-end was NOK 499 million, up from NOK 378 million, mainly due to newbuild investments.

• Cash and cash equivalents at year-end were NOK 396 million, with NOK 71 million restricted.

Outlook and guidance

• No major dockings planned for 2025, supporting higher utilization.

• Market fundamentals remain strong, with stable conditions expected in 2025 and growth anticipated in 2026 and 2027.

• Subsea/renewables segment sees record-high backlog and continued vessel demand.

• Positive outlook for securing new contracts at improved rates as vessels become available.