Viking Supply Ships (VSSAB) Q4 2023 earnings summary

Executive summary

• Q4 2023 revenue rose to MSEK 133 from 83 YoY, while EBITDA was MSEK -44 vs -39 and result after tax was MSEK -86 vs -55.

• FY 2023 revenue was MSEK 607 vs 577; EBITDA fell to MSEK 37 from 99 and result after tax was MSEK -88 vs profit of 8.

• Two AHTS vessels joined the fleet in November; both were being prepared for service, adding costs before entering operation.

Financial highlights

• Q4 net sales were MSEK 133 vs 83 YoY; FY net sales were MSEK 607 vs 577.

• Q4 EBITDA was MSEK -44 vs -39; FY EBITDA was MSEK 37 vs 99.

• FY net financial items were MSEK -26 vs -2, reflecting interest costs on financing for Odin Viking and Andreas Viking.

• FY result after tax was MSEK -88 vs profit of 8; Q4 EPS was SEK -6.6 vs -4.2 and FY EPS was SEK -6.8 vs 0.6.

Outlook and guidance

• North Sea AHTS markets are expected to remain volatile in 2024, with periods of stronger rates and utilization.

• Higher demand is expected in Brazil, Canada, West Africa and the Far East, driven by rig activity, FPSO installation and decommissioning, mooring maintenance and other projects.

• Management expects global activity and demand in other regions to affect North Sea vessel availability, and is pursuing international opportunities.