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Eidesvik Offshore Investor Presentation 2026
3586_rns_2026-05-13_5046f86a-c51f-4b12-ba49-feac43abe4fc.pdf
Investor Presentation
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Presentation Q1 2026
13 May 2026
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Disclaimer
This presentation has been produced by Eidesvik Offshore ASA (the "Company") based on information which is publicly available. This presentation is for information purposes only. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in an accessible format. The presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that has not been included in the this presentation. No representation or warranty (express or implied) is made or intended to be made as to the accuracy or completeness of any or all of the information contained herein and it should not be relied upon as such. The recipient of this presentation acknowledges that it will be solely responsible for its own assessment of the information.
This presentation contains forward-looking statements. Such forward-looking statements give the Company's current expectations and projections relating to its financial condition, the market in which it operates and the future performance of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future.
Neither the Company's nor any of its affiliates (nor any department in any of those entities), nor any such person's directors, officers, employees, advisors or representatives (collectively the "Representatives"), in any capacity, shall have any liability whatsoever arising directly or indirectly from the use of this presentation, including (but not limited to) as a result of any liability for errors, inaccuracies, omissions or misleading statements in this presentation.
Financial highlights / Q1 2026
| P&L key figures Q1 2026 vs. Q1 2025 | Balance sheet key figures Q1 2026 vs. FY 2025 | ||
|---|---|---|---|
| MNOK | |||
| 185 (199) | |||
| in freight revenue | MNOK | ||
| 3 045 (3 579) | |||
| in total backlog incl. share of JV | MNOK | ||
| 3 695 (3 683) | |||
| in assets | MNOK | ||
| 371 (340) | |||
| in cash | |||
| MNOK | |||
| 58 (72) | |||
| in adj. EBITDA | 31% (36%) | ||
| in adj. EBITDA margin | MNOK | ||
| 881 (967) | |||
| in NIBD | 59% (58%) | ||
| in equity ratio |
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Business update / Q1 2026
- Equinor Energy AS extended the contract for the supply vessel Viking Avant to end of May 2026 with further options for extension.
- Aker BP ASA extended the firm period for the supply vessel Viking Prince to end of May 2026.
Subsequent events:
- In April 2026, the Board of Directors decided a dividend payment of NOK 0.20 per share to be distributed to the shareholders, with reference to the authorisation from AGM 20 May 2025. The ex-date was 24 April 2026.
- Management agreement for Cecon Vigor commenced in May
Operational update / Q1 2026
- Fleet utilisation in Q1 2026 was 93%
- Supply utilisation was 93% during the quarter
- Subsea/Offshore renewables utilisation was 94% during the quarter
- One LTIs during the quarter
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Contract backlog / Q1 2026
MNOK
3 045
Contract backlog incl. share of JV*
- Does not include variable contractual mechanism, 100% utilisation. Including all new contracts per 23 February 2026.
** Assumes TBN "Viking Vigor" (hull 71) and hull 76 (newbuild) to operate 50/50 in the subsea and offshore renewables space
Renewable backlog as share of total backlog**
Fixed backlog from renewables projects as share of total backlog
Other
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Contract coverage incl. JV / Q1 2026
Market update
- Escalating Middle East tensions have increased energy market volatility and reinforced long-term demand for offshore services and vessel capacity
- Supply: After imbalance in Q1, the North Sea PSV market has begun to recover with improving rates and demand expected to support continued momentum through 2027 and 2028
- Subsea/Renewables: Starting to see movement in contracting vessels from the larger EPC contractors. The renewable market remains strong and continues to absorb competitive subsea tonnage
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Q1 2026 financial results
| Financial results (NOK1000) | Q1 2026* | Q1 2025* | Q4 2025* | FY2025 | |
|---|---|---|---|---|---|
| Freight revenue | 185,2 | -7 % | 198,8 | 183,2 | 785,1 |
| Total Revenue | 185,2 | 198,8 | 183,2 | 785,1 | |
| Personnel expenses | 92,1 | 91,8 | 93,0 | 357,7 | |
| Other operating expenses | 35,4 | 34,8 | 32,6 | 133,6 | |
| OPEX | 127,5 | 126,6 | 125,6 | 491,3 | |
| EBITDA | 57,7 | -20 % | 72,2 | 57,6 | 293,8 |
| EBITDA margin | 31 % | 36 % | 31 % | 37 % | |
| Result from JVs and associated | -4,7 | -2,0 | -0,7 | -3,2 | |
| Operating result | 5,6 | 22,5 | 9,4 | 102,1 | |
| Pre-tax result | 41,5 | 29,3 | 6,8 | 109,3 |
- Unaudited
- Decrease in freight revenue in Q1 2026 (-7%) mainly due to low utilisation for one of our vessels operating in the spot-market
- Personnel and operating expenses flat YoY
- Positive currency effect impact pre-tax result
Freight revenue
EBITDA
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Segment performance
Revenue & EBITDA margin (incl. share of JV*)
* Consolidated Viking Reach, Seven Viking included with 50%.
EBITDA Q1 2026 vs. Q1 2025
- Revenue decreased by NOK 12.3 million mainly due to one vessel operating in weak spot market
- EBITDA decreased by NOK 14.5 million, where margin decreased from 37% to 26%
- Utilisation was 93% in Q1 2026 compared to 100% in Q1 2025
- Decreased revenue of NOK 4.0 million due to planned docking on Seven Viking
- EBITDA negatively impacted of NOK 4.9 million where margin decreased from 46% to 43%
- Utilisation was 94% in Q1 2026 compared to 100% in Q1 2025
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Balance sheet
| Balance Sheet (NOK1000) | 31.03.2026* | 31.12.2025 |
|---|---|---|
| Total non-current assets | 3 054 | 3 065 |
| Cash and cash equivalents | 371 | 340 |
| Other current assets | 270 | 277 |
| Total assets | 3 695 | 3 683 |
| Equity | 2 177 | 2 136 |
| Equity ratio | 59 % | 58 % |
| Non-current liabilities | 1 123 | 1 178 |
| Current liabilities | 396 | 370 |
| Total equity and liabilities | 3 695 | 3 683 |
- Unaudited
Comments for the year
- Non-current assets flat from year end
- Cash balance increased mainly due to received funding towards ammonia project
- Strong equity ratio of 59%
- Net interest-bearing debt of NOK 881 million, a decrease due to a positive currency effect in addition to an increase in cash balance.
- Current NIBD/EBITDA is 2.9x**
** Adjusted last twelve months, excluding IFRS 16
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Cash flow Q1 2026
- Unoutfied
Operating NOK 95.0 million
The increase compared to Q1 2025 is driven by net received funds towards ammonia project of NOK 75.0 million during the quarter, offset by periodic movement in working capital
Investing NOK -37.8 million
Investment in vessels under construction
Financing NOK -26.6 million
Payment of instalments and interests, offset by new debt related to the newbuilds
Highlights summary
- Quarter impacted by low utilisation for vessel operating in spot market
- 100% technical uptime on the PSV fleet
- Improved operating cost parameters and healthy balance sheet
- Available tonnage in an improving market
- Continued focus on growth and fleet renewal
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Contact details
CEO - Helga Cotgrove
+47 90 73 52 46
VP IR - Sindre Stovner
+47 91 78 64 31
[email protected]
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Appendix
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Company overview
THE COMPANY
SEGMENTS
STRATEGY
Large PSV
- Seek and evaluate vessels that fits with the EIOF profile for additions to the fleet
Subsea/Offshore renewables
- Increase IMR fleet with dual use capabilities within offshore renewable
Key words for future projects
- Growth and fleet renewal based on long-term partnerships, positive cash flows and continued focus on emission reduction
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Energy transition fleet
Supply
Viking Avant
Build: 2004
Owned: 100%
Deck m2: 1010
Viking Energy
Build: 2003
Owned: 100%
Deck m2: 1030
Viking Prince
Build: 2012
Owned: 100%
Deck m2: 1050
NS Orla
Build: 2014
Owned: Mgmt.
Deck m2: 860
Viking Queen
Build: 2008
Owned: 100%
Deck m2: 1000
Viking Lady
Build: 2009
Owned: 100%
Deck m2: 1000
Viking Princess
Build: 2013
Owned: 100%
Deck m2: 1020
NS Frayja
Build: 2014
Owned: Mgmt.
Deck m2: 860
Subsea/ Renewables
Viking Wind Power
Build: 2007
Owned: 100%
Crane: 100t
Viking Reach
Build: 2009
Owned: 50.1%
Crane: 70t
TBN Viking Vigor*
Build: 2026
Owned: 50.1%
Crane: 150t
* Under construction
Viking Neptun
Build: 2015
Owned: Mgmt.
Crane: 400t
Subsea Viking
Build: 1999
Owned: 100%
Crane: 100t
Seven Viking
Build: 2013
Owned: 50%
Crane: 135t
TBN*
Build: 2027
Owned: 33.4%
Crane: 150t
* Under construction
TBN Cecon Vigor
Build: 2026
Owned: Mgmt.
Crane: 70t
LNG Dual Fuel
Battery Hybrid
Methanol Dual Fuel
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Contract status
| Vessel | Q1 2026 Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | Q4 2027 | Q1 2028 | Q2 2028 | Q3 2028 | Q4 2028 | Q1 2029 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Seven Viking | subsea 7 | ||||||||||||||||||||||
| Viking Reach | REACH | ||||||||||||||||||||||
| SUBSEA | |||||||||||||||||||||||
| Subsea Viking | |||||||||||||||||||||||
| Viking Wind Power | SIEMENS | ||||||||||||||||||||||
| Game'sa | |||||||||||||||||||||||
| TBN I "Viking Vigor" | REACH | ||||||||||||||||||||||
| SUBSEA | |||||||||||||||||||||||
| TBN II | REACH | ||||||||||||||||||||||
| SUBSEA | |||||||||||||||||||||||
| Viking Queen | |||||||||||||||||||||||
| Viking Lady | AkorBP | ||||||||||||||||||||||
| Viking Princess | DNO | ||||||||||||||||||||||
| Viking Prince | AkorBP | ||||||||||||||||||||||
| Viking Energy | equinor | ||||||||||||||||||||||
| Viking Avant | equinor |
Firm ☐ Options ☐ Under construction ☐
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Debt maturity profile 31 March 2026
In addition, Eidesvik Agalas AS has drawn EUR 40.7 million on its construction loan per Q1 2026, and Eidesvik Agalas Reach AS has drawn EUR 20.0 million on its construction loan per Q1 2026. These loans are not included in the diagram above.
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Financial development
| FY2023 | FY2024 | FY 2025 | YTD 2026 | |
|---|---|---|---|---|
| Utilization | 94 % | 96 % | 97 % | 93 % |
| Revenue (NOKm) | 772 | 775 | 785 | 185 |
| Adj. Revenue (NOKm) | 699 | 759 | 785 | 185 |
| EBITDA (NOKm) | 334 | 304 | 294 | 58 |
| EBITDA margin | 43 % | 39 % | 37 % | 31 % |
| Adj. EBITDA (NOKm) | 261 | 288 | 294 | 58 |
| Adj. EBITDA margin | 37 % | 38 % | 37 % | 31 % |
| EBIT | 577 | 124 | 102 | 6 |
| Adj. EBIT* | 95 | 109 | 102 | 6 |
| Equity Ratio | 59 % | 62 % | 58 % | 59 % |
| GIBD (NOKm) | 876 | 894 | 1 312 | 1 252 |
| LTV** | 0,40 | 0,37 | 0,26 | 0,24 |
| NIBD/adj. EBITDA*** | 1,4x | 1,5x | 3,1x | 2,9x |
- Unaudited ** Adjusted for gain on sale, other income and reversal of impairments. *** LTV YTD 2026 is based on broker values per 31.12.2025, excl. newbuilds and debt related to newbuilds. *** Adjusted last twelve months, excluding IFRS 16
Adjusted EBITDA
NIBD/adj. EBITDA