Eidesvik Offshore is trumpeting its best quarter in years as it considers a dividend.
The Norwegian shipowner reported a NOK 9.4m ($888,000) profit on Wednesday, reversing a NOK 25.1m loss for the same period last year, as revenue shot up to NOK 179m from NOK 129m.
“We have not seen such a strong Q1 result in seven years,” said chief executive Gitte Gard Talmo, noting that Ebitda hit NOK 67.7m, a rise of more than 142% year over year.
For the quarter, fleet utilisation was 96%. The eight platform supply vessels achieved almost 100% utilisation, up from 85% for the first quarter of 2023, and its subsea and wind fleet — made up of five ships — reported 89% utilisation, up from 73%.
The PSVs brought in NOK 25.1m in revenue, while the subsea and wind ships brought in NOK 34.1m.
The company also trumpeted its contract backlog of NOK 2.8bn, the highest level in nine years.
Of that, 62% is coming from conventional oil and gas, and 38% from renewables.
It said there are “few (if any) relevant reactivation candidates left” in the PSV market and no new ships hitting the water, while fewer vessels are available in the subsea market, with offshore wind tenders hitting the market for 2025 and 2026.
Eidesvik Offshore said both are positive developments for those markets.
The company will hold its annual general meeting on 30 May and shareholders will vote on a NOK 0.25 per share dividend, totalling roughly NOK 18.2m.
“This proposal reflects our confidence in the long-term sustainability of our business and our commitment to creating shareholder returns,” Gard Talmo said.
