Eidesvik Offshore Asa · OSL:EIOF
Eidesvik Offshore Asa — Q1 2026 Earnings Presentation
20 slides from Eidesvik Offshore Asa's earnings presentation, May 13, 2026
Slide 1: Presentation Q1 2026
Presentation Q1 2026 13 May 2026
Slide 2: Disclaimer
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
Slide 3: Financial highlights / Q1 2026
Financial highlights / Q1 2026 P&L key figures Q1 2026 vs. Q1 2025 Balance sheet key figures Q1 2026 vs. FY 2025 MNOK MNOK MNOK MNOK 185 (199) 3 045 (3 579) 3 695 (3 683) 371 (340) in freight revenue in total backlog incl. share in assets in cash of JV MNOK MNOK 58 (72) 31% (36%) 881 (967) 59% (58%)
Slide 4: Business update / Q1 2026
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 o
Slide 5: Operational update / Q1 2026
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
Slide 6: Contract backlog / Q1 2026
Contract backlog / Q1 2026 1 400 MNOK Renewable backlog as share of total 3 045 backlog** 1 200 Fixed backlog from renewables projects as share of Contract backlog incl. share of JV* total backlog 1 000 800 Other mNOK 63% 600 1 168 400 761 557 559 200 37% Renewable backlog 0 2026 2027 2028 From 2029
Slide 7: Contract coverage incl. JV / Q1 2026
Contract coverage incl. JV / Q1 2026 100% 90% 87% Contract coverage incl. JV 82% 80% 77% 70% 64% 64% 60% 58% 58% 58% 58% 54% 50% 50% 42% 40% 83% 73% 33% 33% 33% 33% 68% 30% 54% 50% 50% 50% 20% 39% 33% 33% 33% 33% 25% 25% 25% 25% 10% 0% Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028
Slide 8: Market update
Market update Escalating Middle East tensions have increased energy market volatility and reinforced long-term demand for 1 offshore services and vessel capacity Supply: After imbalance in Q1, the North Sea PSV market has begun to recover with improving rates and 2 demand expected to support continu
Slide 9: Q1 2026 financial results
Q1 2026 financial results Financial results (NOK1000) Q1 2026* Q1 2025* Q4 2025* FY2025 Freight revenue 185,2 198,8 183,2 785,1 Freight revenue -7 % Total Revenue 185,2 198,8 183,2 785,1 198,8 -7% Personnel expenses 92,1 91,8 93,0 357,7 185,2 Other operating expenses 35,4 34,8 32,6 133,6 OPEX 127,5
Slide 10: Segment performance
Segment performance Revenue & EBITDA margin EBITDA Q1 2026 vs. Q1 2025 (incl. share of JV*) 110 50% • Revenue decreased by NOK 12.3 million mainly 108 45% due to one vessel operating in weak spot market 106 40% • EBITDA decreased by NOK 14.5 million, 104 where margin decreased from 37% to 26% 35% 10
Slide 11: Balance sheet
Balance sheet Balance Sheet (NOK1000) 31.03.2026* 31.12.2025 Comments for the year Total non-current assets 3 054 3 065 Cash and cash equivalents 371 340 • Non-current assets flat from year end Other current assets 270 277 Total assets 3 695 3 683 • Cash balance increased mainly due to received fund
Slide 12: Cash flow Q1 2026
Cash flow Q1 2026 500 450 95,0 400 371.1 - 37,8 350 340,5 - 26,6 300 NOK 1000 250 200 150 100 50 0 Cash 31.12.2025 Operating Investing Financing Cash 31.03.2026* * Unaudited Operating NOK 95.0 million Investing NOK -37.8 million Financing NOK -26.6 million The increase compared to Q1 2025 is Investm
Slide 13: Highlights summary
Highlights summary Quarter impacted by low utilisation for vessel operating in spot 1 market 2 100% technical uptime on the PSV fleet Improved operating cost parameters and healthy 3 balance sheet 4 Available tonnage in an improving market 5 Continued focus on growth and fleet renewal
Slide 14: Contact details
Contact details CEO - Helga Cotgrove VP IR - Sindre Stovner +47 90 73 52 46 +47 91 78 64 31 investor.relations@eidesvik.no
Slide 15: Appendix
Appendix
Slide 16: Company overview
Company overview THE COMPANY STRATEGY Large PSV • Seek and evaluate vessels that fits with the EIOF profile for additions to the fleet 16 ~450 Subsea/Offshore renewables • Increase IMR fleet with dual use capabilities VESSELS* EMPLOYEES within offshore renewable * Whereof two under construction Key
Slide 17: Energy transition fleet
Energy transition fleet Viking Avant Viking Energy Viking Prince NS Orla Build: 2004 Build: 2003 Build: 2012 Build: 2014 Owned: 100% Owned: 100% Owned: 100% Owned: Mgmt. Deck m2: 1010 Deck m2: 1030 Deck m2: 1050 Deck m2: 860 Supply Viking Queen Viking Lady Viking Princess NS Frayja Build: 2008 Build
Slide 18: Contract status
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 Viking Reach Subsea Viking Viking Wind Power TBN I "Viking Vigor" TBN II Viking Queen Viking Lady Viking Princess Viking Prince Viking Energy Viking Avant Firm
Slide 19: Debt maturity profile 31 March 2026
Debt maturity profile 31 March 2026 200 120 Million NOK 97 97 97 100 90 29 0 2026 2027 2028 2029 After 2029 Instalments Balloons 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 constructio
Slide 20: Financial development
Financial development FY2023 FY2024 FY 2025 YTD 2026* Adjusted EBITDA Utilization 94 % 96 % 97 % 93 % Revenue (NOKm) 772 775 785 185 350,0 37% 38% 37% 40% Adj. Revenue (NOKm)** 699 759 785 185 33% 300,0 31% 35% Adj. EBITDA (NOK million) EBITDA (NOKm) 334 304 294 58 Adj. EBITDA margin EBITDA margin 4