Eidesvik Offshore reports strong Q3 results

Eidesvik Offshore has announced its results for Q3 2022. The company achieved revenues of MNOK 190.4, making it the second consecutive quarter with a revenue level not seen since 2016.

The revenues represent an increase of 9% compared to Q3 2021. EBITDA increased by 12% to MNOK 91.0 vs MNOK 81.5. The company’s operating result was MNOK 262.9, up from MNOK 1.0 in Q3 2021.

During the period, Eidesvik increased its backlog substantially through the signing of multiple long-term contract awards with an estimated value of 690 MNOK. At the end of the quarter, Eidesvik’s total backlog was MNOK 1,486.

Eidesvik also delivered strong operational performance with above 99% technical uptime across its fleet, 0 LTIs (lost time injuries) and a fleet utilization of 95%.

I am very pleased with our performance in this quarter. Our revenues were supported by a positive development in fundamental market drivers for our various segments and solid operational performance, says President & CEO of Eidesvik Offshore Gitte Gard Talmo.

Positive market outlook

The market sentiment remains positive for all of Eidesvik’s operating segments. High oil price, steady rig activity forecast and increasing activity levels in the oil & gas and renewable markets support a high activity for the company going forward. Furthermore, Eidesvik continues to develop strategic projects for environmentally friendly shipping to ensure its present and future competitiveness.

Our fleet scores very high on green capabilities, which has contributed to the recent contract awards at solid pricing. Eidesvik will continue to explore and invest in new technologies and alternative fuel solutions together with our customers and suppliers, says Talmo.
Source: Eidesvik Offshore