Eidesvik Offshore Reports Higher Q2 Revenue but Lower Earnings

Eidesvik Offshore posted second-quarter freight revenue of NOK204.5 million ($19.43 million), against NOK198.5 million for the equivalent quarter of 2025 — a gain the Norwegian operator put down to stronger day rates across its platform supply fleet.

Earnings before interest, tax, depreciation and amortisation told a different story: NOK71.4 million for the quarter, down from NOK76.4 million a year earlier, despite the higher top line. Fleet utilisation stood at 95 percent overall, with subsea and offshore renewables vessels running at full utilisation while supply vessels recorded 92 percent.

Contract activity moved in the company's favour during the quarter. Eidesvik secured a four-year frame agreement with Aker BP covering platform supply vessels, including a three-year firm contract for Viking Prince with extension options attached. Separately, Equinor Energy took up the remaining options on its Viking Avant supply-vessel charter, stretching that contract out to year-end.

The quarter also brought a fleet move in the other direction. Eidesvik Reach, a subsidiary of Eidesvik Offshore, agreed to sell the inspection, maintenance and repair vessel Viking Reach, with completion expected in the early fourth quarter. At the same time, work is progressing on retrofitting Viking Energy with a dual-fuel ammonia-based propulsion system, while newbuild deliveries are scheduled for the fourth quarter of 2026 and the second quarter of 2027 — meaning the fleet is being renewed and reshaped on several fronts simultaneously rather than simply growing.

Total contract backlog, including joint ventures, stood at NOK2.868 billion, with an equity ratio of 59 percent as of 30 June. The company described subsea activity as remaining favourable, with North Sea supply vessel rates continuing to strengthen amid higher drilling activity — the same rate environment that lifted the quarter's revenue even as the earnings comparison came in softer.