Eidesvik Offshore Says Revenue, Backlog on the Rise

Norwegian offshore support vessel operator Eidesvik Offshore posted what it said was the second consecutive quarter with a revenue level not seen since 2016.

The company's revenue was NOK 190.4 million, an increase of 9% compared to Q3 2021. EBITDA increased by 12% to NOK 91 million vs NOK 81.5 million. The company’s operating result was NOK 262.9 million, up from NOK 1 million 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 NOK 690 million. At the end of the quarter, Eidesvik’s total backlog was NOK 1,486 million," the company said .

Eidesvik also said it had delivered a 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.

Eidesvik also expressed optimism about the market.

"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," the company said.

"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," said Talmo. 

(10,000,000 Norwegian Krone equals $1,006,070)