Eidesvik Offshore ASA

🎄 As we approach the end of 2024, we take a moment to look back on what has been a busy and eventful year for Eidesvik. A big thank you to our employees, clients, and partners for your invaluable contributions to our achievements this year.   We’re excited for what 2025 has in store and look forward to continuing our journey together. Wishing you all a joyful holiday season and a prosperous New Year ✨!

We are pleased to announce that Eidesvik Offshore has appointed Lars Tufteland Engelsen as Chief Financial Officer (CFO) effective from today. Engelsen joined Eidesvik in 2018 and has held the position as VP Finance since 2022, with two periods as the Company’s Interim CFO. He holds a master’s degree from the Norwegian School of Economics and is a Certified European Financial Analyst (CEFA). “I am very happy that Lars has accepted the role as CFO. Having worked with him since I started in Eidesvik I know he has the right qualities and competence for the job”, says Helga Cotgrove, CEO of Eidesvik.

🌟 Milestone for Eidesvik: Keel Laying of Our New Construction Support Vessel! 🌟   This week, we proudly celebrated the keel laying of our new Construction Support Vessel at Sefine Shipyard - Turkiye. The keel laying marks the official "birth" of the vessel, as it symbolizes the beginning of assembling its main structural components. It's a cornerstone moment in shipbuilding, setting the foundation upon which the rest of this advanced vessel will take shape.   We are thrilled to see the design, engineering, and steel-cutting evolve as the vessel begins to take shape! 🚢 Agalas NSK Ship Design

The Board of Eidesvik Offshore ASA is pleased to announce that current interim CEO Helga Cotgrove today will take the role as CEO of the company. “The Board is very pleased that Helga Cotgrove has accepted the position. She has extensive experience within the industry and has been the CFO of the company for two years. We have conducted a thorough search process and it is clear to us that Cotgrove is the best suited to lead the company going forward” says Arne Austreid, Chairman of the Board. “I am looking forward to continuing the journey with Eidesvik and its talented team. We have made substantial progress the last two years growing the business and improving margins, investing in additional tonnage, and refinancing the company creating a very strong balance sheet. I am exited to take part in building and growing the company further” says Helga Cotgrove.

Today we have released our results for Q3 2024, marking the highest quarterly freight revenue and adjusted EBITDA in nearly 8️⃣ years. Other highlights include: 🔹 Freight revenue was NOK 207 million (196 in Q3 2022) and EBITDA was NOK 97 million (96 adjusted)   🔹 Fleet utilization in the period was close to 100%   🔹 We had zero LTIs in the quarter   🔹 We have a strong balance sheet and a very solid backlog   🔹 We have a positive market outlook in all our operating segments Read more in our full financial report below 👇

Contract extension for Viking Princess 👏🤩 We are please to announce that the current charterer has declared remaining options to extend the contract for the supply vessel Viking Princess. The contract extension runs from January 2025 in direct continuation of the current contract, extending the firm period to January 2026.

🚢 Exciting Milestone for Eidesvik! 🔧 This week the steel cutting ceremony for our new Construction Support Vessel (CSV) has taken place at Sefine Shipyard - Turkiye. This marks the first major step in bringing our next-generation vessel to life. 🎉 This state-of-the-art CSV will be equipped to perform inspection, maintenance and repair work for the #subsea and #offshorewind industries. Equipped with dual fuel methanol engines and a battery hybrid system, she will be the world’s most eco-friendly vessel within her operating segments. Together with our partner Agalas, we look forward to seeing this groundbreaking project unfold!

We recently announced the news that our platform supply vessel “Viking Energy” will be equipped with an #ammonia dual fuel engine – as the first of its kind in the world ⭐️. In 2026, the vessel will operate on ammonia for Equinor, reducing GHG emissions by 70 percent or more.  Meet some of our partners in the movie below 👇: #HorizonEU

Today we have released our results for Q2 2024, in which stable performance and operational delivery have been the defining characteristics. Highlights include: 🔹 Freight revenue was NOK 186 million, in line with the same period last year. Adjusted EBITDA was NOK 70.7 million 🔹 Fleet utilization in the period was 95% for all segments combined   🔹 We announced the realisation of our Apollo ammonia project, confirming our position as a pioneer within the demonstration of new technology to reduce emissions   🔹 We have a strong balance sheet and a very solid backlog 🔹 The market outlook in all our operating segments remains positive.

Breaking news 🎉🎉! Today we announce the realisation of our “Apollo” project. In collaboration with key partners Equinor and Wärtsilä we will convert our supply vessel Viking Energy to operate with an #ammonia combustion engine, as the first in the world! In 2026, the vessel will operate on ammonia for Equinor, reducing GHG emissions by 70 percent or more. Before summer the project placed an order for the ammonia engine and fuel gas supply system. This was a big milestone for Eidesvik – we believe the excitement shown by our Project Manager Marie Engelsen Launes and COO Arve Nilsen says it all! "This conversion is made possible by the support and investment from Equinor. We are very pleased to partner up with a client that share our ambitious climate targets, on a project that can help kick-start a wider adoption of ammonia across the shipping industry”, says Gitte Gard Talmo, CEO and President of Eidesvik Offshore. Bringing the Apollo project from the drawing board to reality has required significant effort from many colleagues across the Eidesvik organization. Together, we are proud to reaffirm our role as a pioneer in demonstrating new technologies to reduce emission! In addition to the ammonia dual fuel engine, Viking Energy is also a demonstrator vessel in the EU-funded ShipFC project where the aim is to pilot ammonia-powered fuel cells. Read more here: https://shorturl.at/vmzJz #HorizonEurope