Eidesvik Offshore reported revenue of NOK204.6 million ($19 million) for the third quarter of 2025, slightly down from NOK207.1 million in the same period last year. Adjusted EBITDA for the quarter was NOK87.6 million, with a margin of 42.8 per cent, compared to NOK96.5 million and a 47 per cent margin in Q3 2024.
The company achieved a fleet utilisation rate of nearly 100 per cent in both its subsea and supply segments. However, the flat revenue development was attributed to a reduced profit-based allocation compensation from one of its vessels. Operating expenses rose 7.9 per cent quarter-on-quarter, driven by unplanned repairs.
Helga Cotgrove, CEO of Eidesvik, noted that the market for the next six months looks, "more challenging than we expected at the start of the year," particularly for platform supply vessels (PSVs), where excess tonnage is pressuring rates.
The PSV Viking Queen entered the spot market in October, with Viking Avant and Viking Princess set to become available in the coming months.
The company also reported a delay for its newbuild subsea vessel, Viking Vigor, which is now expected to be delivered from the shipyard in the third quarter of 2026. The vessel is scheduled to go directly on a long-term contract with Reach Subsea.
Subsequent to the quarter, Aker BP declared an option to extend the contract for the PSV Viking Lady until the end of February 2027 and also extended the firm period for the Viking Prince to the end of February 2026.