Viking Supply Ships has released its first quarter 2025 financial results, wherein the company reported total revenues of SEK147 million (US$15.1 million) for continuing operations during the period.
Viking Supply Ships said the North Sea anchor handling tug supply (AHTS) market experienced a slow start to the quarter, as is typical during the winter season, partly due to lower activity levels and an influx of vessels returning from projects and other regions.
Monthly average rates were on par with last year for January, lower in February and higher in March. At the end of March, the AHTS market was nearly sold out and rates increased sharply.
Gross operating profit for continuing operations in Q1 2025 meanwhile totalled SEK38 million (US$3.9 million). The average fixture rate in Q1 2025 was US$55,800 (US$44,400 in Q1 2024) and the average utilisation in the same period was 50 per cent (65 per cent in Q1 2024).
During Q1, Viking Invest purchased 405,582 series B shares in Viking Supply Ships. Following the transaction, Viking Invest, together with a sister company, holds 83.2 per cent of the capital and 87.4 per cent of the votes.
Sea1 Offshore and Viking Supply Ships have entered into a revenue sharing agreement with effect from Q2 2025 for five AHTS owned by Sea1 Offshore and six AHTS owned by Viking Supply Ships.