Eidesvik Offshore recently posted its operating results for the second quarter of 2025.
Eidesvik and its subsidiaries delivered revenue of NOK198.5 million (US$19.68 million) in the quarter with a 38.5 per cent gross operating profit margin. Utilisation was 98 per cent with one platform supply vessel in for planned maintenance.
Eidesvik said this quarter represents the highest Q2 freight revenue since 2015.
Gross operating profit increased from NOK70.7 million (US$7.01 million) (adjusted for other income) in Q2 2024 to NOK76.4 million (US$7.57 million) in Q2 2025.
Revenue and gross operating profit YTD 2025 are NOK397.3 million (US$39.38 million) and NOK148.6 million (US$14.73 million), respectively.
Freight revenue in Q2 2025 increased seven per cent compared to Q2 2024, and gross operating profit, adjusted for other income, increased eight per cent.
YTD the numbers increased close to nine per cent and 11 per cent, respectively. This was driven mainly by higher utilisation, both for Q2 and YTD. Gross operating profit margin, adjusted for other income, increased from 38 per cent in Q2 2024 to 38.5 per cent in Q2 2025.
In the supply segment, revenue increased quarter on quarter to NOK105.5 million (US$10.46 million) from 96.8 million in Q2 2024, mainly due to higher utilisation (96 per cent versus 92 per cent). In the subsea and offshore renewable segment, revenue increased marginally quarter on quarter to NOK104 million (US$10.3 million) versus US$103.1 million (US$10.22 million).
Operating result before other income and expenses for Q2 was NOK29.9 million (US$2.96 million). YTD operating result before other income and expenses was NOK54.4 million (US$5.39 million).
The joint venture had a loss of NOK700,000 (US$69,000) for the quarter and YTD a loss of NOK2.8 million (US$280,000). Q2 2024 numbers are affected by insurance proceeds.
Cash flow from operating activities as of June 30, 2025 amounted to NOK114.2 million (US$11.32 million). The decrease is mainly related to movement in working capital.
Cash flow from investment activities per June 30, 2025 was negative NOK233.1 million (negative US$23.11 million) mainly due to investment in vessels under construction.
Demand for platform supply vessels (PSV) in the North Sea increased in Q2, accompanied by a rise in day rates. However, overall activity remains subdued.
In Norway, fixture levels were low, but limited vessel availability has supported reasonable rates. Activity is expected to remain flat through 2025, with a uptick anticipated in 2026 and 2027. The global PSV fleet remains flat.
An uptick in operators securing offshore drilling rigs is noted. This is in line with the expectation of increased activity levels for 2026, 2027 and into 2028 as the major operators maintain their intention to address the production decline.
Subsea activity is expected to remain high, and the current backlog is driving demand for suitable vessel tonnage
In the renewables sector, the underlying market remains resilient despite some project cancellations. This is reflected in current day rates. A new trend of cross sector movement into oil and gas for walk to work vessels is also supporting demand.
New vessels coming into the market are so far able to secure long-term contracts.