Eidesvik Offshorea and its subsidiaries generated revenue of NOK185.2 million (US$19.88 million) in the first quarter of 2026 with a gross operating profit of NOK57.7 million (US$6.19 million), which is a margin of 31 per cent, according to the company's recently published Q1 2026 financial results.
Revenue for Q1 2026 was NOK185.2 million compared to NOK198.8 million (US$21.34 million) in Q1 2025 with a gross operating profit of NOK57.7 million compared to NOK72.2 million (US$7.75 million) in Q1 2025.
Freight revenue in Q1 2026 decreased seven per cent compared to Q1 2025, and gross operating profit decreased 20 per cent. This was mainly driven by a weak spot market for supply vessels in the quarter, with low utilisation and day rates.
Gross operating profit margin decreased from 36 per cent in Q1 2025 to 31 per cent in Q1 2026.
In the supply segment, revenue saw a decrease quarter on quarter to NOK96.1 million (US$10.3 million) from NOK108.5 million (US$11.65 million) in Q1 2025 due to the decrease in utilisation and day rates for some vessels. In subsea and offshore renewables, revenue decreased quarter on quarter to NOK98.3 million (US$10.6 million) from NOK102.3 million (US$10.98 million) in Q1 2025, as this year’s quarter was impacted by the JV vessel being in for intermediate class renewal and technical breakdown, in addition to currency movement.
Operating result before other income and expenses for Q1 was NOK10.3 million (US$1.11 million) compared to NOK24.6 million (US$2.64 million) in Q1 2025. The decrease was mainly driven by lower freight revenue.
Cash flow from operating activities in Q1 2026 amounted to NOK95 million (US$10 million) compared to NOK41.9 million (US$4.5 million). The increase quarter on quarter was mainly driven by net received funds towards the ammonia project of NOK75 million (US$8.1 million) during the quarter, offset by periodic movement in working capital.
Cash flow from investment activities in Q1 2026 was negative NOK37.8 million (negative US$4.06 million) compared to negative NOK221.3 million (US$23.76 million) in Q1 2025 mainly due to investment in vessels under construction.
Cash flow from financing activities in Q1 2026 was negative NOK26.6 million (negative US$2.86 million) compared to NOK68.7 million (US$7.38 million) in Q1 2025. This was mainly due to payment of instalments and interests, offset by new debt related to newbuild vessels.
"Geopolitical tensions in the Middle East have continued to escalate during the quarter, culminating in the closure of the Strait of Hormuz," said Eidesvik. "This has driven significant volatility in oil and gas prices, with markets reacting rapidly to political developments and communication from the involved parties. Costs and lead times may increase if the tension continues."
The company added that the importance of secure and stable energy supply has become increasingly evident in recent months. Continued offshore developments are expected to play a material role in meeting this demand.
