Eidesvik Offshore ASA
17.50
NOK
+0.40
(+2.34%)
Eidesvik Offshore ASA
OSL:EIOF
(Euronext Oslo)
Recent
price
17.50
P/E
ratio
19.81
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Eidesvik Offshore ASA owns and operates a worldwide fleet of purpose-built offshore vessels, providing platform supply, subsea construction support and offshore renewables services primarily to the oil and gas industry and renewable energy markets. The company offers platform support vessels (PSVs) for cargo supply and transportation of pipes, standby/rescue and oil recovery services compliant with Norwegian Clean Seas Association for Operating Companies (NOFO) standards; subsea construction vessels equipped for construction, module handling, inspections, maintenance, repair and remotely operated vehicle (ROV) operations including advanced subsea, umbilical, riser and flowline (SURF) capabilities; and shipping services supporting construction, commissioning, operations and maintenance of offshore wind and renewables projects. Founded in 2004 and headquartered in Bømlo, Norway, Eidesvik operates globally with a fleet of ten owned vessels (wholly or partially), including vessels named Viking prefixed, plus three under management and two newbuilds under construction; it maintains joint ventures such as 50%-owned Eidesvik Seven Chartering AS with Subsea7 and controlling stakes in Eidesvik Agalas AS (50.1%) and Eidesvik Agalas Reach AS (two-thirds with Agalas) for subsea/IMR/survey vessels; the company is a subsidiary of Eidesvik Invest AS, which holds about 60% ownership. Recent developments include the February 2025 partnership with Reach Subsea and Agalas to order a modern IMR/survey vessel at Sefine Shipyard in Turkey for delivery in spring 2027 directly onto long-term charter with Reach Subsea; a prior joint venture with Reach Subsea (now Viking Reach, 50.1%-owned by Eidesvik) for the Edda Sun (acquired November 2023); Subsea7's extension of the Seven Viking contract through 2027 (with 2028 option) at improved market rates in 2025; Aker BP's post-Q3 2025 extensions for PSVs Viking Lady to end-February 2027 and Viking Prince to end-February 2026; delays to newbuild Viking Vigor delivery to Q3 2026 due to shipyard progression; and Q2-Q3 2025 financials showing record-high Q2 freight revenue (NOK 198.5 million, up 7% YoY), near-100% utilization, 38-43% EBITDA margins, NOK 0.30/share dividends, and renewables comprising 38% of backlog amid fleet investments in green technologies like LNG dual-fuel, battery hybrid and methanol readiness.