Eidesvik reports increase in profit as North Sea market improves

Reporting Q1 2026 results, Helga Cotgrove said the company “is seeing increased interest from charterers globally in securing tonnage longer term.”

Ms Cotgrove said Eidesvik is well-placed to benefit from improving market conditions “and will continue to prioritise operational excellence, financial discipline and safety.” 

Eidesvik’s chief executive said the company’s focus remains unchanged, pursuing disciplined growth and fleet renewal. “All investments will be carefully evaluated to ensure positive cash flow generation and alignment with the company’s long-term fleet strategy,” she said.

Ms Cotgrove said a reduction in revenue year-on-year in Q1 “reflects the weak PSV market at the start of the quarter, which was characterised by low utilisation and subdued rates.” 

Encouragingly, she said, market activity improved towards the end of the quarter, with March 2026 showing a clear uptick in utilisation and rates. This positive trend has continued into Q2. In the supply segment, utilisation was 93% in Q1 2026; in the subsea and offshore renewables segment, utilisation was 94%.

Despite the subdued market in Q1, Eidesvik reported a 41% increase in profit before taxes, even as revenues fell. In Q1, revenue and EBITDA were NKr185.2M and NKr57.7M, respectively, with revenue down NKr14M compared to Q1 2025. The EBITDA margin was 31%. The company’s operating result (EBIT) was NKr5.6M and result after taxes was NKr41.5M, compared to Nkr29.3M in Q1 2025.