Jacktel sees opportunities ahead in tightening accommodation market  

Announcing Q1 2026 results, the company said it has firm EBITDA backlog of approximately US$58M as of the end of Q1, and US$82M including options. In Q1 2026, the company had revenue of US$15.9M and EBITDA of US$8.8M. Net profit came in at US$2.3M.

The company said the offshore accommodation market continues to tighten, and it sees several opportunities for building profitable backlog from 2028 and beyond. In addition to opportunities in the oil and gas sector, Jacktel sees opportunities for long-term deployment in the offshore wind market. “The wind market is expected to demand high quality vessels which have traditionally served the oil and gas market, thereby reducing available supply further,” said Jacktel in a presentation about its Q1 results.

Illustrating its point, Macro Offshore, the manager of Haven, announced in November 2025 that it had been awarded a 10-year (six years firm plus four option years) contract with Siemens Energy for various offshore wind projects in the North Sea. 

“Jacktel is optimistic regarding contract opportunities from 2028 onwards and is pursuing opportunities in the North Sea,” said the company. “Recent awards of accommodation contracts to drilling jack-ups such as Noble Interceptor and West Elara show the strength of the market, and oil and gas companies’ preference for jack-up accommodation units, which provide superior gangway connection.”

The company said the war in Iran “has put energy security back on the agenda in Europe… proven by the Norwegian government awarding new acreage for oil and gas exploration.” It noted that there is increased focus from the Norwegian regulator on the longevity and maintenance of oil and gas installations on the NCS, which is expected to further fuel demand for additional accommodation capacity.

The company also noted that continued focus on minimizing the CO2 footprint of operations favours vessels such as jack-ups that do not use propulsion for station-keeping, and that increasing P&A/ decommissioning activity will positively impact demand for accommodation/service rigs. Jacktel also highlighted the fact that Brazilian operators continue to absorb accommodation capacity, reducing available supply in the North Sea.

Declaring a dividend of US$0.025 per share, Jacktel chairman Harald Thorstein said, “The success of our listing on Euronext Growth was an important milestone for Jacktel. We believe we are well positioned to continue to create value for our shareholders going forward. 

“With a solid backlog and strong operations, Jacktel will continue to pay dividends while paying US$10M in annual debt amortization. When the debt has been reduced from current US$65M to around US$50M, a debt structure with significantly reduced amortization will be considered. This will further increase our dividend capacity.”