Half Year 2026 Eidesvik Offshore ASA Earnings Call

August 21, 2026

Helga Cotgrove: News of NOK 204 million in the quarter. This is slightly up compared to NOK 198 million for the same period last year. Our EBITDA was NOK 71 million, which is down from NOK 76 million in Q2 2025. The EBITDA margin was 35%. The decrease in EBITDA margin is due to an intermediate class renewal on Viking Energy and increased costs. Lars will provide further details on the financials. Consolidated backlog is around NOK 2.9 billion, down from NOK 3.4 billion last year due to several vessels coming to the end of their contract and the sale of Viking Reach. Equity ratio has increased to 59%, up from 58% since the year-end 2025. Our cash balance is NOK 339 million, flat from year-end 2025.

Speaker #1: News of NOC 204 million in the quarter, this is slightly up compared to 198 million for the same period last year. Our EBITDA was 71 million, which is down from 76 million in Q2 2025.

Speaker #1: The EBITDA margin was 35%. The decrease in EBITDA margin is due to an intermediary class renewal on Viking Energy, an increased cost. Lars will provide further details on the financials.

Speaker #1: Consolidated backlog is around 2.9 billion, down from 3.4 billion last year due to several vessels coming to the end of their contracts and the sale of Viking Reach.

Speaker #1: Equity ratio has increased to 59%, up from 58% since the year-end 2025. Our cash balance is NOC 339 million, flat from year-end 2025. It was a pleasure to be able to announce the renewal of a long-term frame agreement for platform supply vessel with Aker BP for an additional 4 years, together with the corresponding call-off for Viking Prince for 3 years.

Helga Cotgrove: It was a pleasure to be able to announce the renewal of a long-term frame agreement for platform supply vessels with Aker BP for an additional four years, together with the corresponding call-up for Viking Prince for three years. We are proud to continue our longstanding collaboration with Aker BP, and this award reflects the strong capabilities and performance delivered by the entire Eidesvik organization. In addition, Equinor declared its remaining options for Viking Avant till year end 2026. As a subsequent event to the quarter, we announced the sale of IMR vessel Viking Reach. The transaction is expected to complete in October 2026. We have owned the vessel together with Reach Subsea since 2023. Taking advantage of a strong market for secondhand tonnage, Eidesvik secures a substantial return on its investment.

Speaker #1: We're proud to continue our long-standing collaboration with Aker BP and this award reflects the strong capabilities and performance delivered by the entire EIDESVIK organization.

Speaker #1: In addition, Equinor declared its remaining options for Viking Avant, till year-end 2026. As a subsequent event to the quarter, we announced the sale of IMR vessel Viking Reach.

Speaker #1: The transaction is expected to complete in October 2026. We have owned the vessel together with Reach Subsea since 2023. Taking advantage of a strong market for secondhand tonnage, EIDESVIK secures a substantial return on its investment.

Speaker #1: The sale aligns with our strategic focus on fleet renewal and high grading of vessels, and confirms our ability to monetize investments in the right circumstance.

Helga Cotgrove: The sale aligns with our strategic focus on fleet renewal and high grading of vessels and confirms our ability to monetize investments in the right circumstance. Lars will provide some further financial details here. Total utilization was 95%. Subsea and renewable delivered to the max of 100%, same as Q2 2025. The PSVs was down to 92% compared to 96% in Q2 2025. The lower PSV utilization is due to Viking Energy having an intermediate class renewal and Viking Queen operating in the spot market. As mentioned last quarter, we had one LTI in Q2. We continue to focus on how we can improve and avoid further incidents. The collaboration project with Equinor involving retrofit of Viking Energy to be able to operate on ammonia is progressing well. For our new builds in Turkey, we estimate Q4 2026 and Q2 2027 delivery. Our contract backlog is around NOK 2.9 billion.

Speaker #1: Lars will provide some further financial details here. Total utilization was 95%. Subsea and renewable delivered to the max of 100%, same as Q2 2025.

Speaker #1: The PSVs was down to 92% compared to 96% in Q2 2025. The lower PSV utilization is due to Viking Energy having an intermediary class renewal and Viking Queen operating in the spot market.

Speaker #1: As mentioned last quarter, we had 1 LTI in Q2. We continue to focus on how we can improve and avoid further incidents. The collaboration project with Equinor involving Retrofit of Viking Energy to be able to operate on ammonia is progressing well.

Speaker #1: For our new builds in Turkey, we estimate Q4 2026 and Q2 2027 delivery. Our contract backlog is around 2.9 billion. This includes our share of the JV with Subsea 7.

Helga Cotgrove: This includes our share of the JV with Subsea 7. The backlog is lower than we have seen historically due to several vessels having come or coming off long-term contract engagements and the sale of Viking Reach. We are pursuing opportunities for the available vessels as our goal is long-term utilization. This slide reflects Viking Queen operating in the spot market and Viking Avant and Viking Princess coming available on the PSV side in 2026 and early 2027, and Viking Wind Power on the IMR renewable side. Even though the PSV spot market is taking some time to adjust, we are seeing movement in favor of vessel owners. Hence, based on the expected market development, we consider the availability of vessels in this period as favorable. The global energy landscape continued to be influenced by the geopolitical instability in the Middle East, reinforcing the importance of energy security.

Speaker #1: The backlog is lower than we have seen historically due to several vessels having come or coming up long-term contract engagements, and the sale of Viking Reach.

Speaker #1: We're pursuing opportunities for the available vessels, as our goal is long-term utilization. This slide reflects Viking Queen operating in the spot market and Viking Avant and Viking Princess coming available on the PSV side end 2026, early 2027, and Viking Wind Power on the IMR renewable side.

Speaker #1: Even though the PSV spot market is taking some time to adjust, we're seeing movement in favor of vessel owners, hence based on the expected market development, we consider the availability of vessels in this period as favorable.

Speaker #1: The global energy landscape continued to be influenced by the geographical instability in the Middle East. Reinforcing the importance of energy security. Combined with the need for reserve replacement, this favors offshore activity and therefore offshore vessel demand.

Helga Cotgrove: Combined with the need for reserve replacement, this favors offshore activity and therefore offshore vessel demand. The quarter has seen an increase in offshore drilling rig fixtures, supporting increased drilling activity into 2027 and 2028. The North Sea PSV spot market strengthened considerably in Q2. However, the supply and demand balance remains finely poised, the rates are sensitive to movement in just a couple of vessels. Moving into the autumn, there is an expectation that increased drilling activity and several vessels having forward commitments will favor owners. The outlook for the subsea market remains attractive. It is supported by strong underlying fundamentals, which are coupled with a record high subsea backlog for the main subsea suppliers. Market expectations of increased vessel availability resulting from the current new build program persist. However, the quarter saw several significant term contract awards indicating continued healthy demand for subsea tonnage.

Speaker #1: The quarter has seen an increase in offshore drilling rig fixtures, supporting increased drilling activity into 2027 and 2028. The North Sea PSV spot market strengthened considerably in Q2.

Speaker #1: However, the supply and demand balance remains finely poised, and the rates are sensitive to movement in just a couple of vessels. Moving into the autumn, there is an expectation that increased drilling activity and several vessels having forward commitments will favor owners.

Speaker #1: The outlook for the Subsea market remains attractive. It is supported by strong underlying fundamentals, which are coupled with a record-high Subsea backlog for the main Subsea suppliers.

Speaker #1: Market expectations of increased vessel availability resulting from the current new build program persist. However, the quarter saw several significant term contract awards, indicating continued healthy demand for Subsea tonnage.

Speaker #1: Activity for the main European players in the renewable market remains robust. And now to Lars for the financials.

Helga Cotgrove: Activity for the main European players in the renewable market remains robust. Now to Lars for the financials.

Speaker #2: Thank you, Helga. Please note all numbers are in Norwegian kroner. Revenue in the second quarter 2026 was 204 million compared to 198 million in the second quarter in 2025.

Lars Tufteland Engelsen: Thank you, Helga. Please note all numbers are in Norwegian krone. Revenue in the second quarter of 2026 was NOK 204 million compared to NOK 198 million in the second quarter in 2025. Revenue increased about 3% quarter on quarter, mainly due to improved day rates for the supply vessels in the quarter, but this is more than offset by increased expenses. EBITDA was NOK 71 million compared to NOK 76 million in the same quarter in 2025. Personnel expenses in the quarter increased compared to the same quarter in 2025, mainly driven by general salary increase, in addition to higher travel expenses and increased costs for expensive substitute personnel, mainly due to changes in operation area for some of the vessels. Other operating expenses increased by 12% quarter on quarter. The increase is mainly due to costs related to unplanned repairs needed for some of the vessels during the quarter.

Speaker #1: The outlook for the subsea market is positive. It is supported by strong underlying fundamentals, which are coupled with a record-high subsea backlog for the main subsea suppliers.

Helga Cotgrove: The outlook for the subsea market remains attractive. It is supported by strong underlying fundamentals, which are coupled with a record high subsea backlog for the main subsea suppliers. Market expectations of increased vessel availability resulting from the current newbuild program persist. However, the quarter saw several significant term contract awards indicating continued healthy demand for subsea tonnage. Activity for the main European players in the renewable market remains robust. Now to Lars for the financials.

Speaker #2: Revenue increased about 3% quarter on quarter, mainly due to improved day rates for the supply vessels in the quarter, but this is more than offset by increased expenses.

Speaker #1: Market expectations of increased vessel availability resulting from the current newbuild program persist. However, the quarters of several significant term contract awards indicate continued healthy demand for subsea tonnage.

Speaker #2: EBITDA was 71 million compared to 76 million in the same quarter in 2025. Personal expenses in the quarter increased compared to the same quarter in 2025, mainly driven by general salary increase in addition to higher travel expenses and increased costs for expensive substitute personnel mainly due to changes in operational area for some of the vessels.

Lars Tufteland Engelsen: Personnel expenses in the quarter increased compared to the same quarter in 2025, mainly driven by general salary increase, in addition to higher travel expenses and increased costs for expensive substitute personnel, mainly due to changes in operation area for some of the vessels. Other operating expenses increased by 12% quarter on quarter. The increase is mainly due to costs related to unplanned repairs needed for some of the vessels during the quarter.

Speaker #1: Activity for the main European players in the renewable market remains robust. And now, at last, to the financials.

Speaker #2: Thank you, Helga. Please note all numbers are in Norwegian kroner. Revenue in the second quarter of 2026 was NOK 204 million, compared to NOK 198 million in the second quarter of 2025.

Lars Tufteland Engelsen: Thank you, Helga. Please note all numbers are in Norwegian krone. Revenue in Q2 2026 was NOK 204 million, compared to NOK 198 million in Q2 2025. Revenue increased about 3% quarter-on-quarter, mainly due to improved day rates for the supply vessels in the quarter, but this is more than offset by increased expenses. EBITDA was NOK 71 million compared to NOK 76 million in the same quarter in 2025. Personal expenses in the quarter increased compared to the same quarter in 2025, mainly driven by general salary increase, in addition to higher travel expenses and increased costs for expensive substitute personnel, mainly due to changes in operation area for some of the vessels. Other operating expenses increased by 12% quarter-on-quarter. The increase is mainly due to costs related to unplanned repairs needed for some of the vessels during the quarter.

Speaker #2: Other operating expenses increased by 12% quarter on quarter, the increase is mainly due to costs related to unplanned repairs needed for some of the vessels during the quarter.

Speaker #2: Revenue increased about 3% quarter-on-quarter, mainly due to improved day rates for the supply vessels in the quarter, but this is more than offset by increased expenses.

Speaker #2: Compared to first quarter 2026, freight revenue increased around 19 million, mainly due to improved day rates. EBITDA increased 40 million, due to the increase in personal cost in second quarter.

Lars Tufteland Engelsen: Compared to first quarter of 2026, freight revenue increased around NOK 19 million, mainly due to improved day rates. EBITDA increased NOK 40 million due to the increase in personal cost in second quarter. Joint ventures had a profit of NOK 0.8 million compared to a loss of NOK 0.7 million in Q2 2025, mainly due to improved day rate. Operating result was NOK 26 million in the quarter, compared to NOK 29 million in the same quarter in 2025. Net financial items were -NOK 4.7 million compared to +NOK 0.9 million quarter on quarter. This is mainly due to a negative currency impact related to the loans in US dollar and euro. Pre-tax result in Q2 was NOK 21 million compared to NOK 30 million in second quarter 2025. For H1 2026, freight revenue decreased by 2% compared to the same period last year. This is mainly due to a weak spot market in Q1 this year.

Speaker #2: EBITDA was NOK 71 million, compared to NOK 76 million in the same quarter in 2025. Personnel expenses in the quarter increased compared to the same quarter in 2025, mainly driven by a general salary increase, in addition to higher travel expenses, and increased costs for expensive substitute personnel, mainly due to changes in operational area for some of the vessels.

Speaker #2: Joint ventures had a profit of 0.8 million compared to a loss of 0.7 million in Q2 2025, mainly due to improved day rate. Operating result was 26 million in the quarter compared to 29 million in the same quarter in 2025.

Lars Tufteland Engelsen: Operating result was NOK 26 million in the quarter, compared to NOK 29 million in the same quarter in 2025. Net financial items were -NOK 4.7 million compared to +NOK 0.9 million quarter on quarter. This is mainly due to a negative currency impact related to the loans in US dollar and euro. Pre-tax result in Q2 was NOK 21 million compared to NOK 30 million in second quarter 2025. For H1 2026, freight revenue decreased by 2% compared to the same period last year. This is mainly due to a weak spot market in Q1 this year.

Speaker #2: Other operating expenses increased by 12% quarter on quarter. The increase is mainly due to costs related to unplanned repairs, mainly for some of the vessels during the quarter.

Speaker #2: Net financial items were minus 4.7 million compared to positive 0.9 million quarter on quarter, this is mainly due to a negative currency impact related to the loans in US dollar and euro.

Speaker #2: Compared to the first quarter of 2026, freight revenue increased by around $19 million, mainly due to improved day rates. EBITDA increased by $40 million, due to the increase in personnel costs in the second quarter.

Speaker #2: Pre-tax result in Q2 was 21 million compared to 30 million in second quarter 2025. For first half 2026, freight revenue decreased by 2% compared to the same period last year.

Lars Tufteland Engelsen: Compared to Q1 2026, freight revenue increased around NOK 19 million, mainly due to improved day rates. EBITDA increased NOK 40 million due to the increase in personal cost in Q2. Joint ventures had a profit of NOK 0.8 million compared to a loss of NOK 0.7 million in Q2 2025, mainly due to improved day rate. Operating result was NOK 26 million in the quarter compared to NOK 29 million in the same quarter in 2025. Net financial items were -NOK 4.7 million compared to +NOK 0.9 million quarter-on-quarter. This is mainly due to a negative currency impact related to the loans in US dollar and euro. Pre-tax result in Q2 was NOK 21 million compared to NOK 30 million in Q2 2025. For H1 2026, freight revenue decreased by 2% compared to the same period last year.

Speaker #2: Joint ventures had a profit of NOK 0.8 million compared to a loss of NOK 0.7 million in Q2 2025, mainly due to improved day rates. Operating result was NOK 26 million in the quarter, compared to NOK 29 million in the same quarter in 2025.

Speaker #2: This is mainly due to a weak spot market in Q1 this year. EBITDA decreased by 13% prior eiding, and EBITDA margin of 33% compared to 37% for the same period last year.

Lars Tufteland Engelsen: EBITDA decreased by 13%, providing an EBITDA margin of 33% compared to 37% for the same period last year. The decrease is mainly due to the increase in cost, as already mentioned. If we take a look at our segments, we see in our supply segment, revenue quarter on quarter had an increase to NOK 112 million compared to NOK 106 million in Q2 2025. This is mainly due to improved day rates. EBITDA was on same level, but the EBITDA margin decreased from 38% to 36%. The utilization was 92% this quarter and 96% in Q2 2025. We own six vessels in this segment and in addition, have management of two. For subsea and renewables, revenue had a minor increase from NOK 104 million to NOK 106 million quarter on quarter. These numbers include our consolidated numbers plus 50% of revenue from the vessel 7E. EBITDA decreased from NOK 52 million to NOK 50 million.

Speaker #2: The decrease is mainly due to the increase in cost, as already mentioned. If we take a look at our segments, we see in our supply segment, revenue quarter on quarter had an increase to 112 million compared to 106 million in Q2 2025.

Speaker #2: Net financial items were minus NOK 4.7 million compared to positive NOK 0.9 million quarter on quarter. This is mainly due to a negative currency impact related to the loans in US dollars and EUR.

Speaker #2: Pre-tax result in Q2 was 21 million, compared to 30 million in the second quarter of 2025. For the first half of 2026, freight revenue decreased by 2% compared to the same period last year.

Speaker #2: This is mainly due to improved day rates. EBITDA was on same level, but the EBITDA margin decreased from 38% to 36%. The utilization was 92% this quarter, and 196% in Q2 2025.

Speaker #2: This is mainly due to a weak spot market in Q1 this year. EBITDA decreased by 13%, providing an EBITDA margin of 33%, compared to 37% for the same period last year.

Lars Tufteland Engelsen: The utilization was 92% this quarter and 96% in Q2 2025. We own six vessels in this segment and in addition, have management of two. For subsea and renewables, revenue had a minor increase from NOK 104 million to NOK 106 million quarter on quarter. These numbers include our consolidated numbers plus 50% of revenue from the vessel 7E. EBITDA decreased from NOK 52 million to NOK 50 million.

Lars Tufteland Engelsen: This is mainly due to a weak spot market in Q1 this year. EBITDA decreased by 13%, providing an EBITDA margin of 33% compared to 37% for the same period last year. The decrease is mainly due to the increase in cost, as already mentioned. If we take a look at our segments, we see in our supply segment revenue quarter-on-quarter had an increase to NOK 112 million compared to NOK 106 million in Q2 2025. This is mainly due to improved day rates. EBITDA was on same level, but the EBITDA margin decreased from 38% to 36%. The utilization was 92% this quarter and 96% in Q2 2025. We own six vessels in this segment and in addition have management of two. For subsea and renewables, revenue had a minor increase from NOK 104 million to NOK 106 million quarter-on-quarter.

Speaker #2: We own 6 vessels in this segment, and in addition have a management of 2. For Subsea and renewables, revenue had a minor increase from 104 million to 106 million quarter on quarter.

Speaker #2: The decrease is mainly due to the increase in costs, as already mentioned. If we take a look at our segments, we see in our supply segment, revenue quarter-on-quarter had an increase to NOK 112 million compared to NOK 106 million in Q2 2025.

Speaker #2: These numbers include our consolidated numbers plus 50% of revenue from the vessel Seven Weeking. EBITDA decreased from 52 million to 50 million. EBITDA margin is 47%, which is a decrease from 50% in second quarter 2025.

Speaker #2: This is mainly due to improved day rates. EBITDA was at the same level, but the EBITDA margin decreased from 38% to 36%. Utilization was 92% this quarter, and 96% in Q2 2025.

Lars Tufteland Engelsen: EBITDA margin is 47%, which is a decrease from 50% in Q2 2025. The utilization was 100%, the same as in Q2 2025. We only operate on four vessels in this segment and have two under management. Our fixed assets are on the same level as year end 2025. Both newbuilds are treated as assets under constructions. The equity percentage is 59%, a minor increase compared to year end. This reflects our solid balance sheet. Net interest bearing debt by the end of the quarter was NOK 920 million compared to NOK 967 million at year end last year. The decrease is mainly due to payment of installments and a positive currency effect on the loans in EUR and USD. Net interest-bearing debt over adjusted EBITDA the last 12 months is 3.1.

Speaker #2: The utilization was 100%, the same as in Q2 2025. We hopefully are partly on 4 vessels in this segment and have 2 under management.

Speaker #2: We have six vessels in this segment, and in addition, we manage two more. For subsea and renewables, revenue saw a minor increase from NOK 104 million to NOK 106 million quarter on quarter.

Speaker #2: Our fixed assets are on the same level as year-end 2025. Both new builds are treated as asset under construction. The equity percentage is 59%, a minor increase compared to year-end.

Speaker #2: These numbers include our consolidated figures plus 50% of the revenue from the vessel Seven Viking. EBITDA decreased from 52 million to 50 million. EBITDA margin is 47%, which is a decrease from 50% in the second quarter of 2025.

Speaker #2: This reflects our solid balance sheet. Net interest-bearing debt by the end of the quarter was 920 million compared to 967 million at year-end last year.

Lars Tufteland Engelsen: These numbers include our consolidated numbers plus 50% of revenue from the vessel Seven Viking. EBITDA decreased from NOK 52 million to NOK 50 million. EBITDA margin is 47%, which is a decrease from 50% in Q2 2025. The utilization was 100%, the same as in Q2 2025. We only partly own four vessels in this segment and have two under management. Our fixed assets are on the same level as year end 2025. Both newbuilds are treated as assets under construction. The equity percentage is 59%, a minor increase compared to year end. This reflects our solid balance sheet. Net interest-bearing debt by the end of the quarter was NOK 920 million compared to NOK 967 million at year end last year. The decrease is mainly due to payment of installments and a positive currency effect on the loans in EUR and USD.

Speaker #2: The decrease is mainly due to payment of installments and a positive currency effect on the loans in euro and US dollars. Net interest-bearing debt over adjusted EBITDA the last 12 months is 3.1.

Speaker #2: The utilization was 100%, the same as in Q2 2025. We are currently partly on four vessels in this segment and have two under management.

Speaker #2: Our fixed assets are at the same level as at year-end 2025. Both new builds are treated as assets under construction. The equity percentage is 59%, a minor increase compared to year-end.

Speaker #2: We are seeing an increase in cash flow from operating activities for the first half of 2026 compared to the same period in 2025. From 114 million to 139 million.

Lars Tufteland Engelsen: We are seeing an increase in cash flow from operating activities for H1 2026 compared to the same period in 2025, from NOK 114 million to NOK 139 million. This is mainly driven by net received funds towards ammonia project of NOK 46 million during the period, offset by periodic movement in working capital. On the investment side, spending is mainly due to investment in the newbuilds. Cash flow from finance is mainly due to payment of installments, interest, and dividends, offset by new debt related to the newbuilds. Cash balance at the end of the period is about NOK 339 million and NOK 99 million of this is restricted. Now back to Helga for some closing remarks.

Speaker #2: This reflects our solid balance sheet. Net interest-bearing debt at the end of the quarter was NOK 920 million, compared to NOK 967 million at year-end last year.

Speaker #2: This is mainly driven by net received funds towards ammonia project of NOC 46 million during the period of offset by periodic movement in working capital.

Speaker #2: The decrease is mainly due to payment of installments and a positive currency effect on the loans in EUR and US dollars. Net interest-bearing debt over adjusted EBITDA for the last twelve months is 3.1.

Speaker #2: On the investment side, spending is mainly due to investment in the new builds. Cash flow from finance is mainly due to payment of installments interest and dividends.

Speaker #2: Offset by new debt related to the new builds. Cash balance at the end of the period is about 339 million, and 99 million of this is restricted.

Speaker #2: We are seeing an increase in cash flow from operating activities for the period of $46 million, offset by periodic movement in working capital.

Lars Tufteland Engelsen: Net interest-bearing debt over adjusted EBITDA the last 12 months is 3.1. We are seeing an increase in cash flow from operating activities for NOK 46 million during the period, offset by periodic movement in working capital. On the investment side, spending is mainly due to investment in the newbuilds. Cash flow from finance is mainly due to payment of installments, interest, and dividends offset by new debt related to the newbuilds. Cash balance at the end of the period is about NOK 339 million, and NOK 99 million of this is restricted. Now back to Helga for some closing remarks.

Speaker #2: And now back to Helga for some closing remarks.

Speaker #1: Thank you, Lars. So just to highlight the quarter, the quarter was impacted by improved utilization in the PSV spot market. We had 100% uptime in Subsea.

Helga Cotgrove: Thank you, Lars. The quarter was impacted by improved utilization in the PSV spot market. We had 100% uptime in subsea. We saw improved day rates for the PSV fleet, and we have available tonnage in an improving market. Our focus is still on growth, but it needs to come with a sufficient return. Then over to Q&A.

Speaker #2: On the investment side, spending is mainly due to investment in the new builds. Cash flow from financing is mainly due to payment of installment interest and dividends.

Speaker #1: We saw improved day rates for the PSV fleet. And we have available tonnage. In an improving market. Our focus is still on growth, but it needs to come with a sufficient return.

Speaker #2: Offset by new debt related to the new builds. Cash balance at the end of the period is about $339 million, and $99 million of this is restricted.

Speaker #2: And now, back to Helga for some closing remarks.

Speaker #1: Then over to Q&A.

Speaker #3: Yes. With the operating expenses increasing around 9% year on year, how much of the increase would you consider temporary? And how much should we expect as a normalized cost level going in the second half?

[Analyst]: With the operating expenses increasing around 9% year-on-year, how much of the increase would you consider temporary, and how much should we expect as a normalized cost level going in the H2?

Speaker #1: Thank you, Lars. So just to highlight the quarter: the quarter was impacted by improved utilization in the PSV spot market. We had 100% uptime in Subsea, we saw improved day rates for the PSV fleet, and we have available tonnage.

Helga Cotgrove: Thank you, Lars. Just to highlight the quarter. The quarter was impacted by improved utilization in the PSV spot market. We had 100% uptime in subsea. We saw improved day rates for the PSV fleet, and we have available tonnage in an improving market. Our focus is still on growth, but it needs to come with a sufficient return. Over to Q&A.

Speaker #2: Well, I can answer that, Helga. 9% is, of course, high. And we expect that this will normalize during the second course, like general salary increase, we'll, of course, affect the personal expenses.

Lars Tufteland Engelsen: Well, I can answer that, Helga. 9% is of course high and we expect that this will normalize during the H2. But of course, like general salary increase will of course affect the personal expenses, and this is also the main part of our expenses.

Speaker #1: In an improving market, our focus is still on growth, but it needs to come with a sufficient return. Then, over to Q&A.

Speaker #3: With the operating expenses increasing around 9% year on year, how much of the increase would you consider temporary, and how much should we expect as a normalized cost level going into the second half?

[Company Representative] (Storting): With the operating expenses increasing around 9% year-on-year, how much of the increase would you consider temporary, and how much should we expect as a normalized cost level going in the H2?

Speaker #2: Well, I can answer that. Helga, 9% is, of course, high, and we expect that this will normalize during the second half. But, of course, a general salary increase will, of course, affect the personnel expenses.

Lars Tufteland Engelsen: Well, I can answer that, Helge. 9% is of course high, and we expect that this will normalize during the H2. But of course, general salary increase will affect the personal expenses, and this is also the main part of our expenses.

Lars Tufteland Engelsen: Well, I can answer that, Helga. 9% is of course high, and we expect that this will normalize during the H2. But of course, general salary increase will affect the personal expenses, and this is also the main part of our expenses.

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Half Year 2026 Eidesvik Offshore ASA Earnings Call

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