“Moreld reports a strong start to 2025, driven by high activity across all business segments and close to full utilization of vessels and personnel. First quarter profit was also driven by the phasing of major projects and profit recognition on projects that were initiated in the previous quarter. In the first quarter, Ocean Installer extended the charter for the construction support vessel North Sea Giant until Q1 2027 (with an option to extend through Q4 2029),providing the company with capacity to take on more subsea installation work globally. Our operational and financial track-record coupled with a solid balance sheet, position us well for long-term growth and shareholder value creation,” said Geir Austigard, CEO of Moreld.
Guidance and outlook for 2025
Supported by a strong first quarter, the company increases its EBITDA guidance for 2025 fromthe range of NOK 0.9-1.1 billion to NOK 0.95-1.2 billion. Progressing into the second quarter, activity remains high and Moreld has a strong tender pipeline across all business segments, with decisions to be taken on key contracts in the remainder of the year.
While macroeconomic and geopolitical uncertainty has increased over recent months, the group has not yet seen any material direct impact on its business. With a solid financial foundation, a well-established presence in key offshore markets, and a strong commitment to safety and performance, Moreld is well-positioned to generate long-term value for stakeholders. Moreld remains committed to delivering financial stability and operational excellence.
Business and market highlights
- First quarter results: Revenues increased by 18 per cent to NOK 2.9 billion, with an adjusted EBITDA of NOK 428 million
- Order intake of NOK 1.3 billion brings the total contracted backlog to NOK 8.1 billion, of which NOK 5.1 billion for delivery in 2025
- High ongoing bid activity across all companies, with decision on major contracts expected in the remainder of 2025
- Ocean Installer, a subsidiary of Moreld AS, extended the charter of the construction support vessel North Sea Giant until Q1 2027, including a new18-month option through Q4 2029
- Robust balance sheet: Strong balance sheet with a cash balance of NOK 924 million at the end of the quarter, giving a leverage ratio of 0.3x
Corporate events
- Refinancing completed and USD 130 million senior secured bond issued, with a 5-year tenor and a 9.875% annual coupon. An application will be made for the bond to be listed on the Oslo Stock Exchange
- The lock-up period, which has applied to more than 60 per cent of Moreld’s share capital since the IPO, expires from 19th of June
- Moreld continues to advance the uplisting process to Euronext Oslo Børs, as communicated during the IPO
- Quarterly dividend of NOK 0.42 per share proposed with ex-dividend date planned for 21st of May and payout around 26th of May, pending approval at the annual general meeting to be held on the 20th of May
- The next quarterly dividend is expected to remain at the same level and is scheduled for August, in line with the company’s distribution policy
For more information, please contact
CEO Geir Austigard
Telephone: +47 99247 500
Email: Geir.austigard@moreld.com
CFO Trond Rosnes
Telephone: +47 40414 494
Email: Trond.rosnes@moreld.com
About Moreld
Moreld is an industrial multi-disciplinary engineering group offering full-scope services across the offshore energy and marine industries including subsea installations. The group comprises Moreld Apply, Ocean Installer and Global Maritime. Moreld is a major player on the Norwegian continental shelf with an international footprint. The group is located in 19 countries, giving access to all major offshore markets, and has over 3,000 employees and contractors. For more information, please visit https://moreld.com/.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
