For the first six months of the year, revenues totaled NOK 5.5 billion, corresponding to a year-over-year increase of 35 per cent, driven by the execution of several large subsea projects and increased activity on maintenance contracts.
“During the quarter, two large subsea installation projects were successfully concluded by Ocean Installer, and Moreld Apply delivered over 30 per cent top line growth driven by high activity on major maintenance and modification contracts. Tender activity across the subsidiaries remains at record levels, underpinned by strong offshore energy markets,” said Geir Austigard, CEO of Moreld.
Guidance and outlook for 2025
Following a strong first half of 2025, Moreld increases its EBITDA guidance for 2025 from NOK 0.95 - 1.2 billion to NOK 1.0 – 1.2 billion. Moreld enters the second half of 2025 with high activity levels in all its business areas, and sees strong demand for its services, particularly on the Norwegian Continental Shelf (NCS).
Moreld remains well positioned to capitalize on both near-term offshore activity and emerging longer-term opportunities also within renewables and the onshore market. Moreld has a strong tender pipeline, with decisions expected to be taken on key contract awards in the remainder of 2025.
Business and market highlights
- Second quarter results: Revenue increased by 6 per cent to NOK 2.7 billion, with an adjusted EBITDA of NOK 363 million. The EBITDA margin of 13.6 per cent was positively influenced by the timing of project milestones, although partially offset by a higher proportion of pass-through revenue and project mix
- Order intake of NOK 1.5 billion brings the total contracted backlog to NOK 7.2 billion, of which NOK 3.2 billion for delivery in 2025
- All time high tender pipeline across all three subsidiaries with further awards expected in next quarters
- Significant contract awarded to Ocean Installer for the Balder phase IV development
- Robust balance sheet: Strong balance sheet with a cash balance of NOK 945 million at the end of the quarter, giving a leverage ratio of 0.3x
Corporate events
- The uplisting of Moreld ASA’s shares and senior secured bond to Euronext Oslo Børs completed
- Quarterly dividend of NOK 0.42 per share distributed in May
- Additional dividend of NOK 0.42 per share approved to be paid in August
- Share buy-back program launched after quarter-end, enabling the company to meet its obligations under any applicable employee share incentive program implemented and/or to repurchase shares for amortization
Report and presentation
The reporting material is also available at: https://www.moreld.com/investor-relations#reports
Moreld will hold a conference call at 08:30 CEST today followed by a Q&A hosted by CEO Geir Austigard and CFO Trond Rosnes.
Participants are welcome to join the event at SpareBank 1 Markets in Olav V's gate 5 in Oslo, or to follow the event via webcast.
Please use the following link to view the webcast:
https://channel.royalcast.com/landingpage/hegnarmedia/20250814_4/
For more information, please contact
CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com
CFO Trond Rosnes
Telephone: +47 404 14 494
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 2,800 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.
