"The strategic importance of the quarter is not only evidenced by the Q2earnings recovery. The significant de-risking of revenues and activity levelsgoing forward is also worth highlighting. Strong order intake and severalstrategically important contract awards improved the Group's backlog andrevenue visibility for 2027 and beyond," says CEO Geir Austigard.
Supported by a robust balance sheet and solid cash position, the board ofdirectors reconfirmed the ambition to maintain predictable quarterly dividendsand approved a dividend of NOK 0.50 per share for distribution in August.
Highlights:
* Momentum restored with revenue of NOK 2.5 billion and adjusted EBITDA of NOK 329 million, supported by the execution of several large projects and the return to normal offshore operations
* For the first half of 2026, revenue was NOK 3.9 billion and adjusted EBITDA was NOK 236 million, down from the corresponding period in 2025, primarily reflecting lower activity in the first quarter of 2026
* Order intake of NOK 4.6 billion driven by several strategic contract awards to Ocean Installer, bringing the total backlog to NOK 8.4 million at quarter-end
* After quarter-end, Ocean Installer secured a large Equinor contract for four subsea tie-backs on the NCS, bringing total backlog close to NOK 10 billion, further strengthening revenue visibility for 2027 and 2028
* Balance sheet remains solid with a cash balance of NOK 1.1 billion at the end of the quarter and a leverage ratio of 0.3x
Profit distribution to shareholders
* Dividend of NOK 0.50 per share distributed in May
* A further NOK 0.50 per share dividend was approved by the board for distribution in August
Report and presentation
The reporting material is also available at: https://www.moreld.com/investor-relations#reports
CEO Geir Austigard and CFO Trond Rosnes will present the results at 10:00 amCEST, followed by a Q&A session. Please use the following link to join the webcast: https://qcnl.tv/p/bjZ7UiVfr7GpIz6PRmrZUA
