For the first nine months of the year, revenues totaled NOK 7.6 billion,corresponding to a year on year increase of 14 per cent, driven by the execution of several large subsea projects and increased activity onmaintenance contracts.
"After a busy first half of the year with the conclusion of several largesubsea projects, the third quarter was characterized by high bidding activity,execution of smaller projects, as well as early-phase engineering and preparation for major projects scheduled for 2026. During the quarter, OceanInstaller successfully executed two subsea projects, and Moreld Apply delivered 23 per cent top line growth year on year, driven by high activity on major maintenance and modification contracts. Commercial activity remains high, with large tenders submitted and attractive prospects in the pipeline,"said Geir Austigard, CEO of Moreld.
Guidance and outlook for 2025
Moreld entered the final quarter of 2025 with robust activity levels across its business areas, although lower than in the first half of the year as fewer large offshore projects are in the execution phase.
Halfway into Q4 2025, the full-year EBITDA guidance of NOK 1.0 - 1.2 billion is reiterated. Short duration projects and vessel chartering to the spot market may have a positive impact on the full-year results.
Moreld continues to focus on both near-term offshore work and longer-term opportunities in renewables and onshore markets. The company maintains a strong tender pipeline, with decisions on key contract awards expected in the coming months.
Business and market highlights
- Revenue ended at close to NOK 2.1 billion, as a result of lower activity in large subsea projects and a larger share of spot work
- Adjusted EBITDA result was NOK 178 million, representing an EBITDA margin of 8.6 per cent, reflecting a continued high share of pass-through revenue and lower gross margin contribution due to project mix
- Order intake of NOK 629 million brings the total contracted backlog to NOK 5.7 billion, of which NOK 1.5 billion for delivery in 2025
- High commercial activity with large tenders submitted and attractive prospects in the pipeline
- Contract with Vår Energi awarded in November for project management, engineering and flexible product supply, marking a significant milestone in Ocean Installer's strategic partnership
- Vessel capacity and options secured to unlock multibillion project opportunities in the tender pipeline
- Robust balance sheet: Strong balance sheet with a cash balance of NOK 985 million at the end of the quarter, giving a leverage ratio of 0.3x
The reporting material is available at: https://www.moreld.com/investor-relations#reports
Moreld will hold a conference call at 08:30 CET 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/20251114_2/
