"We delivered another strong quarter, driven by excellent project execution inOcean Installer, demonstrating the earnings potential in our subsea business.Combined with a strong backlog, low net debt and improved visibility into 2027and beyond, this gives us confidence to raise our full-year guidance whilecontinuing to return capital to shareholders," says CEO Geir Austigard.
Supported by a strong 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 November. Inaddition, the board approved a new share buyback programme of up to 5 millionshares, with the purpose of reducing the company's share capital.
Highlights:
- Strong third quarter with revenue of NOK 2.2 billion and adjusted EBITDA of NOK 376 million, representing a 17 per cent margin, supported by strong execution and project milestones
- Highest quarterly adjusted EBITDA margin since listing, driven by exceptional execution in Ocean Installer, while Moreld Apply continues to reposition for future opportunities
- Organisation and cost base continue to be adjusted to current activity levels
- Pursuing new project awards and opportunities across core and adjacent markets
- Order intake of approximately NOK 1.8 billion in the quarter strengthens Ocean Installer's position in key subsea growth markets
- Order backlog was NOK 8.1 billion at quarter-end, providing improved visibility into 2027 and beyond* Balance sheet remains strong with a cash balance of NOK 1.2 billion and a leverage ratio of 0.1x at the end of the quarter
- Full-year 2026 EBITDA guidance raised from NOK 0.7-0.9 billion to NOK 0.85-1.0 billion, reflecting strong year-to-date performance and improved visibility entering the fourth quarter
Profit distribution to shareholders
- Dividend of NOK 0.50 per share distributed in August
- A further NOK 0.50 per share dividend approved by the board for distribution in November
- New share buyback programme of up to 5 million shares, representing approximately 2.8 per cent of outstanding shares and a maximum consideration of NOK 100 million, approved with the purpose of reducing the company's share capital
Report and presentation
The reporting material is available here
Please use the following link to watch the webcast: https://qcnl.tv/p/CxD6bcwTGYjOeYT0FZGWQA
