The results reflect robust performance in a quarter with lower seasonal demand for subsea and marine operations in the North Sea and intercontinental transit of two vessels commencing on new projects in West Africa. For the full year, Moreld's proforma revenue was NOK 9.1 billion and adjusted EBITDA exceeded NOK 1 billion, which is in the upper range of the company’s guidance.
“We are pleased with our operational and financial performance in the quarter. We have seen robust activity levels with a particularly strong performance and contribution from our maintenance and modification projects. We have also strengthened our balance sheet significantly, following a successful IPO and debt reduction. This positions Moreld well for long-term growth and shareholder value creation,” said Geir Austigard, CEO of Moreld.
Guidance and outlook for 2025
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. The company reaffirms its EBITDA guidance for 2025 in the range of NOK 0.9 to 1.1 billion, reflecting confidence in its strategic direction and market positioning.
Business and market highlights
Fourth quarter results: Revenues of NOK 2.4 billion and adjusted EBITDA of NOK 128 million.
Full-year results: Revenues of NOK 9.1 billion and adjusted EBITDA of NOK 1,075 million (proforma excl. IFRS 16 and one-offs), which is in the upper range of guidance.
NOK 9.9 billion backlog: Contracted backlog with delivery in 2025 reached NOK7 billion, high tender activity expected over the coming quarters.
Robust balance sheet: Cash balance of NOK 1.5 billion and net interest-bearing debt of NOK 146 million at the end of the quarter.
International growth: Ocean Installer commenced major subsea projects in Western Africa, ensuring a broader geographical distribution of activities within the group.
Norwegian offshore market: The Norwegian Ministry of Energy awarded 53 new exploration and production licenses on the Norwegian Continental Shelf (NCS), supporting Moreld’s view of the long-term market potential in this region.
Corporate events
Successful IPO and listing: NOK 950 million raised in equity through Euronext Growth Oslo listing in December.
Debt reduction: USD 80 million of interest-bearing debt repaid post-IPO, taking net interest-bearing debt at year end to NOK 146 million and reducing leverage to 0.1x. An additional USD 35 million repaid after quarter-end.
Bond placement: USD 130 million senior secured bond issued in January2025, with a 5-year tenor and a 9.875% annual coupon, enabling capital redistributions.
Strategic divestment: Sale of Capnor completed in October,generating NOK 208 million in net proceed.
Report and presentation
Please find the presentation material and earnings report attached. The reporting material is also available at: https://www.moreld.com/investor-relations#reports
Moreld AS 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/20250214_6/
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 5-12of the Norwegian Securities Trading Act.
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