Moreld (MORLD) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached 2,594 million NOK, with EBITDA excl. IFRS 16 at 369 million NOK and strong cash generation.

• Ocean Installer acquisition completed in June, expanding service range and contributing to Q3 results.

• Capnor divestment post-quarter added 208 million NOK to cash balance; Ross Offshore divested in June.

• Group is evaluating a potential listing on Euronext Growth Oslo and an equity raise to repay up to 90 million USD of debt.

• Achieved excellent safety performance with 180,550 offshore hours on Gullfaks A without incidents.

Financial highlights

• Q3 net profit was 114 million NOK; operating result at 296 million NOK; net financial expenses 118 million NOK, mainly from interest on new Senior Secured Notes.

• Cash flow from operations in Q3 was 919 million NOK; cash balance at quarter-end was 1,223 million NOK.

• Order backlog at Q3 end was 10.1 billion NOK, with 5.7 billion NOK expected to be delivered in 2025.

• Proforma YTD 2024 revenue was 6,709 million NOK; proforma EBITDA excl. IFRS 16 was 904 million NOK.

• Net interest-bearing debt reduced to 1.1 billion NOK from 1.6 billion NOK in Q2.

Outlook and guidance

• On track to achieve full-year proforma EBITDA excl. IFRS 16 of 1–1.1 billion NOK for 2024.

• Solid order backlog and favorable market conditions support a strong outlook.

• High activity in oil and gas expected to continue, but winter season will see lower offshore activity in the North Sea.

• Focus remains on cash generation, capital structure optimization, and sustainable growth into 2025.