Viking Supply Ships (VSSAB) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was MSEK 147, down from MSEK 159 in Q1 2024, mainly due to weaker market, inflation-driven cost increases, and lower utilization.

• EBITDA for continuing operations was MSEK 38, compared to MSEK 62 in Q1 2024.

• Profit after tax was MSEK -24, versus MSEK 106 in Q1 2024, which included a MSEK 97 capital gain from the sale of two PSVs.

• Average fixture rate increased to USD 55,800 (from USD 44,400), but average utilization dropped to 50% (from 65%).

• A multi-well project for three AHTS vessels in Australia commenced, with an estimated 570–1000 vessel days.

Financial highlights

• Net sales: MSEK 147 (Q1 2024: 159).

• EBITDA: MSEK 38 (Q1 2024: 62).

• Profit after tax: MSEK -24 (Q1 2024: 106).

• Earnings per share: SEK -1.8 (Q1 2024: 8.1).

• Return on equity: -4.5% (Q1 2024: 21.4%).

Outlook and guidance

• North Sea AHTS market expected to gain momentum in coming months, but with high spot market volatility.

• UK sector semi-rig count is a concern, but Norwegian sector may offset UK decline.

• Semi-rig activity in Australia to temporarily decrease in 2025, potentially increasing vessel supply and regional rate pressure.

• Largest demand for drilling units anticipated in South America and Africa.

• Tight supply in certain vessel segments expected to continue due to limited newbuild deliveries.