Viking Supply Ships (VSSAB) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose to MSEK 212 from MSEK 101 year-over-year, driven by more vessels in operation and higher utilization.

• EBITDA for Q3 reached MSEK 105 (34), and profit after tax was MSEK 45 (-5) compared to the same quarter last year.

• Year-to-date revenue was MSEK 585 (301), EBITDA MSEK 266 (105), and profit after tax MSEK 202 (-2).

• Management of six AHTS vessels was outsourced to Sea1, expected to yield significant cost savings.

• The PSV and Ship Management segments are now classified as discontinued operations; the Group focuses on Ice-classed AHTS and Services.

Financial highlights

• Q3 net sales: MSEK 212 (101); EBITDA: MSEK 105 (34); profit after tax: MSEK 45 (-5).

• Year-to-date net sales: MSEK 585 (301); EBITDA: MSEK 266 (105); profit after tax: MSEK 202 (-2).

• Q3 earnings per share: SEK 3.4 (-0.4); year-to-date: SEK 15.4 (-0.1).

• Capital gain of MSEK 97 from sale of PSV vessels in Q1 2024.

• Restructuring costs of MSEK 13 related to outsourcing ship management.

Outlook and guidance

• North Sea AHTS market expected to remain volatile in Q4, with short periods of rate uplift.

• Anticipated increased demand outside the North Sea due to global rig activity, FPSO projects, and floating wind support.

• Opportunities seen for high ice-classed AHTS fleet as governmental icebreaker fleets age.