Stavanger, 13 August 2026: In the second quarter, Moreld delivered revenues of NOK 2.5 billion and an adjusted EBITDA result of NOK 329 million. The second quarter confirms the significant increase in revenues and return to profit which was clearly communicated after the first quarter. Operational and financial performance was marked by excellent execution of several large projects and the return to normal offshore operations. The full-year EBITDA guidance of NOK 0.7-0.9 billion is reiterated.
"The strategic importance of the quarter is not only evidenced by the Q2 earnings recovery. The significant de-risking of revenues and activity levels going forward is also worth highlighting. Strong order intake and several strategically important contract awards improved the Group's backlog and revenue visibility for 2027 and beyond," says CEO Geir Austigard.
Supported by a robust balance sheet and solid cash position, the board of directors reconfirmed the ambition to maintain predictable quarterly dividends and approved a dividend of NOK 0.50 per share for distribution in August.
Highlights
* Momentum restored with revenue of NOK 2.5 billion and adjusted EBITDA of NOK 329 million, supported by the execution of several large projects and the return to normal offshore operations
* For the first half of 2026, revenue was NOK 3.9 billion and adjusted EBITDA was NOK 236 million, down from the corresponding period in 2025, primarily reflecting lower activity in the first quarter of 2026
* Order intake of NOK 4.6 billion driven by several strategic contract awards to Ocean Installer, bringing the total backlog to NOK 8.4 million at
quarter-end
* After quarter-end, Ocean Installer secured a large Equinor contract for four subsea tie-backs on the NCS, bringing total backlog close to NOK 10 billion, further strengthening revenue visibility for 2027 and 2028
* Balance sheet remains solid with a cash balance of NOK 1.1 billion at the end of the quarter and a leverage ratio of 0.3x
Profit distribution to shareholders
* Dividend of NOK 0.50 per share distributed in May
* A further NOK 0.50 per share dividend was approved by the board for distribution in August
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
CEO Geir Austigard and CFO Trond Rosnes will present the results at 10:00 am CEST, followed by a Q&A session. Please use the following link to join the
webcast: https://qcnl.tv/p/bjZ7UiVfr7GpIz6PRmrZUA
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 5-12 of the Norwegian Securities Trading Act.