olivLaw · European equity research
Eidesvik Offshore ASA EIOF.OL
Norway · Euronext Oslo Børs · ISIN NO0010263023 · Vertical: Listed companies from Norway
Eidesvik Offshore ASA is a Norwegian operator of platform supply and offshore support vessels, active mainly in the PSV and subsea and offshore renewables segments. At the end of 2025 the group operated thirteen vessels, ten of them wholly or partly owned, and it is now investing in lower-emission ships, including an ammonia fuel project. The PSV market has been under pressure from oversupply, while subsea and renewables demand remained solid.
At the close of 06 Nov 2026, Eidesvik Offshore ASA (EIOF.OL) stock was 17.35 NOK (+0.29% on the day), with market capitalisation 1.3 bn NOK, P/E 19.1 on diluted EPS of 0.91 NOK over the last 12 months, beta 0.10, 52-week range 12.25–17.90 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 16.93 – 17.68
- in the upper half of the band · %B 0.56 · band width 4.3%
- SMA 50 / 200
- 17.26 / 15.81
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.3% | −0.6% | +0.4 pp | — |
| 3 months | +9.1% | −4.2% | +13.3 pp | — |
| 6 months | +0.9% | +4.3% | −3.5 pp | — |
| Year to date | +37.2% | +7.5% | +29.6 pp | — |
| 1 year | +35.5% | +9.9% | +25.6 pp | −5.7% |
| 3 years | +21.3% | +49.8% | −28.5 pp | +15.0% |
| 5 years | +273.1% | +42.8% | +230.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 2.0, median 11.8, max 13.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 514.7 m | 82.7 m | 66.4 m |
| Net income YoY | unavailable | −83.9% | −19.7% |
| Diluted EPS | 7.05 | 1.13 | 0.91 |
| Diluted EPS YoY | unavailable | −84.0% | −19.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -137.3 m | -211.4 m | -625.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 340.5 m NOK
- Financial debt
- 1.2 bn NOK
- Net debt
- 906.8 m NOK
- Equity
- 2.1 bn NOK
- Total assets
- 3.7 bn NOK
- Debt / equity
- 0.58x
- Current ratio
- 1.67x
- ROE
- 3.4%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 577.2 m | 124.3 m | 102.1 m | esef· 21 Oct 2026verified |
| Interest expense | 75.3 m | 30.8 m | 18.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | 533.2 m | 106.0 m | 109.3 m | esef· 21 Oct 2026verified |
| Income tax | -11.0 k | 2.3 m | -2.3 m | esef· 21 Oct 2026verified |
| Net income | 514.7 m | 82.7 m | 66.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 7.05 | 1.13 | 0.91 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 498.8 m | 395.8 m | 340.5 m | esef· 21 Oct 2026verified |
| Current assets | 785.5 m | 621.6 m | 617.7 m | esef· 21 Oct 2026verified |
| Total assets | 2.7 bn | 2.9 bn | 3.7 bn | esef· 21 Oct 2026verified |
| Short-term debt | 123.5 m | 126.0 m | 124.6 m | esef· 21 Oct 2026verified |
| Long-term debt | 678.4 m | 698.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Current liabilities | 352.2 m | 346.5 m | 369.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.1 bn | 1.1 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Equity | 1.6 bn | 1.8 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 73.0 m | 73.2 m | 73.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 251.3 m | 368.7 m | 296.3 m | esef· 21 Oct 2026verified |
| Capex | 388.6 m | 580.1 m | 921.9 m | esef· 21 Oct 2026verified |
| Free cash flow | -137.3 m ≈ | -211.4 m ≈ | -625.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -172.6 m | -531.1 m | -921.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | -236.8 m | 56.4 m | 566.3 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn NOK
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.2% | 30 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -942.1% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.5x | 62 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.7x | 73 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 19.1x | 55 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -49.4% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation31/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EIDESVIK OFFSHORE ASA (EIOF.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.2%.
The estimated value range is 8.33–28.75 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.98 NOK, the price of 17.35 NOK leaves a potential of 3.6% (value / price − 1) and a margin of safety of 3.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- FCF conversion: -942.1%
- FCF yield: -49.4%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for EIOF.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Eidesvik Offshore ASA is a Norwegian operator of platform supply and offshore support vessels, active mainly in the PSV and subsea and offshore renewables segments. At the end of 2025 the group operated thirteen vessels, ten of them wholly or partly owned, and it is now investing in lower-emission ships, including an ammonia fuel project. The PSV market has been under pressure from oversupply, while subsea and renewables demand remained solid.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Exposure to the PSV markethigh
Revenue depends largely on PSV utilisation and rates, and North Sea oversupply could reduce available contracts 1.
- Newbuild construction riskmedium
The new Construction Support Vessel is being built at a Turkish yard and is due to start its charter, so delays could postpone expected revenue 1.
- Apollo project riskmedium
Converting Viking Energy to ammonia fuel is a complex technical project, and execution difficulties could affect budget and timing 1.
- Cost pressuremedium
Inflation and long supply-chain lead times raised operating costs, and margins could suffer if rates do not follow 1.
- Ownership concentrationlow
The majority shareholder, through Eidesvik Invest AS, controls the company, and its interests may differ from those of minority shareholders 1.
Investment thesis
What would need to be true (bull case)
- If demand in subsea and renewables keeps growing, the long-term charter portfolio could support revenue 1.
- Early positioning in lower-emission vessels, including the ammonia project, could offer a competitive edge as clients seek greener solutions 1.
- If PSV oversupply eases, vessel utilisation could recover, especially if regional demand becomes more balanced 1.
What would break the thesis
- If PSV oversupply persists, rates and utilisation could remain weak for an extended period 1.
- Inflation and supply-chain costs could erode margins if rates do not adjust sufficiently 1.
- Newbuild and conversion projects, including Apollo, carry execution risks that could lead to delays and extra costs 1.
What to watch
- Utilisation and rate trends for PSV vessels in the spot market and in the North SeaQ1 2027
- Delivery of the new Construction Support Vessel NB 76 and the start of its Reach Subsea charter2027
- Progress of the Apollo project and completion of the Viking Energy ammonia conversionnext 10-K
- Proposed dividend based on 2025 results and the board's dividend authorisation2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Eidesvik focuses on platform supply vessels (PSV), subsea operations and offshore renewables vessels, and its strategy aims at selective vessel additions to the PSV fleet, an IMR fleet with dual-use capabilities and growth based on long-term partnerships 1. At the end of 2025 the group operated thirteen vessels, with ten wholly or partly owned by the group and three under management 1. Headquarters are in Langevåg at Bømlo, and the shipping business is organised under the special Norwegian tax regime for shipping companies 1.
Beyond the fleet, the company emphasises emission reduction and fleet renewal as part of its long-term value creation, and it runs an management system certified by DNV covering ISM, ISO 9001, ISO 14001, MLC 2006 and ISPS requirements 1. Charters are mainly long-term at sustainable day rate levels 1.
Segments
PSV (platform supply vessels)
The PSV segment transports equipment and materials to oil and gas platforms. In 2025 it faced pressure from oversupply and uneven regional demand, most notably in the North Sea toward year-end 1. The vessel Viking Queen went off contract in October 2025 and has traded in the spot market since 1.
Subsea and offshore renewables
Subsea and offshore renewables remained robust in 2025, supported by strong customer demand and growing backlogs 1. The company entered a new build contract for a second Construction Support Vessel (NB 76), built at Sefine shipyard in Turkey and scheduled for delivery in spring 2027, to start directly on a five-year charter with Reach Subsea 1.
Market context
The 2025 market showed mixed performance across segments and short-term volatility against resilient long-term fundamentals 1. Stable oil and gas demand, higher rig activity and future production targets supported an optimistic view of improved utilisation and gradual tightening entering 2026, while inflation and long supply-chain lead times remained cost pressures 1. The company could benefit from a tighter market if PSV oversupply eases.
Emission rules also shape demand: pressure to cut emissions favours vessels with alternative fuels, and the Apollo project, retrofitting Viking Energy with a dual-fuel ammonia engine, could become the first offshore vessel to run on ammonia in normal operation if completed successfully 1.
Trends
- Oversupply in the PSV segmentheadwind
Oversupply and uneven regional demand weighed on the PSV segment, especially in the North Sea toward the end of 2025 1. If this persists, utilisation and day rates for PSV vessels could stay under pressure.
- Robust demand in subsea and renewablestailwind
Subsea and offshore renewables were supported by strong demand and growing backlogs in 2025 1. This could underpin long-term charter revenues.
- Cost and supply-chain pressureheadwind
Inflation raised salary and operating costs, and long lead times in the supply chain continued through 2025 1. These costs could compress margins if not offset by rates.
- Shift to lower-emission fuelsmixed
Decarbonisation pressure has led the company to invest in zero-emission solutions and the Apollo ammonia project for Viking Energy 1. Such investments could create a technology edge but carry cost and execution risk.
Competitive position
Eidesvik competes with other PSV and offshore support vessel operators in the North Sea and other regions, and competition for long-term contracts depends on vessel availability, rates and technical capability. The source does not name competitors, so this view rests on the market as a whole 1.
The company's edge lies in its specialisation in PSV and subsea and renewables vessels, its track record in delivering projects and its capacity to develop lower-emission ships, a factor that may matter to clients seeking greener solutions 1.
- Other North Sea PSV operators
Direct rivals for PSV contracts; the source does not name them.
- Subsea support vessel operators
Compete for subsea and offshore construction contracts; not named in the source.
- Offshore renewables vessel companies
Compete for transport and support work at offshore wind sites; not named in the source.
- Operators of alternative-fuel vessels
Rivals in the lower-emission vessel niche where the company is active through the Apollo project 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eidesvik Offshore ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.