EIOF.OL Eidesvik Offshore

Offshore · PSV / Subsea · 48 documents

Eidesvik Offshore's 9-vessel offshore fleet — 6 PSV and 3 Subsea — should earn about $25,398 a day in 2026Q3.

Last paid · 2026Q1

NOK 0.20

4.6% annualised

$25,397/d earned

· -33% vs prior quarter

Yields annualise each quarter ×4 at the last close, $1.83 (2026-10-19). Our model is not company guidance.

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Psv · 6	$21,7802026Q2 · class	—none printed	—no open $/day series
Subsea · 3	$32,6332026Q2 · class	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Psv 552 open days

$/d

Subsea 276 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for psv, subsea: no off-hire or drydock days are deducted there.

828

By class

Class	Days	Model $/day	Yours $/day
Psv	552	21,780	21,780
Subsea	276	32,633	32,633

Fleet TCE, $/day assumed

25,398

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

21.0

Vessel opex, $m assumed

2026Q2: $12.2m over 828 vessel-days, held per day.

(12.2)

G&A, $m assumed

2026Q2: $1.0m over 828 vessel-days, held per day.

(1.0)

EBITDA, $m assumed

7.8

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $1.0m over 828 vessel-days, held per day.

(1.0)

Scheduled debt amortisation, $m stated

2026Q2: $3.2m over 828 vessel-days, held per day (the issuer’s scheduled principal).

(3.2)

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

21,029

Cushion vs fleet TCE, $/day

4,369

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

3.6

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, $/share	—
Forward yield, run-rate %	—

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $1.83 close on 2026-10-19.

No dividend is modelled for 2026Q3: every input is on file, but its declared dividends do not yet explain its earnings — too few quarters pair a rate with a dividend, or they do not move together — and it states no quantified payout policy.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared · model

Why no forward dividend next step: forward DPS

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: every input is on file, but its declared dividends do not yet explain its earnings — too few quarters pair a rate with a dividend, or they do not move together — and it states no quantified payout policy. More quarters of dividends beside a reported rate, or a quantified payout policy, unblocks it.

What is on file:

9-vessel fleet — 6 PSV and 3 Subsea
realized fleet TCE of $25,397/day in 2026Q2
2 declared distributions on file, latest NOK0.20

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEModelDeclared DPS

forecast →

$0k

$15k

$30k

2025Q2

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

Declared DPS, NOK/share — solid: declared

NOK0.30

NOK0.20

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share. Model estimate — not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where EIOF.OL departs from that

No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
Dividends are declared in NOK while the share price is converted to USD, so a yield is only shown where both sides can be put on the same currency.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$25,398/d

ASSUMED

Dividend history & forecast accuracy

Period	DPS	Kind	Ex-date	Pay date	Source
2026-Q1	NOK 0.20/share	regular	—	—	as of 2026-04-23 read by hand from the filing · high
2025-Q2	NOK 0.30/share	regular	—	—	as of 2025-08-27 read by hand from the filing · high

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$25,397/d 2026Q2

Declared DPS

NOK 0.20 2026Q1

TTM DPS

—

Coverage

—

Revenue

$21.7M

Opex

$12.2M

Net income

$1.4M

6× psv · 3× subsea current

Revenue model track record model vs realized

Each quarter priced at the previous quarter's realized rate, held flat — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 7.9% over 5 backtested quarters.

Quarter	Record	Model $/day	Realized $/day	Model rev $M	Realized rev $M	Miss
2025Q2	backtest	21,442	22,663	17.6	18.6	-5.4%
2025Q3	backtest	22,663	23,665	18.8	19.6	-4.2%
2025Q4	backtest	23,665	21,108	19.6	17.5	+12.1%
2026Q1	backtest	21,108	22,620	17.1	18.3	-6.7%
2026Q2	backtest	22,620	25,398	18.5	20.8	-10.9%

Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Psv	6	—	—	—	—	—	21,780	—	12.0
Subsea	3	—	—	—	—	—	32,633	—	9.0
Total	9						25,398	—	21.0

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold

$21.0M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Expected DPS suppressed: no verbatim payout policy located in the corpus — the cash walk cannot derive a DPS without a payout policy.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

psv: no index and no guidance — priced at the issuer's own last realized psv rate $21,780/day (2026Q2, derived: per-segment revenue per calendar vessel-day — Note 8 Supply / Subsea & Renewables, 2026Q2, USDNOK 9.424), held flat (owner ruling 2026-09-26; per-type where printed) · subsea: no index and no guidance — priced at the issuer's own last realized subsea rate $32,633/day (2026Q2, derived: per-segment revenue per calendar vessel-day — Note 8 Supply / Subsea & Renewables, 2026Q2, USDNOK 9.424), held flat (owner ruling 2026-09-26; per-type where printed) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files)

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$21.7M	$19.0M	+12.6%
Opex	$12.2M	—	—
Net income	$1.4M	$0.8M	-22.2%

reconciliation: reported figure missing (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	21.7	19.0	18.1	20.3	19.3	17.9
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	12.2	—	—	—	—	—
G&A $M	1.0	—	—	—	—	—
Depreciation $M	—	—	—	—	—	—
Interest expense, gross $M	1.0	—	—	—	—	—
Net income $M	1.4	0.8	0.4	3.1	1.8	1.3
Declared DPS	—	NOK 0.20	—	—	NOK 0.30	—

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Benchmark index — monthly average

Guidance & sources

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	—	—	—	EIOF - Contract Extension for Viking Avant, EIOF - Contract award for the PSV Viking Queen
2026Q3	EIOF - Report for Q2 2026	EIOF - Pareto Securities' Energy Conference 20…, EIOF - Invitation to presentation of Q2 2026 r…	—	EIOF - Enters into Memorandum of Agreement for…, EIOF - Changes to the Board of Directors
2026Q2	EIOF - Report for Q1 2026, EIOF - Approval of annual and sustainability r…	EIOF - Invitation to presentation of Q1 2026 r…	EIOF - Ex-dividend NOK 0.20 today, EIOF - Key information relating to cash divide…	EIOF - New frame agreement with Aker BP and co…, EIOF - Annual general meeting in Eidesvik Offs…, EIOF - Contract extension for Viking Avant, EIOF - Notice of Annual General Meeting 2026
2026Q1	EIOF - Q4 and preliminary full year financial …	EIOF - Invitation to presentation of Q4 2025 r…	—	EIOF - Contract extension for Viking Prince, EIOF - Contract Extension for Viking Avant, EIOF - Changes to the Board of Directors, EIOF - Mandatory notification of trade
2025Q4	EIOF - Report for Q3 2025	EIOF - Invitation to presentation of Q3 2025 r…	—	EIOF - Contract award for Viking Princess, EIOF: Financial calendar, EIOF - Contract Extension for Viking Lady, EIOF - Changed delivery date for newbuild vess…
2025Q3	EIOF - Report for Q2 2025	EIOF - Pareto Securities' Energy Conference 20…, EIOF - Invitation to presentation of Q2 2025 r…	EIOF - Ex-dividend NOK 0.30 today, EIOF - Key information relating to cash divide…	EIOF - Changes to the Board of Directors
2025Q2	EIOF - Report for Q1 2025, EIOF - Approval of annual and sustainability r…	EIOF - Invitation to presentation of Q1 2025 r…	—	EIOF - Annual general meeting in Eidesvik Offs…, EIOF - Notice of Annual General Meeting 2025, EIOF - Contract extension for subsea vessel Se…
2025Q1	EIOF - Q4 and preliminary full year financial …	EIOF - Invitation to presentation of Q4 2024 r…	—	EIOF - Eidesvik Offshore orders another newbui…
2024Q4	EIOF - Report for Q3 2024	—	—	EIOF - Eidesvik Offshore ASA secures Enova fun…, EIOF: Financial calendar, EIOF - Eidesvik Offshore ASA appoints new CFO, EIOF - Eidesvik Offshore ASA appoints Helga Co…