Eidesvik

What Eidesvik does

Eidesvik Offshore ASA is a Norwegian publicly listed offshore vessel operator (Oslo Børs: EIOF) founded in 1978 and headquartered in Bømlo, Norway, with 501-1,000 employees. The company owns and operates a fleet of purpose-built Platform Supply Vessels (PSVs) and subsea inspection, maintenance and repair (IMR) vessels, with historical deployment across the North Sea, West Africa, Brazil, and South Africa. Core customers are major North Sea oil & gas operators — Equinor, Aker BP, Wintershall Dea, DNO/Sval Energi, Wellesley Petroleum — supplemented by offshore wind and subsea customers such as DEME, Reach Subsea, Agalas, and Subsea7.

The company's fleet technology stack is centred on low-emission propulsion. Eidesvik launched the world's first LNG multifuel-powered PSV (Viking Energy) in 2003 with Equinor, and now operates what it describes as the largest fleet of environmentally friendly PSVs featuring LNG-powered engines, battery hybrid energy storage, and shore power systems. The flagship innovation is the Apollo Project: a consortium with Equinor, Wärtsilä, Breeze Ship Design, and Maritime Clean Tech to retrofit Viking Energy with an ammonia dual-fuel combustion engine, targeting 70%+ GHG reduction. The project is supported by EUR 5 million from the EU Horizon Europe programme and is in the dock at Halsnøy Dokk for completion in autumn 2026. The subsea and offshore wind segments are expanding through joint ventures — Viking Reach (50.1% with Reach Subsea), Eidesvik Seven Chartering AS (with Subsea7), and Eidesvik Agalas AS (50.1% with Agalas, two newbuild CSVs at Sefine Shipyard, Turkey, with NSK Ship Design).

Revenue is generated primarily through multi-year time charter contracts with major operators, supplemented by ship management fees (e.g., DEME's Viking Neptun) and spot market utilisation. FY2025 preliminary revenue was NOK 785.1 million with EBITDA of NOK 293.8 million (37% margin), and fleet utilisation of 97%. Consolidated backlog stood at NOK 3.2 billion at Q4 2025 (+18.8% year-on-year). The company pays regular dividends (NOK 0.20/share for 2025/2026) and is 59.86% controlled by Eidesvik Invest AS, with public float and family board representation (Lauritz and Kjetil Eidesvik). GTM is exclusively direct enterprise sales to large E&P and offshore energy operators, with no intermediary or distribution channels.

Name

Eidesvik

Legal name

Eidesvik Offshore ASA

Website

https://eidesvik.no

Company type

Public

Founded year

1978

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Eidesvik Offshore ASA operates a fleet of purpose-built Platform Supply Vessels and subsea IMR vessels, primarily serving North Sea oil & gas operators (Equinor, Aker BP, Wintershall Dea, DNO) plus offshore wind and subsea customers, under multi-year time charter contracts.

Ownership category

akta.pro rank

Product category

Offshore Vessel Services

NAICS

Ship and Boat Building (33661), Support Activities for Water Transportation (4883)

SIC

Water Transportation (4400), Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL)

akta.pro secondary industries

Marine & Offshore Energy O&M (Offshore Wind, Platforms, Subsea Assets) (EUAEAGAO), Offshore Wind & Renewable Support Vessel Construction (SOV, CTV, WTIV) (IMAJACAG), Subsea Construction & IMR Vessel Newbuilds (CSV, DSV, ROV Support) (IMAJACAD)

Keywords

• Offshore vessel operations
• Platform supply vessels
• Subsea IMR services
• Offshore wind support
• Maritime charter services

Headquarters

HQ city

Bømlo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Time Charter Contracts (Vessel Chartering): Eidesvik generates the majority of its revenue through time charter contracts for its offshore supply vessels (PSVs) and subsea IMR vessels. Contracts are typically multi-year with firm periods and extension options. Charter rates are determined by contract terms, with the company having both firm contract backlog and exposure to spot market rates.
2. Ship Management Services: Eidesvik provides full technical management, crewing, and operation of vessels owned by third parties under ship management agreements (e.g., DEME for Viking Neptun). Revenue is generated through management fees.
3. Fleet Utilisation and Spot Market Revenue: Revenue is also earned through utilisation of vessels in the spot market when not on long-term charter, exposing the company to offshore energy market conditions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Eidesvik Offshore ASA owns and operates a fleet of purpose-built offshore vessels, primarily Platform Supply Vessels (PSVs) and subsea Inspection, Maintenance and Repair (IMR) / Construction Support Vessels (CSVs). The company provides vessel chartering services (time charter contracts) and full technical ship management for third-party owners, serving North Sea oil & gas operators and the emerging offshore wind market.

Product overview

Eidesvik is an offshore vessel operating company offering a fleet of Platform Supply Vessels (PSVs) and subsea IMR (Inspection, Maintenance and Repair) services primarily in the North Sea. The company operates approximately 6-7 PSVs (Viking Energy, Viking Princess, Viking Queen, Viking Prince, Viking Lady, Viking Avant) and subsea vessels (Seven Viking, Viking Reach). Eidesvik's PSV fleet features LNG-powered engines with battery-hybrid systems and shore power capability for reduced emissions. The company's innovation focus includes the Apollo Project converting Viking Energy to ammonia operation. Newbuild Construction Support Vessels (Viking Vigor and another vessel under joint venture with Agalas and Reach Subsea) are under development for IMR and offshore wind market expansion. The fleet operates under long-term contracts with major oil companies including Equinor, Aker BP, and Wintershall Dea.

Differentiator

Problem solved

Functional benefit

Products and services

• Platform Supply Vessel (PSV) Charter Services Time charter of Platform Supply Vessels providing transport of deck cargo, pipes, bulk and special products to offshore installations; emergency fire-fighting services; stand-by and rescue services; and oil recovery services. Fleet includes Viking Energy, Viking Princess, Viking Queen, Viking Prince, Viking Lady, and Viking Avant. Vessels feature LNG-powered engines, battery hybrid energy storage, and shore power systems for reduced environmental footprint.
• Subsea IMR and SURF Services Inspection, Maintenance and Repair (IMR) services and SURF (subsea, umbilical, riser and flow lines) operations for offshore customers. Delivered via subsea vessels including Viking Reach and Seven Viking.
• Offshore Wind Vessel Services Vessel support for commissioning and maintenance phases of offshore wind farms. Eidesvik is building presence in the offshore wind market via newbuild CSVs (Viking Vigor and Viking Vigor 2) designed for IMR work.
• Ship Management Services Full technical management, crewing, and operation of vessels owned by third parties under ship management agreements. Revenue is generated through management fees.

Quantifiable outcome

• 70%+ GHG emission reduction with ammonia conversion on Viking Energy
• +4 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Aker BPcoreChannel Partner/ Reseller/ Distributor · 29 June 2026Aker BP entered a 4-year frame agreement with Eidesvik for PSV provision, with Eidesvik awarded a 3-year firm contract for Viking Prince. The strategic collaboration was first established in 2019. Aker BP has declared options to extend Viking Lady (to Feb 2027) and Viking Prince (to April 2026).
• EquinorcoreStrategic or Co-development Partner · 18 May 2026Equinor is Eidesvik's largest and longest-standing customer, having chartered Viking Energy since its launch in 2003. The partnership now extends to April 2030. Equinor is a key partner in the Apollo ammonia conversion project, providing financing for the vessel's conversion to ammonia operation in addition to its charter contract. The company signed a deal with Eidesvik to convert Viking Energy to ammonia operations.
• Halsnøy Dokk (Shipyard)minorOthers · 18 May 2026Halsnøy Dokk is the Norwegian shipyard where Viking Energy has entered for its ammonia conversion retrofit. The conversion work is scheduled for completion in autumn 2026.
• WärtsiläcoreTechnology or Integration · 26 August 2024Wärtsilä is the engine supplier for the Apollo ammonia conversion project. The project has placed an order for the ammonia engine and fuel gas supply system with Wärtsilä for installation on Viking Energy, making it the world's first offshore vessel to adopt ammonia as a primary energy source in a combustion engine.
• Breeze Ship DesigncoreTechnology or Integration · 26 August 2024Breeze Ship Design is a key partner in the Apollo ammonia conversion project, collaborating on the vessel's conversion design alongside Eidesvik, Equinor, and Wärtsilä.
• Maritime Clean TechcoreStrategic or Co-development Partner · 26 August 2024Maritime Clean Tech is part of the Apollo project consortium, contributing to the industry cooperation that also includes Eidesvik, Equinor, and Wärtsilä to retrofit Viking Energy with an ammonia combustion engine.
• AgalascoreStrategic or Co-development Partner · 19 February 2024Eidesvik and Agalas (Northern Norway shipowners) formed a joint venture (Eidesvik Agalas AS, 50.1% Eidesvik / 49.9% Agalas) to build and operate new Construction Support Vessels (CSV) for subsea IMR and offshore wind markets. Two vessels are under construction at Sefine Shipyard in Turkey (Viking Vigor and a second vessel), with options for four additional vessels. Agalas developed the vessel design with NSK Ship Design.
• Sefine Shipyard (Turkey)coreOthers · 19 February 2024Sefine Shipyard in Turkey is the shipyard constructing Eidesvik's newbuild CSV vessels (Viking Vigor and second vessel), in partnership with Agalas. The yard has experienced delivery delays (Viking Vigor delayed from early 2026 to Q3 2026).
• NSK Ship DesigncoreTechnology or Integration · 19 February 2024NSK Ship Design developed the vessel design in cooperation with Agalas for the newbuild CSV vessels. The 99.9-metre vessel features state-of-the-art design, comfort, and capabilities including a 150-metric tonne heave-compensated crane.
• Subsea7 (Joint Venture for Seven Viking)coreStrategic or Co-development Partner · 19 February 2024Eidesvik Seven Chartering AS, a joint venture between Subsea7 and Eidesvik (controlling interest), operates the subsea construction support vessel Seven Viking. The agreement includes firm years 2026-2027 plus options for 2028.
• DEMEcoreChannel Partner/ Reseller/ Distributor · 5 February 2024Eidesvik provides full technical management, crewing, and operation of DEME's construction support vessel Viking Neptun under a ship management agreement. Three-year extension with two-year option extends firm period to January 2027.
• Reach SubseacoreStrategic or Co-development Partner · 23 February 2023Eidesvik formed a joint venture with Reach Subsea (50.1% Eidesvik / 49.9% Reach) to acquire and operate the subsea IMR vessel Viking Reach (formerly Edda Sun) for a 6-year time charter with Reach. Eidesvik manages and operates the vessel. The JV was financed by MNOK 150 in bank financing plus equity. Eidesvik subsequently entered additional newbuild CSV agreements with Reach Subsea, including a second vessel under the same joint venture structure (Eidesvik Agalas AS) on a 5-year time charter with options.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Vroon: Dutch family-owned offshore vessel operator with a large PSV and subsea fleet in the North Sea. Comparable vessel categories and operator chartering model.
• Havila Shipping: Norwegian offshore vessel operator with PSV and subsea vessels operating primarily in the North Sea. Comparable fleet composition and customer base.
• Solstad Offshore: Norwegian-listed owner and operator of a large OSV fleet including PSVs, AHTS, and CSV/subsea vessels serving North Sea oil & gas and offshore wind. Closely comparable business model, customer base, and geographic exposure to Eidesvik.
• DOF Group: Norwegian offshore vessel operator with PSV, AHTS, and subsea construction vessels serving global oil & gas and offshore wind. Directly comparable in vessel categories, contract structure, and decarbonisation initiatives.
• Siem Offshore: Norwegian offshore vessel owner operating PSVs, anchor handlers, and subsea/CSV vessels with a North Sea focus. Highly comparable vessel mix, customer base, and sustainability-driven fleet renewal strategy.
• GC Rieber Shipping: Norwegian owner-operator of subsea and offshore support vessels with focus on IMR/SURF and offshore wind. Direct peer in subsea IMR and CSV categories served by Eidesvik's Seven Viking and Viking Reach.

Others

• Subsea7: Global subsea construction contractor that is both an Eidesvik JV partner (Eidesvik Seven Chartering AS for Seven Viking) and a customer/charterer. Relevant as it represents the end-market for subsea IMR/SURF work Eidesvik supports.

Broad incumbents

• Bourbon (Bourbon Corporation): Global offshore vessel operator with PSV and subsea vessels. Comparable vessel categories and customer profile, but operates at a much larger scale with global geographic diversification.
• Tidewater: Large global owner of offshore support vessels (PSVs, AHTS, crew boats) with worldwide operations. Comparable vessel categories but much larger and more geographically diversified than Eidesvik.

Emerging players

• Edda Wind: Norwegian pure-play owner of Commissioning Service Operation Vessels (CSOVs) and Service Operation Vessels (SOVs) for the offshore wind market. Comparable as both target the same offshore wind customer segment that Eidesvik is entering through its newbuild CSV programme.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/eidesvik
• LinkedInlinkedin.com/company/eidesvik-offshore
• Xx.com/Eidesvik

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eidesvik