Underlying Revenue Growth (Ex-Argentina Divestment)
Reported revenue was $278.0M (down 7% YoY), but adjusting for the divested Argentina workover business, underlying revenue increased ~15% YoY, driven primarily by higher activity in Well Services.
Solid EBITDA and Margin Expansion
Reported EBITDA was ~$37.2M (reported $37M) and adjusted EBITDA was $41.1M; on a like-for-like basis (adjusting for the Argentina divestment) EBITDA grew ~12% YoY. EBITDA margin improved to 13.4% from 12.5% in prior year (≈0.9 percentage point increase).
Strong Backlog and New Awards
Backlog shown at ~$3.4B, implying about $550M of EBITDA backlog. Year-to-date additions of ~$420M of firm contract value including major awards: Equinor subsea P&A (30 wells), integrated deepwater P&A in Gulf of America, ConocoPhillips wireline extension, and post-quarter Equinor extensions (frame agreement ~NOK 700M and wireline extension ~NOK 1.5B).
Well Services Outperformance
Well Services revenue was $83.0M, up 22% YoY; EBITDA $16.2M, up 11% YoY with an EBITDA margin of 19.5%, benefiting from higher P&A activity in Norway and strong U.S. product sales.
Renewables Growth and Geothermal Win
Renewable Services revenue was $39.8M with EBITDA $0.9M. Secured a geothermal drilling contract in Nevis (Iceland Drilling) valued ~ $45M with rig start expected Q3, expanding the renewables/geothermal footprint.
Shareholder Returns Continued
Returned $6.4M in Q1 and approved an additional ~$6.6M distribution for Q2 (NOK 0.62 per share), marking the fifth consecutive quarterly distribution and maintaining an attractive direct yield at current share price.
Improved Profitability and Interest Costs
Net interest expense declined to $13M (significantly lower than prior year due to 2025 refinancing). Reported net profit was $3.6M for the quarter versus a loss in the prior-year quarter; adjusted net income was $6.7M.
Reiterated 2026 Guidance and Capital Discipline
Reiterated expectation of single-digit EBITDA growth for 2026 and margin expansion of 2–4 percentage points versus 2025. CapEx guidance: ~6–7% of revenue in 2026 (maintenance ~3%). Long-term leverage target 1.5–2x and focus on selective bolt-on M&A.