Kurt Waldeland
CEO & Director
Welcome to this presentation of the financial results for the first quarter of 2026 for Energy Holdings. My name is Kurt Waldeland, and I am the CEO of Energy Holdings. I am joined today by Viggo Pedersen and Sveinung Alvestad. Before we begin, I kindly ask you to review the disclaimer slide regarding forward-looking statements.
Energy Holdings is an industrial holding company focused on the offshore energy service industry, uniquely positioned with a robust backlog and a conservative capital structure. Our 2 subsidiaries, Energy Drilling and SeaBird Exploration are both leaders in their respective segments, operating in highly attractive niches of the oil and gas service industry with primary exposure to brownfield development. Since the establishment of the company last year, a key priority for us has been to distribute available liquidity to our shareholders. This commitment remains unchanged, and we are very pleased to announce our fifth consecutive quarterly distribution for the first quarter of 2026.
Energy Holdings has had an exceptional start to the year. The first quarter of 2026 was the first full quarter with all rigs and vessels on contract, driving record financial results. This was supported by continued strong operational performance in our subsidiaries with rig and vessel utilization continuing at high levels. Revenue for the quarter came in at $70 million with an adjusted EBITDA of $39 million. Our firm revenue backlog remains strong, standing at $393 million at the end of the quarter, providing earnings visibility for the remainder of the year and into 2027. Our balance sheet continues to be very strong. Net debt at quarter end was $30 million, corresponding to an industry low debt-to-EBITDA
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