Telford Offshore Reports Q1 2025 Financial Results

27 May 2025 07:27 CEST

Dubai, United Arab Emirates, 27 May 2025 – Telford Finco (“Telford Offshore” or
“the Company” or “the Group”), an international offshore service provider
delivering cost-effective construction and project management solutions for the
oil and gas industry, reported first-quarter 2025 financial results that
demonstrated the success of the Company’s strategic focus on high utilisation
and earnings visibility.

“We are pleased to report solid financial results for the first quarter. We
have also continued to build a strong backlog of time charter contracts with
blue-chip customers in our core regions, demonstrating the attractiveness of our
modern and versatile multi-purpose support vessels. With growing contract
coverage and sustained high demand in our strategic markets, we anticipate a
significant increase in profitability this year,” said Robert Duncan, CEO of
Telford Offshore.

Q1 2025 highlights:
• Revenues USD 46.0 million, compared to USD 135.6 million for the full year
2024
• Adjusted EBITDA USD 23.7 million, compared to USD 80.1 million for the full
year 2024
• Utilisation 79%, in line with full year 2024
• Average day rates USD 128,000, compared to USD 103,000 for the full year 2024
• Backlog (as of 30 April) USD 422 million, compared to USD 400 million on 31
December 2024
• Net leverage (net debt/adjusted EBITDA) 2.3x, substantially below covenant
requirements
• Telford 28 awarded 12-month contract with blue-chip customer
• Telford 33 delivered to Middle East; all six vessels now located in Telford’s
core regions

Outlook:
EBITDA and EBITDA margin are expected to improve from the second quarter as
vessel utilisation increases. The Company reconfirms its 2025 EBITDA guidance of
USD 100 to 110 million.

Investor call:
Telford Offshore’s CEO Robert Duncan and CFO Andy Robertson will host an
investor call tomorrow, 28 May 2025, at 17:00 UAE (15:00 CEST). The conference
call will be a webcast live at this link:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZDI3NjBhYmMtYmFmYS00YmY4L
Tg2ODAtMmU4YmE4MDA1NWNh%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
f0-b51c-1c64953c3f0b%22%2C%22Oid%22%3A%229dd306f2-be12-4fa5-b89a-0e445936890c%22
%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

The quarterly report and presentation are attached to this release.

For further information, please contact:
Andy Robertson, CFO
+971 55 402 7392
andyrobertson@telfordoffshore.com

About Telford Offshore
Telford Offshore is the world’s largest owner and operator of DP3 multi-purpose
support vessels for the oil and gas industry. The company’s fleet comprises five
modern owned vessels, Telford 25, Telford 28, Telford 30, Telford 31 and Telford
34, as well as Telford 33, on a long-term bareboat charter. Their multi-purpose
capabilities enable a single vessel to undertake diverse operations. All vessels
in the fleet are able to provide accommodation services, construction support
and dive support. In addition, the Telford 34 is capable of carrying out
pipelay. For more information, please visit www.telfordoffshore.com.

More information:
Access the news on Oslo Bors NewsWeb site

647566_Q1 2025 Unaudited Interim Financial Report.pdf
647566_Q1 2025 Results Presentation.pdf