Telford Offshore Reports Q2 2025 Financial Results

26 Aug 2025 07:00 CEST

Dubai, United Arab Emirates, 26 August 2025 – Telford Finco (“Telford Offshore”
or “the Company”), an international offshore service provider delivering
cost-effective construction and project management solutions for the oil and gas
industry, today announced its financial results for the second quarter of 2025,
highlighting continued operational momentum and financial improvement.

“Telford 2.0's strategy is driving satisfactory profitability and returns on
capital with relatively low risk, as evidenced through high utilisation and a
strong backlog of time charter contracts with blue chip customers in our core
regions,” said Robert Duncan, CEO of Telford Offshore.

Highlights:
- Revenue USD 41 million in Q2 and USD 87 million YTD, compared to USD 136
million for FY 2024
- Adjusted EBITDA USD 25 million in Q2 and USD 48 million YTD, compared to USD
80 million for FY 2024
- Utilisation 86% in Q2 and 83% YTD, compared to 79% for FY 2024
- Backlog (as of 31 July) USD 388 million, compared to USD 400 million on 31
December 2024
- Net leverage (net debt/adjusted EBITDA) 2.2x, substantially below covenant
requirements
- Contract extensions secured for Telford 25 and 31, allowing for strong
contract coverage for 2025 and 2026
- Telford 28 commenced a new 12 month contract in North Africa during August
- Telford 33 currently mobilising for its inaugural contract, a 4 year Middle
East contract, due to commence early to mid September 2025
- Telford 34 completed 5 year special survey prior to first pipelay contract in
Middle East

Outlook:
EBITDA is expected to improve from the second half with Telford 33 entering
operation. The Company expects 2025 EBITDA of USD 105 to 110 million, narrowing
the previously communicated range of USD 100 to 110 million.

Investor call:
Telford Offshore’s CEO Robert Duncan and CFO Andy Robertson will host an
investor call tomorrow, 27 August 2025, at 17:00 UAE (15:00 CEST). The
conference call will be a webcast live at this link:

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WI3NjktY2YzNzQ1MDQxY2Y1%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
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%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:

Investor Relations: IR@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

653798_Q2 2025 Results Presentation.pdf
653798_Q2 2025 Unaudited Interim Financial Report.pdf