Jacktel (JACK) Q4 2024 earnings summary

Executive summary

• Haven commenced a 10-month contract with Equinor at Draupner in Q4 2024, following a one-month weather delay at reduced rate.

• 100% of Equinor mobilization fee and a significant part of AkerBP mobilization fee were booked in Q4.

• EBITDA for Q4 reached 14.4 MUSD, with strong operational performance and 100% gangway connection.

• Order backlog extends through 2027, with options potentially bridging Draupner and Valhall contracts.

• Board initiated process for Euronext Growth listing, targeting Q1 2025.

Financial highlights

• Q4 2024 operating income: 23.1 MUSD (vs. 8.4 MUSD Q4 2023); YTD 2024: 51.7 MUSD (vs. 32.6 MUSD YTD 2023).

• Q4 2024 EBITDA: 14.4 MUSD (vs. 4.6 MUSD Q4 2023); YTD 2024: 19.8 MUSD (vs. 17.4 MUSD YTD 2023).

• Q4 2024 net profit: 8.5 MUSD (vs. loss of 0.7 MUSD Q4 2023); YTD 2024 net loss: 1.6 MUSD (vs. loss of 4.3 MUSD YTD 2023).

• Q4 2024 operating expenses: 8.7 MUSD (vs. 3.8 MUSD Q4 2023); YTD 2024: 31.9 MUSD (vs. 15.2 MUSD YTD 2023).

• Q4 2024 net cash flow: 1.3 MUSD; cash at quarter end: 5.2 MUSD.

Outlook and guidance

• Strong contract backlog on the Norwegian Continental Shelf through 2027, with options into 2028.

• Expected high project activity in the NCS segment; well positioned for further work.

• Anticipates increased demand for accommodation services in offshore wind and continued oil & gas relevance.

• Plans to initiate dividend payments in H2 2025 and expects Euronext Growth listing in March 2025.