ESVAGT delivers key strategic milestones and steps up investments for long-term growth

Esbjerg, Denmark – 8. May 2026

2025 was a strategically important year for ESVAGT, marked by the achievement of significant milestones that strengthen the company’s long-term position, notably in offshore wind in Europe and beyond.

During the year, ESVAGT invested DKK 1.65 billion in its Service Operation Vessel (SOV) fleet, a substantial commitment underscoring the company’s ambition in the renewable energy segment. The investments are backed by long-term contracts that support ESVAGT’s continued growth.

Among the year’s highlights was the delivery to ESVAGT of a newbuild SOV, ‘Esvagt Robert Boyle’, which is the world’s first methanol-powered SOV, setting a new benchmark for sustainable operations in offshore wind. In addition, ESVAGT invested in acquiring the vessel-owning companies for two existing SOVs from EDDA Wind, which are already operating with long-term contracts, consolidating the market and further expanding its leading position in long-term SOV services.

“These investments cement ESVAGT as a key maritime partner for offshore wind, and they position us for future growth,” say CEO Søren Karas and CEO Kristian Ole Jakobsen, ESVAGT:

“Supported by strong operations and a highly motivated organization, we are pursuing long-term growth, including our three additional contract-backed SOV newbuilds scheduled for delivery in 2026-27 which will take ESVAGT’s SOV fleet size to 15.”

In parallel with fleet expansion in existing geographies, ESVAGT continues to review select growth markets, to support key customers. During the year ESVAGT established KESTO, a Joint Venture in South Korea with KMC Line, to support the development of offshore wind in a market with strong long-term potential.

Market conditions and one-off growth cost impacted financial results

While ESVAGT had a good operational performance and achieved important strategic milestones, the fiscal performance in 2025 dipped below 2024 levels. Revenue declined by 4% from DKK 1.470 billion in 2024 to DKK 1.404 billion, while EBITDA was DKK 447 million.

The dip in financial performance was caused by the need to deploy an existing SOV as a frontrunner pending delivery of ‘Esvagt Robert Boyle’, as well as one-off costs for the acquisition of the two SOVs from EDDA Wind. With these three new vessels now operating as part of ESVAGT’s SOV fleet, they will have a positive impact on financial performance from 2026.

2025 financial performance was also impacted by a downturn in the UK oil and gas market, mainly due to fiscal conditions, and adverse currency exchange rates in key markets

Outlook: growth in wind and improving oil and gas markets

Looking ahead to 2026, ESVAGT sees growth in offshore wind, supported by its extensive contract backlog and the introduction of new vessels into operation.

In oil and gas, trading conditions are improving in the UK, notably as the Emergency Rescue and Recovery Vessel (ERRV) market’s supply-side capacity has been reduced. For the oil and gas industry more broadly, including ESVAGT’s core Danish and Norwegian markets, demand for ESVAGT services is expected to remain firm, due to energy security considerations.

Consequently, for 2026 ESVAGT forecasts an increase in revenue and EBITDA.

The longer-term outlook for ESVAGT remains strong. The Offshore Wind markets have experienced some uneven years, but growth has continued, and the industry is moving towards more realistic investment frameworks, which are expected to result in a strong stable growth outlook notably from 2030 onwards. This will in turn require many SOVs to be ordered in the coming years.

“The current global uncertainties means that ESVAGT’s competencies are in greater need than ever, be that assisting with expanded resilience and preparedness for today, or the imperative of expanding renewable energy and energy independence for tomorrow,” say CEO Søren Karas and CEO Kristian Ole Jakobsen, ESVAGT.