Stavanger, 15 May 2025: The first quarter was characterized by high activity and
good progress on major projects. This resulted in strong performance across key
financial indicators for Moreld AS ("Moreld" or "the company"). In a quarter
which is normally associated with lower activity levels and margins, the company
achieved revenues of NOK 2.9 billion and an adjusted EBITDA of NOK 428 million. 

"Moreld reports a strong start to 2025, driven by high activity across all
business segments and close to full utilization of vessels and personnel. First
quarter profit was also driven by the phasing of major projects and profit
recognition on projects that were initiated in the previous quarter. In the
first quarter, Ocean Installer extended the charter for the construction support
vessel North Sea Giant until Q1 2027 (with an option to extend through Q4 2029),
providing the company with capacity to take on more subsea installation work
globally. Our operational and financial track-record coupled with a solid
balance sheet, position us well for long-term growth and shareholder value
creation," said Geir Austigard, CEO of Moreld. 

Guidance and outlook for 2025 

Supported by a strong first quarter, the company increases its EBITDA guidance
for 2025 from the range of NOK 0.9-1.1 billion to NOK 0.95-1.2 billion.
Progressing into the second quarter, activity remains high and Moreld has a
strong tender pipeline across all business segments, with decisions to be taken
on key contracts in the remainder of the year.

While macroeconomic and geopolitical uncertainty has increased over recent
months, the group has not yet seen any material direct impact on its business.
With a solid financial foundation, a well-established presence in key offshore
markets, and a strong commitment to safety and performance, Moreld is
well-positioned to generate long-term value for stakeholders. Moreld remains
committed to delivering financial stability and operational excellence.

Business and market highlights 

- First quarter results: Revenues increased by 18 per cent to NOK 2.9 billion,
with an adjusted EBITDA of NOK 428 million 
- Order intake of NOK 1.3 billion brings the total contracted backlog to NOK 8.1
billion, of which NOK 5.1 billion for delivery in 2025
- High ongoing bid activity across all companies, with decision on major
contracts expected in the remainder of 2025
- Ocean Installer, a subsidiary of Moreld AS, extended the charter of the
construction support vessel North Sea Giant until Q1 2027, including a new
18-month option through Q4 2029 
- Robust balance sheet: Strong balance sheet with a cash balance of NOK 924
million at the end of the quarter, giving a leverage ratio of 0.3x 

Corporate events 

- Refinancing completed and USD 130 million senior secured bond issued, with a
5-year tenor and a 9.875% annual coupon. An application will be made for the
bond to be listed on the Oslo Stock Exchange
- The lock-up period, which has applied to more than 60 per cent of Moreld's
share capital since the IPO, expires from 19th of June 
- Moreld continues to advance the uplisting process to Euronext Oslo Børs, as
communicated during the IPO  
- Quarterly dividend of NOK 0.42 per share proposed with ex-dividend date
planned for 21st of May and payout around 26th of May, pending approval at the
annual general meeting to be held on the 20th of May
- The next quarterly dividend is expected to remain at the same level and is
scheduled for August, in line with the company's distribution policy


Report and presentation 

Please find the presentation material and earnings report attached. 

The reporting material is also available at:
https://www.moreld.com/investor-relations#reports 

Moreld AS will hold a conference call at 08:30 CEST today followed by a Q&A
hosted by CEO Geir Austigard and CFO Trond Rosnes. 

Participants are welcome to join the event at SpareBank 1 Markets in Olav V's
gate 5 in Oslo, or to follow the event via webcast. 

Please use the following link to view the webcast: 
https://channel.royalcast.com/landingpage/hegnarmedia/20250515_5/

For more information, please contact 

CEO Geir Austigard 
Telephone: +47 992 47 500 
Email: Geir.austigard@moreld.com 

CFO Trond Rosnes 
Telephone: +47 404 14 494 
Email: Trond.rosnes@moreld.com 

About Moreld 

Moreld is an industrial multi-disciplinary engineering group offering full-scope
services across the offshore energy and marine industries including subsea
installations. The group comprises Moreld Apply, Ocean Installer and Global
Maritime. Moreld is a major player on the Norwegian continental shelf with an
international footprint. The group is located in 19 countries, giving access to
all major offshore markets, and has over 3,000 employees and contractors. For
more information, please visit https://moreld.com/. 

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.