Nasdaq CopenhagenIFRS · DKK

ESVAGT A/S

ESVAGT A/S is a Danish maritime services company that operates vessels and related support services for offshore energy customers. Its business centers on vessel-based safety, standby, and emergency response operations, supported by charter arrangements and marine assets.

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Revenue1,404m DKK
−4.4 %y/y
Operating profit (EBIT)136m DKK
−35.6 %y/y
EBIT margin9.7%
−4.7 ppy/y
Net income-17.1m DKK
−143.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

05001,0001,500m DKK2021: 1,081 m DKK2021: EBIT 239 m DKK20212022: 1,364 m DKK2022: EBIT 190 m DKK20222023: 1,438 m DKK2023: EBIT 200 m DKK20232024: 1,470 m DKK2024: EBIT 211 m DKK20242025: 1,404 m DKK2025: EBIT 136 m DKK20251,404136
RevenueOperating profit (EBIT)
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Business

Share of revenue
Offshore vessel services75 %

Vessel-based standby, response, and support services for offshore operations.

Charter services20 %

Contracted vessel charters and related marine service arrangements.

Other income5 %

Ancillary income such as property rent and gains or losses on fixed asset sales.

Customers

ESVAGT primarily serves offshore oil and gas operators and energy companies that require standby, safety, and response coverage around offshore installations. It also serves customers using marine assets for chartered support work, where vessel availability and operational readiness are critical. Customer demand is tied to offshore activity levels, contract duration, and the need for safety-critical marine logistics.

Offshore oil and gas operators

They buy standby, safety, and emergency response vessel coverage for offshore assets and personnel.

Offshore energy companies

They use marine support services linked to offshore wind or energy operations.

Charter customers

They contract vessels for marine support work and operational coverage.

Industrial and marine counterparties

They contribute to ancillary rental or asset-related income streams.

Strategy

ESVAGT’s strategy appears centered on maintaining a fleet and financing structure that supports long-term offshore service contracts. The company also emphasizes risk management around interest rates, foreign exchange, and credit exposure so its vessel business can remain contract-ready across cycles.

Fleet readiness and vessel utilizationShort term

The business depends on keeping vessels available for offshore contracts and response missions.

Financial risk managementShort term

Floating-rate debt, FX exposure, and contract sensitivity can affect cash flow and valuation.

Contract and customer retentionMedium term

Longer-duration offshore contracts support visibility and reduce utilization volatility.

Asset value preservationMedium term

Vessel assets are central to the business and drive impairment sensitivity.

Geography

ESVAGT is headquartered in Denmark and operates as a Nordic maritime services company with offshore exposure beyond its home market. Its reported risk disclosures point to meaningful exposure to the UK pound and offshore energy markets, indicating that a substantial part of activity is tied to North Sea and related offshore regions. Geography matters because vessel deployment, contract currency, and customer activity are all linked to specific offshore basins and energy markets.

Risks

ESVAGT’s key risks are tied to offshore market utilization, vessel economics, and financial leverage around its asset-heavy fleet. Results are also sensitive to day rates, inflation, interest rates, FX movements, and customer credit quality, all of which can move quickly in offshore energy markets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Utilization and day-rate risk1Interest-rate exposure2Asset impairment risk3Foreign exchange exposure4Credit risk from customers5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Utilization and day-rate riskImpact: HighLikelihood: High

    Cash flows depend on offshore vessel deployment and post-contract pricing assumptions.

    Exposure: Standby and ERRV activities

  2. Interest-rate exposureImpact: HighLikelihood: High

    The group uses vessel financing and revolving facilities with floating-rate debt.

    Exposure: Borrowings and hedging

  3. Asset impairment riskImpact: HighLikelihood: Medium

    Vessel CGUs are sensitive to assumptions on future utilization, discount rates, and inflation.

    Exposure: Fleet carrying values

  4. Foreign exchange exposureImpact: MediumLikelihood: High

    GBP and other currency moves affect reported results and contract economics.

    Exposure: UK-linked offshore activity

  5. Credit risk from customersImpact: MediumLikelihood: Medium

    Trade receivables and contract assets depend on customer ability to pay.

    Exposure: Offshore energy counterparties

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Accounting

Judgemental items
Impairment of vessels and CGUs

Value-in-use depends on future day rates, utilization, discount rates, and inflation assumptions.

Impact: Can materially change asset carrying values and earnings

Derivatives and hedge accounting

Interest-rate swaps and other hedges affect finance costs and fair value movements.

Impact: Affects volatility in profit or loss and equity reserves

Lease accounting

Vessel and facility leases create right-of-use assets and liabilities under IFRS 16.

Impact: Changes leverage presentation and depreciation/interest profile

Contract liabilities

Charter-related liabilities can shift with contract timing and acquisitions.

Impact: Affects revenue timing and balance sheet liabilities

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Last updated: 24/10/2026