Energy Holdings reports strong Q3, higher distributions

Energy Holdings announced strong Q3 2025 results, with revenue increasing by 28% year-on-year to $50.7 million and adjusted EBITDA up 33% to $24.0 million, reflecting higher day rates and operational efficiency across its Energy Drilling and SeaBird Exploration segments. The company's total firm revenue backlog stands at $521 million, providing clear earnings visibility into 2026.

The board proposed a $20 million cash distribution for Q3 2025, to be paid in Q1 2026, and updated its full-year 2025 distribution guidance to $80-85 million. This commitment to shareholder returns is supported by a disciplined capital structure, maintaining a low 0.2x leverage ratio against the last twelve months' adjusted EBITDA, and no significant capital expenditure foreseen.

Key operational highlights include the successful commencement of multi-year contracts for rigs GHTH and EDrill-2 in November 2025, following on-time and on-budget yard stays. Additionally, SeaBird Exploration secured new OBN source contracts for its Fulmar Explorer and Eagle Explorer vessels. Sveinung Alvestad has been appointed group CFO, underscoring the company’s focus on strengthening financial coordination and strategic initiatives.