Announcement • Jul 03
Northern Ocean Ltd. Announces Appointment of Lars Pedersen as Director Northern Ocean Ltd. announced the appointment of Lars Pedersen as a Director. Mr. Pedersen is an international maritime executive with more than 35 years of leadership experience across shipping and offshore support services. He has spent the past eight years with Frontline Management AS, where he serves as Chief Technical Officer, leading global fleet operations, digital transformation, ESG initiatives, and strategic growth, while also serving as Managing Director of Flex LNG Fleet Management. Previously, he held senior leadership positions with BW Group, A.P. Moller–Maersk, and Höegh. Lars brings extensive expertise in corporate governance, AI, Sale & Purchase (S&P), Mergers & Acquisitions (M&A), and major shipbuilding programs in China and South Korea. He serves on the board of Arundo Analytics and completed the Executive Board Leadership Programme at Copenhagen Business School. Following the appointment of Mr. Pedersen, the Board consisted of six directors. Reported Earnings • May 31
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: US$0.08 loss per share (further deteriorated from US$0.037 loss in 1Q 2025). Revenue: US$13.3m (down 76% from 1Q 2025). Net loss: US$23.1m (loss widened 106% from 1Q 2025). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to decline by 49% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 06
Consensus revenue estimates fall by 36% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$102.2m to US$65.4m. Forecast losses increased from -US$0.104 to -US$0.178 per share. Energy Services industry in Norway expected to see average net income growth of 30% next year. Consensus price target of kr11.00 unchanged from last update. Share price was steady at kr9.11 over the past week. 
