Rev USD 40.7m (-9% vs. ARCe), adj. EBITDA USD 16.2m (-27%) on mobilisation drag and Middle East costGuide USD 90-100m (95-105m) in 2026 adj. EBITDA, ARCe at USD 85m incl Q1 actuals (uadjusted)T28 LOI firmed up, 2026 white space fully addressed, visibility growing for 2027Adj. Leverage 1.5x vs 1.5x last quarter. Unadjusted 1.6x vs. ARCe 1.4xME relief already discounted, Market Perform maintained
23 Apr 2026
Arctic Credit FLASH: Telford Offshore - Softer operational, small neg revision to 2026. No big ME impact
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Arctic Credit FLASH: Telford Offshore - Softer operational, small neg revision to 2026. No big ME impact
- Published:
23 Apr 2026 -
Author:
Øyvind Hagen -
Pages:
13 -
Rev USD 40.7m (-9% vs. ARCe), adj. EBITDA USD 16.2m (-27%) on mobilisation drag and Middle East costGuide USD 90-100m (95-105m) in 2026 adj. EBITDA, ARCe at USD 85m incl Q1 actuals (uadjusted)T28 LOI firmed up, 2026 white space fully addressed, visibility growing for 2027Adj. Leverage 1.5x vs 1.5x last quarter. Unadjusted 1.6x vs. ARCe 1.4xME relief already discounted, Market Perform maintained