Sea1 Offshore (SEA1) investor relations material

Executive summary

• Q3 revenue was $79.7m vs $63.4m, EBITDA $40.3m vs $34.2m and net profit $20.1m vs $12.3m; fleet utilization was 90%.

• Firm backlog was $572.6m, with $502m in options and total backlog of $1.075bn; four newbuilds remained on schedule.

Financial highlights

• Q3 EBITDA margin was 51% vs 54% YoY; operating profit rose to $26.6m from $21.8m, and net profit to $20.1m from $12.3m.

• Jan–Sep revenue was $231.9m vs $203.3m and EBITDA $119.4m vs $114.1m; operating profit fell to $78.8m from $117.4m and net profit to $71.1m from $99.3m.

• Q3 net financial items were negative $5.3m vs negative $7.5m, including a $1.4m currency revaluation loss; operating expenses rose to $32.4m, reflecting bareboat arrangements and stronger currencies.

• Q3 shareholder net profit was $20.1m, or $0.13 per share; administrative expenses were $7.0m vs $6.4m YoY.

Outlook and guidance

• Four 250-tonne Offshore Energy Support Vessels are under construction and progressing to plan; Sea1 Diamond was due for delivery at end-January and Sea1 Citrine at end-April, followed by ROV installation in Singapore.

• Newbuilds had no commercial commitments; strategy was to pursue favorable long-term contracts or well-paid short-term work. An Oceaneering deal was signed for Sea1 Diamond ROVs.

• Q4 yard installments were expected to be $50m, with $25m financed by the newbuild facility; subsequent payments were fully financed by the facility.

• Longer-term prospects were constructive on deepwater, offshore production, rig and FPSO activity, especially in South America, West Africa and parts of APAC; APAC rig activity was expected to rise from late 2027.