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Sea1 Offshore (SEA1) investor relations material
Sea1 Offshore Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary15 Aug, 2025
Executive summary
Operated 16 fully owned vessels in Q2 2025, achieving 92% fleet utilization, with all delivering positive EBITDA margins; four vessels under construction at quarter-end.
Revenue reached $71.3 million, with EBITDA of $39.6 million and a 55% margin, despite a smaller fleet due to vessel sales and lay-ups.
Net profit attributable to shareholders was $64.9 million, with a $41.4 million gain from the sale of the Seal/Sea1 Spearfish vessel.
Two new board members were appointed during the quarter; an employee share purchase plan was established.
Revenue-sharing agreement with Viking Supply Ships increased AHTS segment revenue by $1.3 million in Q2 2025.
Financial highlights
Q2 2025 revenue was $71.3 million, down from $107.6 million in Q2 2024; EBITDA margin improved to 55% from 49% in Q2 2024.
Net profit after taxes was $64.9 million; operating profit was $68.6 million, including the vessel sale gain.
Cash and cash equivalents at June 30, 2025, were $98.5 million, up from $85.9 million year-over-year.
Book equity at June 30, 2025, was $398.4 million, with a book equity ratio of 50%.
Gross interest-bearing debt was $324 million; net interest-bearing debt at $225.7 million.
Outlook and guidance
Firm contract backlog at June 30, 2025, was $756 million, with total backlog including options at $1,345 million.
100% contract coverage for PSV and subsea fleets for 2025; 100% for subsea and ~50% for anchor handler/PSV in 2026.
Long-term demand fundamentals for construction support vessels remain strong, but short-term North Sea and deepwater activity has decreased.
North Sea spot market rates fell sharply in June; expectations for the region are low for the rest of 2025.
Semi-sub rig activity in Australia is expected to temporarily decrease, potentially increasing vessel availability and pressuring rates.
Why did North Sea spot rates decline sharply?
Explain the AHTS revenue sharing agreement.
Detail the newbuilding program of 4 vessels.
Detail the margin sharing agreement for AHTS.
Elaborate on CSV market balance in 2027.
Update on financing for the new builds.
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Next Sea1 Offshore earnings date
Q3 202531 Oct, 2025
Next Sea1 Offshore earnings date
Q3 202531 Oct, 2025
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Frequently asked questions
Sea1 Offshore Inc. is a Norway-based company that specializes in the ownership and operation of offshore support vessels (OSVs). These vessels primarily serve the offshore oil and gas industry as well as the growing offshore renewable energy market. Sea1 Offshore operates a fleet that includes anchor handling tug supply vessels (AHTS), platform supply vessels (PSVs), subsea construction vessels, well intervention vessels, and scientific drilling vessels. The company offers services for various energy sectors, including subsea construction, oil spill recovery, and research operations. The company is headquartered in Kristiansand, Norway, and its shares are listed on the Oslo Stock Exchange.
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