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Sea1 Offshore (SEA1) investor relations material
Sea1 Offshore Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operated 15 fully owned vessels in Q4 2025, with four additional vessels under construction and several vessel sales completed, reducing fleet size.
Achieved $68.2 million in Q4 2025 revenue, $35.4 million EBITDA, and net profit of $14.4 million, with a 52% EBITDA margin.
Completed transfer to Euronext Growth Oslo and secured new contracts in Brazil, including a three-year PSV contract and an oil spill recovery vessel extension.
Maintained a robust contract backlog and strong HSEQ performance, supporting a positive long-term outlook.
Newbuilding program progressing as planned, with first vessel delivery in January 2027.
Financial highlights
Q4 2025 revenue was $68.2 million, nearly flat year-over-year, with EBITDA at $35.4 million and a 52% margin.
Operating profit increased to $23.7 million; net profit before minorities rose to $14.4 million.
Cash and cash equivalents at year-end were $86.4 million, up from $68.3 million year-over-year.
Book equity ratio stood at 54%; net interest-bearing debt was $208 million at year-end.
Gross interest-bearing debt totaled $295 million.
Outlook and guidance
Backlog of $1,270 million, with $569 million in options; 80% of backlog from subsea fleet.
100% contract coverage for PSV and subsea fleet in 2026; strong coverage into 2027.
Construction support vessel market fundamentals remain strong, with record contractor backlogs and expected demand growth into 2026–2027.
Offshore activity projected to increase in 2026 and 2027, though new vessel deliveries in 2027 may pressure rates.
South America outlook softening short-term due to Petrobras cost reductions, but contract coverage remains solid.
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