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Sea1 Offshore (SEA1) investor relations material

Sea1 Offshore Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Operated 16 fully-owned vessels in Q3 2025, with four more under construction and high utilization rates across segments.

  • Q3 2025 revenue was $63.4M, down from $81.6M in Q3 2024, mainly due to vessel sales and lay-ups.

  • EBITDA was $34.2M (54% margin), with all operating vessels delivering positive EBITDA margin.

  • Net profit attributable to shareholders was $12.3M, compared to $25.9M in Q3 2024.

  • Application for delisting from Euronext Oslo Børs approved, conditional on transfer to Euronext Growth Oslo; two new board members appointed.

Financial highlights

  • Q3 2025 revenue was $63.4M; EBITDA $34.2M (54% margin); operating profit $21.8M.

  • Net profit after taxes was $12.2M; net profit per share $0.08.

  • Cash position at quarter-end was $113M; net cash flow from operations for nine months was $106.7M.

  • Gross interest-bearing debt at $310M; net interest-bearing debt at $197M.

  • Dividend of $94M paid in January 2025.

Outlook and guidance

  • Long-term demand for construction support vessels remains strong, but short-term activity is softening in several regions due to lower oil prices.

  • Oil price declines may defer investments and spending into early 2026.

  • North Sea AHTS market was weak in Q3 but is expected to improve with increased rig activity in 2026.

  • South America outlook is softening short-term due to Petrobras cost reductions, but contract coverage remains solid.

  • Firm contract backlog stands at $743M, with $599M in options; full contract coverage for PSV and subsea fleet for 2025 and 2026.

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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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