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Solstad Offshore (SOFF) investor relations material

Solstad 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 summary30 Oct, 2025

Executive summary

  • Achieved solid operational and financial performance in Q3 2025, with fleet utilization at 97% and strong order intake of $222 million, including new long-term contracts in Brazil and contract extensions.

  • Board proposes a Q3 2025 dividend of $0.05 per share, totaling $4 million, subject to EGM approval.

  • Visibility for 2026 and beyond is strong, with several market opportunities for available vessels and increased backlog.

  • Recent oil price volatility introduces uncertainty for future activity levels and performance.

Financial highlights

  • Q3 2025 revenue was $73 million, up from $68 million in Q3 2024; year-to-date revenue reached $220 million versus $197 million last year.

  • Adjusted EBITDA for Q3 was $29 million, compared to $28 million last year; year-to-date adjusted EBITDA was $91 million versus $89 million.

  • Net result for Q3 was $26 million, up from $11 million last year; year-to-date net result was $88 million versus $52 million.

  • Firm backlog for owned vessels doubled to $280 million year-over-year; Solstad Maritime vessels backlog at $640 million.

  • Book equity rose to $375 million from $203 million, with an equity ratio of 44%.

  • Adjusted net interest-bearing debt reduced to $57 million from $206 million, mainly due to settlement of Normand Maximus claim.

  • Cash position at quarter end was $87 million, up from $60 million last year.

Outlook and guidance

  • Long-term demand remains positive, especially in Brazil, but short-term market demand is lower than previously expected.

  • Full-year 2025 adjusted EBITDA guidance updated to $115 million; operational guidance unchanged at $60–70 million.

  • Share of results from associates and JVs adjusted to around $50 million, down from previous $60–80 million.

  • High contract coverage for 2026 provides good earnings visibility; several market opportunities for available vessels.

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Frequently asked questions

Solstad Offshore ASA provides marine services to the oil and gas industry, specializing in offshore vessel operations. The company offers a wide range of services, including subsea construction, anchor handling, and platform supply services. Its fleet includes platform supply vessels (PSVs), anchor handling tug supply vessels (AHTS), and construction service vessels (CSVs), which are used to support offshore exploration, construction, and production activities. Solstad Offshore serves global clients in the oil and gas, renewable energy, and subsea markets, with a focus on efficient, safe, and sustainable marine operations. The company is headquartered in Skudeneshavn, Norway, and its shares are listed on the Oslo Stock Exchange.

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