Solstad Offshore

Solstad Offshore (SOFF) investor relations material

Solstad Offshore Q4 2025 earnings summary

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

Q4 2025 earnings summary12 Feb, 2026

Executive summary

Adjusted EBITDA for 2025 exceeded October guidance, driven by improved results and strong order intake, enhancing earnings visibility for 2026 and beyond.
Market conditions in offshore energy services remain positive, with balanced supply and demand expected in 2026 despite oil price volatility.
New long-term contracts and extensions increased the order backlog, supporting future revenue stability.
Fourth quarter saw lower utilization and EBITDA due to two vessels being between contracts, but new contracts will improve utilization in 2026.
Order intake in Q4 was $84 million, with full-year contract value signed exceeding $700 million.

Financial highlights

Q4 2025 revenue was USD 70 million, up from USD 65 million in Q4 2024; full-year 2025 revenue reached USD 290 million, up from USD 262 million in 2024.
Adjusted EBITDA for 2025 was USD 126 million (2024: USD 132 million), within the guided range of USD 120–150 million.
Net result for 2025 was USD 141 million, up from USD 118 million last year.
Year-end cash position was USD 74 million, up from USD 34 million; book equity at year-end was USD 425 million, equity ratio nearly 50%.
Proposed Q4 2025 dividend of USD 0.05/share, totaling USD ~4 million; full-year 2025 dividends distributed totaled USD ~8 million.

Outlook and guidance

2026 operational adjusted EBITDA guidance is USD 50–70 million, excluding results from associates and JVs, with the lower end if a major vessel class renewal occurs.
Nearly all 2026 capacity is sold out; focus is on building backlog for 2027 and beyond.
Continued focus on preserving cash for strategic vessel purchase options.
Market demand remains strong, with increased project activity and positive supply-demand balance.

Maximus purchase option: timing and funding

Strategy to fill available vessel days post-2026

Arbitration outcome impact on 2026 financials?

Maximus long-term contract impact on option financing?

Given 2026 capacity, what is the 2027+ backlog strategy?

Explain the change in 2026 EBITDA guidance scope.

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