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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.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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