Floatel International (FLOAT) Q2 2025 earnings summary

Executive summary

• Achieved 100% fleet utilization in Q2 2025, excluding Floatel Reliance, with all four active units on charter throughout the quarter; utilization up from 84% last year.

• Major operational milestones included contract completions and new assignments across Norway, Canada, Australia, and Brazil.

• Sale of Floatel Reliance completed in May 2025, strengthening the balance sheet.

• Revenues and recurring EBITDA saw significant year-over-year growth, with a strong orderbook and high fleet booking into 2026.

• The fleet is nearly fully booked for 2025 and 2026, with limited availability until the second half of 2026.

Financial highlights

• Q2 2025 revenue was $70.4m, up from $41.8m in Q2 2024; H1 2025 revenue reached $91.6m versus $58.8m in H1 2024.

• Recurring EBITDA margin improved to 49% in Q2 2025 from 29% in Q2 2024; Q2 2025 EBITDA was $34.2m compared to $12.1m last year.

• Result after income taxes for Q2 2025 was $12m, reversing a loss of $24m in Q2 2024.

• Net result for H1 2025 was -$12.7m, a significant improvement from -$48.5m in the prior year.

• Cash and cash equivalents stood at $36.6m as of June 30, 2025, with $25m undrawn on the revolving credit facility.

Outlook and guidance

• Orderbook as of June 30, 2025, was $341m (excluding options and LOIs), with a total backlog of $534m including options and LOIs.

• 25% of the backlog is for execution in the remaining quarters of 2025, and 40% in 2026.

• Active fleet has limited availability until 2027 due to high contract coverage.

• Tendering activity remains strong, with several outstanding tenders for assignments starting in 2026 and beyond.

• Market demand for offshore accommodation is increasing, with higher utilization and rates expected due to reduced supply and increased client activity.