Sea1 Offshore (SEA1) Q1 2025 earnings summary

Executive summary

• Operated 17 fully owned vessels in Q1 2025, all delivering positive EBITDA margins, with the fleet reduced from 26 vessels year-over-year.

• Revenue reached $68.5 million, down from $83.2 million in Q1 2024, mainly due to vessel sales and one vessel in lay-up.

• EBITDA increased to $40.3 million (59% margin), up from $32.9 million (40% margin) year-over-year, reflecting higher charter rates and cost reductions.

• Net profit after taxes was $22.2 million, nearly double the $11.6 million from Q1 2024.

• Paid a NOK 7 per share dividend in January 2025, totaling $94 million, supported by strong results and a significant contract backlog.

Financial highlights

• Operating profit for Q1 2025 was $27 million, up from $14.7 million in Q1 2024.

• Net cash flow from operations was $34.3 million; cash and cash equivalents at quarter-end were $52.6 million.

• Gross interest-bearing debt stood at $396 million; net interest-bearing debt at $343 million.

• Book equity ratio was 42%, with shareholders' equity at $332.6 million.

• Firm contract backlog at quarter-end was $812 million, with total backlog including options at $1,442 million.

Outlook and guidance

• Moderate growth expected in the OSV market for the rest of 2025; subsea vessel segment remains tight with limited newbuild deliveries.

• Positive global economic and oil demand forecasts for 2025–2026, but trade policy shifts and rig market softness introduce uncertainty.

• North Sea AHTS market expected to gain momentum with high spot market volatility.

• Construction support vessel market remains tight, with newbuilds scheduled for 2027.

• 100% contract coverage for PSV and subsea fleets for 2025 and 2026, excluding one vessel in layup.