Sea1 Offshore (SEA1) Q2 2025 earnings summary

Executive summary

• Operated 16 fully-owned vessels in Q2 2025, achieving 92% fleet utilization and positive EBITDA margins, with four additional vessels under construction.

• Revenue reached $71.3 million, with EBITDA of $39.6 million and a margin of 55%.

• Net profit after taxes was $64.9 million, supported by a $41.4 million gain from the sale of Sea1 Spearfish.

• Two new board members were elected during the quarter, with one director resigning.

• Employee share purchase plan established.

Financial highlights

• Q2 2025 revenue was $71.3 million, down from $107.6 million in Q2 2024; EBITDA margin at 55%.

• Net profit before minorities was $64.9 million, compared to $131.9 million in Q2 2024.

• Cash and cash equivalents at June 30, 2025, were $98.5 million.

• Gross interest-bearing debt at $324 million; net interest-bearing debt at $225.7 million.

• Dividend of $94.2 million paid in 1H 2025.

Outlook and guidance

• Firm contract backlog at June 30, 2025, was $756 million, with total backlog including options at $1,345 million.

• 100% contract coverage for PSV and subsea fleets for 2025; strong coverage for 2026 subsea fleet.

• North Sea spot market rates fell sharply in June; expectations for the region are low for the rest of 2025.

• Semi-sub rig activity in Australia is expected to temporarily decrease in 2025, potentially increasing vessel availability and pressuring rates.

• Long-term demand fundamentals for construction support vessels remain strong, with positive outlook for new builds from 2027 onward.