Sea1 Offshore (SEA1) Q2 2026 earnings summary

Executive summary

• Revenue and EBITDA increased year-over-year, reaching $80.1 million and $41.5 million respectively, despite the prior year's one-time gain from a vessel sale.

• Dividend of NOK 4 per share paid in April 2026, reflecting strong results and liquidity; all AGM resolutions, including director re-elections, were approved.

• Fleet utilization was 83% in Q2 2026, down from 92% in Q2 2025, with 15 fully owned vessels and four under construction.

• Strong operational and HSEQ performance; newbuilding program progressing as planned, with steel cutting and vessel launches underway.

Financial highlights

• Q2 2026 revenue was $80.1 million, up 12% year-on-year; EBITDA was $41.5 million (52% margin); operating profit was $27.8 million.

• Net profit for Q2 2026 was $22.7 million, or $0.15 per share, down from $64.9 million in Q2 2025 due to a one-time gain.

• Book equity ratio stood at 53%; shareholders’ equity at June 30, 2026 was $417.7 million.

• Net interest-bearing debt was $259.6 million; gross interest-bearing debt was $299 million.

• Cash and cash equivalents at quarter-end were $39 million, after $63 million dividend payment.

Outlook and guidance

• Offshore market outlook remains positive, supported by higher oil prices, energy security focus, and robust subsea vessel demand.

• Subsea vessel supply remains tight, but new deliveries in 2027–2028 may moderate day rates.

• North Sea AHTS spot rates surged 45% sequentially and 130% year-over-year, though utilization is moderate.

• APAC rig activity expected to improve in 2027; South America outlook positive long-term but near-term uncertainty due to Petrobras cost reductions.

• Focus remains on securing favorable long-term or well-paid short-term contracts for new vessels.