Sea1 Offshore (SEA1) Q3 2025 earnings summary

Executive summary

• Operated 16 fully-owned vessels in Q3 2025, with four more under construction and high utilization rates across segments.

• Q3 2025 revenue was $63.4M, down from $81.6M in Q3 2024, mainly due to vessel sales and lay-ups.

• EBITDA was $34.2M (54% margin), with all operating vessels delivering positive EBITDA margin.

• Net profit attributable to shareholders was $12.3M, compared to $25.9M in Q3 2024.

• Application for delisting from Euronext Oslo Børs approved, conditional on transfer to Euronext Growth Oslo; two new board members appointed.

Financial highlights

• Q3 2025 revenue was $63.4M; EBITDA $34.2M (54% margin); operating profit $21.8M.

• Net profit after taxes was $12.2M; net profit per share $0.08.

• Cash position at quarter-end was $113M; net cash flow from operations for nine months was $106.7M.

• Gross interest-bearing debt at $310M; net interest-bearing debt at $197M.

• Dividend of $94M paid in January 2025.

Outlook and guidance

• Long-term demand for construction support vessels remains strong, but short-term activity is softening in several regions due to lower oil prices.

• Oil price declines may defer investments and spending into early 2026.

• North Sea AHTS market was weak in Q3 but is expected to improve with increased rig activity in 2026.

• South America outlook is softening short-term due to Petrobras cost reductions, but contract coverage remains solid.

• Firm contract backlog stands at $743M, with $599M in options; full contract coverage for PSV and subsea fleet for 2025 and 2026.