Sea1 Offshore (SEA1) Q4 2024 earnings summary

Executive summary

• Operated 17 fully owned vessels in Q4 2024, all delivering positive EBITDA margins, after selling nine vessels in July 2024.

• Achieved $68.4 million in Q4 2024 revenue and $35.4 million EBITDA, with a 52% margin, despite a smaller fleet.

• Net profit attributable to shareholders was $3.2 million in Q4 2024, compared to $100 million in Q4 2023, reflecting one-time gains in the prior year.

• Strong contract backlog of $840 million firm and $626 million in options, with high coverage for 2025 and 2026.

• Special dividend of NOK 7 per share paid in January 2025, following strong results and a robust balance sheet.

Financial highlights

• Q4 2024 revenue was $68.4 million; operating expenses were $26.6 million; administrative expenses $6.4 million.

• EBITDA for Q4 2024 was $35.4 million, up 35% year-over-year when adjusted for vessel sales.

• Net interest-bearing debt reduced to $270.7 million at year-end, from $365.1 million a year earlier.

• Net profit after taxes was $3.5 million; after minority adjustment, $3.2 million.

• Cash and cash equivalents at year-end were $68.3 million.

Outlook and guidance

• Construction Support Vessel market nearly sold out, supporting record rates and newbuild orders.

• North Sea AHTS market softened in Q4 2024 but is expected to improve in 2025 with increased semi-rig activity.

• Petrobras in Brazil increasing E&P budgets, driving demand for deepwater support vessels and newbuilds.

• OSV market expected to see further growth and tight supply in 2025, with steady or rising day rates.

• 100% contract coverage for PSV fleet in 2025 and 2026; good coverage for subsea fleet.