Sea1 Offshore (SEA1) Q4 2025 earnings summary

Executive summary

• Operated 15 fully owned vessels in Q4 2025, with four additional vessels under construction and several vessel sales reducing fleet size.

• Delivered a strong quarter with high activity, excellent HSEQ performance, and robust contract backlog.

• Achieved $68.2M in revenue, $35.4M EBITDA, and net profit of $14.4M, with EBITDA margin at 52%.

• Completed transfer to Euronext Growth Oslo and secured major contracts and extensions in Brazil.

• Fleet utilization reached 93% for the quarter.

Financial highlights

• Q4 2025 revenue was $68.2M, nearly flat year-over-year, with EBITDA stable at $35.4M and margin of 52%.

• Operating profit increased to $23.7M from $17.3M year-over-year; net profit before minorities rose to $14.4M from $3.5M.

• Cash and cash equivalents at year-end were $86.4M after $94.2M dividend payment.

• Net interest-bearing debt at year-end was $208M; gross debt at $295M.

• Full-year 2025 revenues declined to $271.5M from $340.8M, but net profit attributable to shareholders was $113.8M.

Outlook and guidance

• Backlog stands at $1,270M, with $569M in options; 2026 firm backlog is $192M.

• 100% contract coverage for PSV and subsea fleet in 2026; strong coverage into 2027.

• Construction support vessel market fundamentals remain strong, with record contractor backlogs and expected demand growth into 2026–2027.

• Offshore activity projected to increase in 2026 and 2027, though new vessel deliveries in 2027 may pressure rates.

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