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 completed, reducing fleet size.

• Achieved $68.2 million in Q4 2025 revenue, $35.4 million EBITDA, and net profit of $14.4 million, with a 52% EBITDA margin.

• Completed transfer to Euronext Growth Oslo and secured new contracts in Brazil, including a three-year PSV contract and an oil spill recovery vessel extension.

• Maintained a robust contract backlog and strong HSEQ performance, supporting a positive long-term outlook.

• Newbuilding program progressing as planned, with first vessel delivery in January 2027.

Financial highlights

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

• Operating profit increased to $23.7 million; net profit before minorities rose to $14.4 million.

• Cash and cash equivalents at year-end were $86.4 million, up from $68.3 million year-over-year.

• Book equity ratio stood at 54%; net interest-bearing debt was $208 million at year-end.

• Gross interest-bearing debt totaled $295 million.

Outlook and guidance

• Backlog of $1,270 million, with $569 million in options; 80% of backlog from subsea fleet.

• 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.