Solstad Offshore (SOFF) Q1 2025 earnings summary

Executive summary

• Achieved high vessel utilization of 93% in Q1 2025, with strong market demand and high tendering activity, especially in Brazil.

• Completed a strategic investment in Omega Subsea (35.8% stake) to strengthen the service segment.

• Solstad Maritime, in which a 27.3% stake is held, is set to list on Euronext Oslo Børs around 16 May 2025.

Financial highlights

• Adjusted EBITDA for Q1 2025 was USD 30 million, down from USD 36 million in Q1 2024.

• Book equity increased to USD 311 million (39% equity ratio), up from USD 189 million (24%) a year earlier.

• Adjusted net interest-bearing debt before leases is USD 107 million, reduced from USD 201 million year-over-year.

• Solstad Offshore will receive USD 9.5 million in dividends from Solstad Maritime for Q1.

• Cash position at quarter-end was USD 52 million, compared to USD 64 million last year.

Outlook and guidance

• On track to meet full-year 2025 adjusted EBITDA guidance of USD 120–150 million.

• Operational adjusted EBITDA expected at USD 60–70 million, with share of result from associates and JVs at USD 60–80 million.

• Plans to start paying quarterly dividends from Q3 2025.

• No signs of lower activity or project postponements from clients; strong demand and high tender activity, especially in Brazil.

• High backlog and vessel availability position the company to benefit from favorable market conditions beyond 2025.