Solstad Offshore (SOFF) Q3 2025 earnings summary

Executive summary

• Achieved solid operational and financial performance in Q3 2025, with fleet utilization at 97% and strong order intake of $222 million, including new long-term contracts in Brazil and contract extensions.

• Board proposes a Q3 2025 dividend of $0.05 per share, totaling $4 million, subject to EGM approval.

• Visibility for 2026 and beyond is strong, with several market opportunities for available vessels and increased backlog.

• Recent oil price volatility introduces uncertainty for future activity levels and performance.

Financial highlights

• Q3 2025 revenue was $73 million, up from $68 million in Q3 2024; year-to-date revenue reached $220 million versus $197 million last year.

• Adjusted EBITDA for Q3 was $29 million, compared to $28 million last year; year-to-date adjusted EBITDA was $91 million versus $89 million.

• Net result for Q3 was $26 million, up from $11 million last year; year-to-date net result was $88 million versus $52 million.

• Firm backlog for owned vessels doubled to $280 million year-over-year; Solstad Maritime vessels backlog at $640 million.

• Book equity rose to $375 million from $203 million, with an equity ratio of 44%.

• Adjusted net interest-bearing debt reduced to $57 million from $206 million, mainly due to settlement of Normand Maximus claim.

• Cash position at quarter end was $87 million, up from $60 million last year.

Outlook and guidance

• Long-term demand remains positive, especially in Brazil, but short-term market demand is lower than previously expected.

• Full-year 2025 adjusted EBITDA guidance updated to $115 million; operational guidance unchanged at $60–70 million.

• Share of results from associates and JVs adjusted to around $50 million, down from previous $60–80 million.

• High contract coverage for 2026 provides good earnings visibility; several market opportunities for available vessels.