Sea1 Offshore
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Sea1 Offshore (SEA1) investor relations material

Sea1 Offshore Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

Newbuild OESVs: How will they impact fleet strategy?
How to maintain backlog given market softening?
AHTS: Capitalize on North Sea, mitigate other regions?
Newbuilds: target market and competitive edge?
Subsea segment: fleet reduction vs. margin growth?
Newbuild financing: 5-year tenor, 11-year amortization?
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Frequently asked questions

Sea1 Offshore Inc. is a Norway-based company that specializes in the ownership and operation of offshore support vessels (OSVs). These vessels primarily serve the offshore oil and gas industry as well as the growing offshore renewable energy market. Sea1 Offshore operates a fleet that includes anchor handling tug supply vessels (AHTS), platform supply vessels (PSVs), subsea construction vessels, well intervention vessels, and scientific drilling vessels. The company offers services for various energy sectors, including subsea construction, oil spill recovery, and research operations. The company is headquartered in Kristiansand, Norway, and its shares are listed on the Oslo Stock Exchange.

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