Solstad Offshore (SOFF) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 and 1H 2026, with high vessel utilization, key contract wins, and robust contributions from joint ventures and associates.

• Strategic steps included a new joint venture and 14-year charter with SBM Offshore for a newbuild vessel, and a 2-year LOI for Normand Maximus.

• Sale of Normand Tonjer expected to generate a gain of approximately $23M and liquidity effect of $19M.

• Continued capital distribution to shareholders, with increased quarterly dividend of $0.15/share, totaling $12–12.4M.

• Passing of founder Johannes Solstad in May 2026.

Financial highlights

• Adjusted EBITDA reached $41M in Q2 2026 (up from $32M), and $75M in 1H 2026 (up from $62M); operational adjusted EBITDA was $22M in Q2 2026 (up from $17M).

• Operating income for Q2 2026 was $105M (up from $78M); for 1H 2026, $191M (up from $147M).

• Net result for Q2 2026 was $38M (vs $39M last year); for 1H 2026, $67M (up from $62M).

• Cash and equivalents at period end were $83M, up from $60M a year earlier.

• Order backlog at end of 1H 2026 was $986M, up from $771M in 1H 2025.

Outlook and guidance

• Operational adjusted EBITDA guidance for 2026 narrowed to $60M–$70M, reflecting updated vessel maintenance schedules.

• Market outlook remains positive with high activity levels, strong backlog, and historic highs among subsea contractors.

• Market growth needed to absorb new CSV capacity entering 2026–2028.

• North Sea AHTS spot rates improved due to limited vessel supply.

• No material events after balance date.