Sea1 Offshore (SEA1) Q1 2026 earnings summary

Executive summary

• Operating revenues rose to $72 million in Q1 2026, up from $68.5 million in Q1 2025, driven by higher charter rates and improved utilization across segments, with 15 fully owned vessels and four under construction; all operational vessels delivered a positive EBITDA margin.

• Net profit to shareholders increased to $28.3 million ($0.18 per share), up from $22.2 million ($0.14 per share) year-over-year.

• Board authorized and paid a NOK 4 per share dividend in April 2026, reflecting strong results and liquidity.

• Maintained a solid financial position and strong contract backlog with quality clients, supported by a progressing newbuilding program.

• Fleet utilization reached 90%, with no vessels in lay-up at quarter-end.

Financial highlights

• Revenue increased to $72 million from $68.5 million year-over-year, despite the sale of a subsea vessel.

• EBITDA was $37.5 million (52% margin), down from $40.3 million, but adjusted EBITDA rose 17% after accounting for vessel sale and one-off items.

• Operating profit reached $24.4 million; net financial items were positive by $4.3 million, including a $3.1 million currency gain and $4.5 million reversal of interest accruals.

• Cash and cash equivalents grew to $68.3 million from $52.6 million year-over-year.

• Net interest-bearing debt reduced to $217.5 million from $343.3 million in Q1 2025.

Outlook and guidance

• Backlog stands at $1.2 billion, with $550 million in options; subsea fleet represents 80% of total backlog.

• 2026 firm backlog is $157 million; 100% coverage for PSV and subsea fleets, 50% for anchor handlers.

• Positive long-term market outlook, with strong demand fundamentals for construction support vessels and expected prolonged peaks in anchor handler rates.

• APAC and South America markets are softening short-term, but long-term prospects remain positive; South America outlook softens due to Petrobras cost reductions, but contract coverage remains solid.

• New vessel deliveries in 2027–2028 may temper dayrate increases.