Solstad Offshore (SOFF) Q1 2026 earnings summary

Executive summary

• Solid financial performance in Q1 2026, driven by strong contributions from joint ventures and associated companies, despite lower operational adjusted EBITDA and utilization due to two vessels being between contracts.

• Secured a 225-day contract for Normand Tonjer and signed an LOI for a two-year contract for Normand Maximus, significantly increasing backlog.

• Board intends to distribute a dividend of $0.1 per share for the quarter, totaling $8 million.

• Operating income rose to $86 million from $69 million year-over-year, mainly due to four Solstad Maritime vessels starting four-year contracts in Brazil.

Financial highlights

• Total adjusted EBITDA reached $34 million, up from $30 million in Q1 2025, with operational adjusted EBITDA at $12 million, down from $16 million last year.

• Net result for the quarter was $29 million, up from $24 million year-over-year.

• Booked equity at quarter-end was $448 million, up from $311 million last year, with an equity ratio of 41%.

• Cash position at quarter-end was $77 million, up from $52 million last year.

• Firm backlog for owned vessels at $306 million, up 61% year-over-year.

Outlook and guidance

• Guidance for full-year operational adjusted EBITDA (excluding joint ventures and associates) remains $50–$70 million, with the lower end if Normand Maximus class renewal occurs in 2026.

• High proportion of fixed contracted days for the year provides solid earnings visibility.

• Dividend distribution is expected to continue, with ambitions for stable and increasing quarterly dividends and cash preservation for potential vessel purchase options.