Q3 2025 Solstad Maritime ASA Earnings Call Transcript
Key Points
- Solstad Maritime ASA (CHIX:SOMAo) reported a strong order intake of $180 million for the quarter, resulting in a book-to-bill ratio of 1.2.
- The company has secured significant long-term contracts, including an extension for the large pipe-laying vessel Norman Vision until the end of 2027.
- Solstad Maritime ASA has a firm backlog close to $1 billion, with options increasing this to $1.7 billion, providing strong visibility into 2026 and beyond.
- The company announced a cash dividend of $0.032 per share, totaling $15 million for the quarter.
- Despite lower utilization, the company remains optimistic about long-term demand in the offshore energy services market, with several new opportunities on the horizon.
- Adjusted EBITDA for the quarter was $69 million, down from $91 million in the same quarter last year, primarily due to lower fleet utilization.
- Fleet utilization decreased to 80% this quarter compared to 89% last year, affecting revenue and profitability.
- The North Sea, particularly the UK side, experienced lower activity than expected, impacting the utilization of CSVs and anchor handlers.
- The company faces uncertainty due to recent oil price developments, which could affect future demand and profitability.
- CapEx for 2025 has been significantly higher due to extensive regulatory docking programs, impacting cash flow and financial flexibility.
Good morning and welcome to the Solstad Maritime third quarter 2025 results presentation. My name is Lars Peder Solstad. I'm the CEO of the company and I'm joined by CFO Kjetil Ramstad. After this presentation, we will open up for Q&As and please ask questions in the chat and then keep in mind also that this is a Solstad Maritime presentation. So, if you have any questions related to Satar offshore, please wait until the next presentation starting at 10 o'clock.
We take a quick look at the disclaimer Before we move on to the quarter's business update and highlights, and we had adjusted EBITDA for the quarter of $69 million US dollars, down from $91 million in the third quarter last year, primarily due to lower fleet utilization in the second half of the year.
This is in line with the trading update we gave October 9, where we adjusted the full year 2025 EBITDA guidance to approximately $290 million. On the market update, we see that there's a long, there's a long-term demand in within offshore energy services
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