Q2 2026 Sea1 Offshore Inc Earnings Call Transcript
Key Points
- Revenue increased 12% year-over-year to $80.1 million, with EBITDA up 5% to $41.5 million, despite the sale of Sea1 Spearfish in 2025.
- All 15 operating vessels delivered positive EBITDA margins, with strong performance in anchor handling (up 18% in Q2) and Brazilian PSVs (up 20% in Q2).
- Solid financial position with a book equity ratio of 53%, net interest-bearing debt of $259 million, and a fully undrawn $150 million revolving credit facility providing strong liquidity.
- Contract backlog of $1,129 million, with 83% from the Subsea segment, providing revenue visibility and stability.
- New building program on track, with the first vessel (Sea1 Diamond) delivering in January 2027, and the company has secured ROVs for these vessels, ready for trading upon delivery.
- Fleet utilization declined to 83% in Q2, down from the same quarter last year, due to low utilization in the anchor-handler spot market.
- Operating expenses increased by $6 million in the quarter, partly due to the Ben Viking bareboat contract, and administrative expenses rose due to currency weakening.
- The oil spill recovery vessel segment's operating margins were temporarily impacted by maintenance activity on one vessel.
- The anchor handler market faces challenges, with utilization expected to be moderate and potentially challenging during the winter months, and spot market rates are volatile.
- No contracts have been secured yet for the four new builds under construction, and the company may have to rely on short-term contracts if favorable long-term rates are not found.
Good morning, and welcome to the presentation of our results for the second quarter. My name is Bernt Omdal, and I'm the CEO of the company. Together with our CFO, Vidar Jerstad, we will take you through this presentation.
Sea1 Offshore's report for the second quarter 2026 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions, and I suggest you post your questions in the chat function.
So looking at the highlights for the quarter, we operated 15 fully owned vessels. In addition, we have four vessels under construction. All of our vessels in operation delivered a positive EBITDA margin. We had US dollars $80 million in revenue, and we delivered $41.5 million in EBITDA that is equal to an EBITDA margin of 52%.
We have a book equity ratio of 53%. And our net interest-bearing debt was $259 million at the end of the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
