Sea1 Offshore Inc (LTS:0I21)

Q3 2025 Sea1 Offshore Inc Earnings Call Transcript

Oct 31, 2025 / 08:00 AM GMT

Release Date Price: kr20.35

Transcript

Key Points

Positve

Sea1 Offshore Inc (STU:S5H0) achieved a strong EBITDA margin of 54% for the third quarter.
The company maintained a high fleet utilization rate of 93%, excluding one vessel in layup.
Sea1 Offshore Inc (STU:S5H0) secured a new 3-year contract for the PSVC1 Atlas in Brazil, with an additional 6-month option period.
The company has a firm contract backlog of $743 million, with an additional $599 million in options.
Sea1 Offshore Inc (STU:S5H0) has a solid financial position with a book equity ratio of 52% and access to a $100 million revolving credit facility.

Negative

The company's EBITDA decreased from $45.1 million in the same quarter last year to $34.2 million, despite adjustments for vessel sales and layups.
The anchor handling segment performed below the same quarter last year, with uncertainty in the North Sea market.
Short-term activity for construction support vessels has declined in several key regions, potentially impacting future revenues.
The company experienced a net financial loss of $7.4 million, including a currency loss of $1.5 million.
The North Sea Anchorha market remained weak due to project delays and early contract terminations, affecting average monthly rates.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SEA1.OL - Sea1 Offshore Inc
Q3 2025 Sea1 Offshore Inc Earnings Call
Oct 31, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to C1 Offshore's presentation of our 3rd quarter results. My name is Bat Odal and I am the CEO of the company.

Joining me today is our CFO Vida Asta. Together, we will guide you through the key highlights of our quarterly performance.

Sean Offshore's 3rd quarter report was published earlier today prior to market opening.

In this presentation, we will summarize the main points from the report and refer to the accompanying presentation materials. Following the presentation, we will open the floor for questions.

During the 3rd quarter, C1 offshore operated 6,016 fully owned vessels with an additional 4 vessels currently under construction.

All operating vessels delivered

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