Q1 2026 Sea1 Offshore Inc Earnings Call Transcript
Key Points
- Sea1 Offshore Inc (FRA:S5H0) operated 15 fully owned vessels with an additional four vessels under construction, showcasing expansion and growth.
- The company achieved a strong EBITDA margin of 52%, with $37.5 million in EBITDA from $72 million in revenue.
- The fleet utilization rate was high at 90%, indicating efficient use of resources.
- The company secured a one-year contract extension for the C1 and Maragogi vessels, ensuring continued revenue streams.
- A dividend payment of Norwegian Kroner 4 per share was authorized and executed, reflecting strong financial health and shareholder returns.
- Operating expenses increased by $4.2 million compared to the previous year, partly due to a one-off item that reduced expenses last year.
- Administrative expenses rose to $7.8 million from $5.8 million, driven by currency fluctuations and costs related to a new accounting system.
- The subsea segment margin declined due to the sale of the C1 Spearfish vessel, impacting overall segment performance.
- The company faces challenges in securing long-term contracts in the Asia and Australia regions, with only short-term projects currently available.
- The anchor handler market is expected to remain volatile, with potential fluctuations in demand and day rates.
Welcome to the presentation of our results for the first quarter. My name is Ben Tomdahl, and I'm the CEO of the company.
Together with me, I have our CFO, and we will take you through this presentation.
C1 Offshore's report for the first 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.
Looking at the highlights for the quarter, we operated 15 fully owned vessels, and in addition, we have four vessels under construction.
All of our vessels in operation delivered a positive EBITDA margin.
We had $72 million in revenue, and we delivered USD37.5 million in EBITDA, which is equal to an EBITDA margin of 52%. We have a book equity ratio of 49% post-dividend.
Our net interest-bearing debt was $217.5 million at the end of the quarter.
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