Q4 2024 Sea1 Offshore Inc Earnings Call Transcript
Key Points
- Sea1 Offshore Inc (FRA:S5H0) reported a strong EBITA margin of 52% for the fourth quarter of 2024.
- The company achieved a high fleet utilization rate of 92%, excluding one vessel in layup.
- A significant contract extension for Sea1 Spearfish and a new multi-well contract in Australia were secured.
- The EBITDA increased to USD 35.4 million, up from USD 26.2 million in the same quarter of 2023, despite a reduction in the number of vessels.
- A dividend payment of NOK 7 per share was made to shareholders, reflecting a solid financial position and significant backlog.
- Net financial items ended negatively by USD 13.7 million, impacted by currency losses.
- The company experienced a USD 8.3 million currency loss affecting book equity due to asset depreciation against the dollar.
- Profit before taxes was relatively low at USD 3.6 million, with net profit after taxes at USD 3.5 million.
- The North Sea anchor handler spot market softened in the fourth quarter, putting pressure on day rates.
- The semi-rig activity in Australia is expected to decrease temporarily in 2025, potentially affecting regional rates and utilization.
Welcome to the review and presentation of our results for the fourth quarter. My name is Bernt Omdal and I'm the Chief Executive Officer of the company. Together with me, I have our Chief Financial Officer Vidar Jerstad, and we will take you through this presentation.
Sea1 Offshore report for the fourth quarter 2024 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 17 fully owned vessels. All of our vessels delivered a positive EBITA margin. We had close to USD 70 million in revenue, and we delivered USD 35 million in EBITA, which is equal to an EBITA margin of 52%. The numbers are delivered with less vessels than the same quarter in 2023.
Some operational, highlights, we continue to deliver safe and efficient operation in all regions. This is a result of high
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