Q1 2025 Sea1 Offshore Inc Earnings Call Transcript
Key Points
- Sea1 Offshore Inc (FRA:S5H0) operated 17 fully owned vessels, all delivering a positive EBITDA margin.
- The company reported $70 million in revenue and $40 million in EBITDA, resulting in a strong EBITDA margin of 59%.
- A dividend of 7 kronos per share was paid to shareholders, reflecting a solid financial position.
- Sea1 Offshore Inc (FRA:S5H0) signed a contract with Costco for building two additional offshore energy support vessels, expanding their fleet.
- The company maintains a strong financial standing with a book equity ratio of 42% and a firm contract backlog of $812 million.
- The number of vessels owned by Sea1 Offshore Inc (FRA:S5H0) decreased by 9 compared to the same quarter in 2024.
- Net financial items were negative by $4 million, despite a currency gain of $4.9 million.
- The semi-rig activity in Australia is expected to see a temporary decrease in 2025, potentially leading to regional rate pressure.
- The North Sea anchor handler market was slow at the start of the quarter, although it improved by the end of March.
- The company does not have a formal dividend policy, and future dividends will depend on financial outlook and market conditions.
Welcome to the review and presentation of our results for the 1st quarter. My name is Bernt Omdal. I'm the CEO of the company. Together with me, I have our CFO, Vidar Jerstad, and we will take you through this presentation.
Sea1 Offshore report for the first quarter 2025 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 in operation delivered a positive EBITDA margin. We had close to $70 million in revenue.
And we delivered $40 million in EBITDA, which is equal to an EBITDA margin of 59%.
We have a book equity ratio of 42%. And I think it's worth mentioning that these numbers are delivered with less vessels than the same quarter in 2024.
We continue to deliver safe and efficient operations in all
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