Sea1 Offshore Inc (OSL:SEA1)

Q4 2025 Sea1 Offshore Inc Earnings Call Transcript

Feb 12, 2026 / 07:00 AM GMT

Release Date Price: kr27.25 (+2.25%)

Transcript

Key Points

Positve

Sea1 Offshore Inc (FRA:S5H0) reported a strong EBITA margin of 52% for the fourth quarter.
The company achieved a high fleet utilization rate of 93% during the quarter.
A new contract was awarded for C1 Atlas in Brazil with favorable terms, enhancing future revenue streams.
The company has a solid financial position with a book equity ratio of 54% and access to a $100 million undrawn revolving credit facility.
Sea1 Offshore Inc (FRA:S5H0) has a strong backlog of $1,270 million, with significant coverage for 2026 and 2027.

Negative

Net financial items were negative by $10.5 million, including a currency loss of $5.8 million.
The subsea segment experienced a decline in margin due to a reduced fleet.
The company has significant net interest-bearing debt of $209 million.
There is no established dividend policy, creating uncertainty for shareholders regarding future payouts.
The APEC region and South America markets are softening in the short term, which may impact future operations.

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

SEA1.OL - Sea1 Offshore Inc
Q4 2025 Sea1 Offshore Inc Earnings Call
Feb 12, 2026 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the presentation of our results for the 4th quarter.

My name is Bernd Omdahl and I'm the CEO of the company.

Together with me, I have our CfoO Vidata, and we will take you through this presentation.

C1 offshores report for the fourth quarter 2025 was released this morning.

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 in the 4th quarter. In addition, we have 4 vessels under construction.

All our vessels in

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