Norway · Delayed Price · Currency is NOK Sea1 Offshore Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 26% YoY to $79.7 million and EBITDA increased 18% to $40.3 million, with a 51% margin. Backlog was nearly $1.1 billion, while anchor-handler rates face near-term pressure and four newbuilds remain on schedule.
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Q2 2026 saw 12% revenue growth and a 5% EBITDA increase, with a 52% EBITDA margin and strong cash flow. The company maintained a solid balance sheet, paid significant dividends, and has a robust backlog, while continuing its fleet renewal and expansion.
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Revenue rose to $72 million with a 52% EBITDA margin and net profit of $28.3 million. Strong backlog, high fleet utilization, and robust liquidity supported a NOK 4 per share dividend, while segment margins improved, especially in anchor handling.
Fiscal Year 2025
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Q4 2025 saw strong operational and financial performance, with $68M revenue, 52% EBITDA margin, and 93% fleet utilization. Backlog remains robust, newbuild program is on track, and a $350M loan facility was secured for future growth.
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Q3 saw $63M revenue and $34M EBITDA with 93% fleet utilization, despite fewer vessels. Strong contract backlog, robust financials, and high-end new builds support a positive long-term outlook, though short-term market weakness persists in some regions.
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Q2 2025 saw strong financial results with $71.3M revenue, 55% EBITDA margin, and $64.9M net profit, driven by high fleet utilization and a $41.3M vessel sale gain. The firm contract backlog is $756M, with robust coverage for 2025 and a positive long-term outlook.
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Q1 2025 saw strong financial performance with $68.5M revenue, $40.3M EBITDA, and a 59% margin, despite a smaller fleet. Contract backlog remains robust at $812M, with positive market outlooks in all segments and continued focus on capital discipline.
Fiscal Year 2024
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Q4 2024 saw strong operational and financial performance with a 52% EBITDA margin and $68.4 million in revenue, despite a smaller fleet. The company maintains a robust contract backlog, solid financial position, and positive market outlook across all segments.
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Q3 2024 saw strong EBITDA margin of 55% on $81.6M revenue, with net profit up 93% year-over-year. Solid contract backlog, improved financial flexibility post-refinancing, and positive outlook across all segments support future growth.
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Q2 2024 saw higher revenue and EBITDA, a strong contract backlog, and improved margins across all segments. Vessel sales and refinancing strengthened the balance sheet, and a NOK 5 per share dividend was authorized. Positive long-term market outlook remains.