Welcome to the review and presentation of our results for the first 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's 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%.
I think it's worth mentioning that these numbers are delivered with fewer vessels than the same quarter in 2024. We continue to deliver safe and efficient operations in all regions. This is a result of a high focus on safety at all levels in the company. The utilization of the fleet in the first quarter was 88%, excluding one vessel that was in layup. On the back of solid results and a strong balance sheet combined with a strong backlog, a dividend of NOK 7 per share was paid to shareholders in January this year. We have a refinance debt related to the two well intervention vessels. We entered into a revenue sharing agreement with Viking Supply Ships for six anchor handlers owned by them and five large anchor handlers owned by Sea1 Offshore. We signed another contract with COSCO for building two offshore energy support vessels.
It is an ST245 design with a 250-ton crane. This is a sister vessel to the two vessels ordered last year. In total, four vessels of the same design ordered at the same yard. Furthermore, we have signed an agreement for the sale of Sea1 Spearfish at a very favorable price. The sale will result in a gain of approximately $40 million. Vidar Jerstad will now give some more details regarding the results for the first quarter 2025.
Let's take a look at the income statement. When comparing figures to 2024, keep in mind that the number of vessels owned by Sea1 has decreased by nine vessels. In the first quarter, the company had $68.5 million in revenue. Operating expenses were $22.4 million. This figure includes a positive one-off effect of $3.2 million received from a claim related to a previous charter contract back in 2016. Administrative expenses were $5.8 million. EBITDA for the quarter ended at $40.3 million. Adjusted for the one-off effect of $3.2 million, this is still well above last year's EBITDA that was generated by an additional nine vessels on the balance sheet. Depreciation in the first quarter this year on the ships was $13.5 million. Net financial items were negative by $4 million and including a currency gain of $4.9 million. Profit before taxes ended at $23 million.
Net profit after taxes ended at $22.2 million. This compared to $11.6 million in the same quarter last year. This slide illustrates the operating margin across our three primary segments. The figures shown are prior to G&A expenses and reflect only the vessels currently owned by Sea1. In the first quarter, all three segments experienced an increase in operating margin. Subsea rose by 32%, PSVs by 177%, and anchor handlers by 57%. This slide presents the financial position of Sea1 Offshore. The company maintains a strong financial standing with a book equity ratio of 42%. Gross interest-bearing debt stands at $396 million, while net interest-bearing debt is $343 million. The company has additional cash available through unground amounts under a revolving credit facility established in January. The cash flow so far in 2025. We started the year with $68 million in cash.
We have received $37 million from operations. We have paid net interest of $2 million. We have invested $13 million in the vessels. We have increased net debt by $57 million and paid dividend of NOK 94 million. The first quarter ended therefore with $53 million in cash on the accounts. Bernt?
Looking at our contract backlog, Sea1 Offshore has a firm backlog of $812 million. In addition, there is about $629 million of options attached to the firm periods. The largest part of our backlog is related to our subsea fleet. For the remaining part of 2025, we have a firm backlog of about $186 million US dollars. For 2025 and 2026, we have 100% coverage for the PSV fleet. For the subsea fleet, we have 100% coverage as well, when deducting the scientific core drilling vessels that is put in layup. For the anchor handler segment, we are trying to secure more term contracts. We see more and more term tenders in the market, and hopefully, we will be in a position to conclude more term contracts for the anchor handlers as well. Our OSV fleet consists of 17 owned vessels, as listed on this slide.
In addition, we have four vessels under construction and six vessels under our technical and commercial management. We have now two well intervention vessels, two PSVs, two offshore construction vessels, six anchor handlers, a smaller Brazilian fleet of four vessels that is fast crew vessels and oil spill recovery vessels. We have this scientific core drilling vessel called Joyous Resolution. She is in layup. Let's look at our areas of operation as per end of March. On this slide, we have listed all our fully owned vessels and vessels operated commercially and technically by us. The company has a really good global footprint, which is important for the utilization of the fleet. We will continue to move vessels around the world where we can perform safe operation based on sustainable conditions. For the anchor handler segments, there are mainly shorter contracts and campaigns.
In Australia, we currently have the anchor handlers Sea1 Sapphire, Sea1 Aquamarine, Sea1 Amethyst, Sea1 Emerald, and Andreas Viking, all operating on term contracts. In Canada, we have the smaller anchor handler, Avalon Sea. She is on a medium term contract. Sea1 Ruby, Bragg Viking, Magne Viking, Loke Viking, Odin Viking, and Nord Viking are all trading the North Sea spot market. Our construction vessels, Sea1 Spearfish and Sea1 Dorado, they are both working on term contracts currently in Brazil. The two well intervention vessels, Helix 1 and Helix 2, they are both on long-term contracts working offshore Brazil. We have two PSVs in our fleet, that is the CM Atlas and CM Giant. They are both on term contracts in Brazil. For our smaller Brazilian fleet, we have the oil spill recovery vessel CM Argogy and CM Arrotizes, both on term contracts with Petrobras.
The fast crew vessels CM Pendotiba and Piata are both on long-term bareboat agreements. As mentioned, the Joyous Resolution, she is now in layup here in Norway. As shown on previous slides, we have a really good contract coverage for this year. Some comments to the market. The forecast for the global economy and oil demand are positive for 2025 and 2026. However, the geopolitical situation has introduced some uncertainty. In the construction support vessel market, a handful of long-term tenders and requirements have recently been launched by the EPC companies. The market is still tight, with only two to three large vessels having availability during 2025. The North Sea anchor handler market was slow at the start of the quarter. At the end of March, the anchor handler market was nearly sold out, and rates increased sharply.
Project activity remains good for the season, and the anchor handler market is expected to gain momentum over the next months. The semi-rig activity in Australia will see a temporary decrease in 2025, which may result in more available support vessels in the region or migration of vessels to other regions. This could, in the short term, lead to regional pressure on rates and utilization before we see new rig activity, which is expected in 2026. Moderate growth in the OSV market is expected for the rest of the year. A tight supply side in the subsea vessel segment is expected to continue as there is a limited number of new builds to be delivered in the short term. To summarize, we delivered a strong quarter. Sea1 Offshore continued to deliver first-class operations with an excellent HSEQ performance. We have a solid financial position.
We have a strong backlog with quality clients, and there is a positive long-term market outlook in all segments. That was the end of the presentation. We will now open up for questions.
Okay, I see we have got some questions already in the chat function, so I'll start reading them. The first question is, in the fourth quarter presentation, you expected more term opportunities for the anchor handler fleet. Do you still expect this to materialize, or have it changed in any way? We still see more tenders out in the market, and there are more tenders in the pipeline as well, so we don't see any changes to that at all. There are quite a few in Brazil and there is other term work that we are pursuing. There is another question regarding the sale of one subsea vessel. What is the rationale for having one less vessel over the next two years if the market is so tight?
That is correct. The market is tight, but this deal was really, really good for the company.
Our consideration is to grab a good deal when it is on the table.
Next question we have in the chat is, can you say anything about what vessels that will be on the Australia contract? I think here the question is regarding the rig consortium contract. That is Sea1 Aquamarine, Sea1 Emerald, and Andreas Viking that is on this contract. How do you look at the market for Sea1 Dorado? A potential sale here as well or not? The Sea1 Dorado is on a firm contract. She is not put out for sale, but I mean, if we get a good deal in place for her as well, I mean, then we could consider selling her as well. There is another question here. How do you look at the North Sea spot market?
Is it most interesting to do project work and time shuttles, or do you want to be in the spot market with all Viking vessels? We think a combination is good. If there is more term work for Sea1 Offshore vessels or Viking vessels, we will pursue those. A mix between spot and long-term contracts is what we are targeting. The next question in the chat, what is the dividend policy going forward?
Recently, shareholders have received substantial dividends, and the decisions regarding dividends and share buybacks lie with the board of directors. The company does not have any formal dividend policy in place, and the future capital allocation of dividends will be based on financial outlook and market conditions. That's what we can say about this.
There is another question. How is the revenue sharing with Viking favorable for Sea1?
This is a good deal for both parties. Having control of 11 vessels, both technical and commercial, gives us some power in the market.
There are other questions popping up here. Any plans to buy or merge with Viking? We cannot comment on that. There is one more question here. The anchor handler backlog only decreased slightly from Q4 to Q1. Have you secured some new anchor handler backlog or option extended? There are some shorter-term contracts that have been secured that have not been published as it is only a couple of months, really. Okay, there is another one. Have you started to see any rate pressure on new contracts and tenders? We would not say there is any rate pressure downwards if that is the question.
I think it's a little cooling in the spot market, but I mean, yeah, that is really a volatile market. Can you update if the PSVs in Brazil on a nine-month contract have been extended or have secured new work in the country?
We are close on securing more work for that position.
Regarding the payment for the 2016 claim, in which segment was that recorded? That was in the subsea segment. What do you expect in the net proceeds for the Spearfish sale?
I see that in the market, there has been some speculation about a sales price of $110 million, and we are above that figure. That is what we can say. As Ben said, we receive more for that vessel, and we pay for the new vessels.
Yes, regards to the question here regarding the anchor handling fleet, can you update on your own out-ass fleet, out-ass vessels, the contract status and the length of the current term contracts? It is quite many contracts, but I think the Australian contracts, the rig consortium, are good long contracts, expecting good duration on those with 16 firm vessels and 19 optional vessels. The retail contracts for the Sapphire will also go most probably into 2027. Amethyst and the Santos contract will be a little finished this June, but we are looking at other opportunities in the region for her. I think the market in Australia has seen a little pressure now, but we are having on the right rigs there with the fleet, so it will give us quite good or very good backlog assets for the moment.
Okay, and then there is another question. Are you already bidding the new builds on tenders? We have a good dialogue with potential clients for new buildings. That is, we are looking at alternatives for the vessel.
We have a good dialogue with various clients, but nothing firm yet.
Last question here, what is the contract status for CM Atlas? Yes, she's finished with the total contract in June now, but we are very close to secure more work for her on a medium-term contract. It is very positive. Also in Brazil, Petrobras just launched multi-vessel tenders for PSVs in the different categories. It is still a very strong outlook for that segment in Brazil.
All right, that was the last question in the chat. I do not see any further questions here. We thank you all for attending. Wish you all a good day. Thank you.