Good morning, and welcome to the presentation of our results for the fourth quarter. My name is Bernt Omdal, and 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 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 fourth quarter. In addition, we have four vessels under construction. All our vessels in operation deliver a positive EBITDA margin. We had $68 million in revenue, and we delivered $35 million in EBITDA, which is equal to an EBITDA margin of 52%. We have a book equity ratio of 54%. Our net interest-bearing debt was $208 million at year-end. It's also worth mentioning that these numbers are delivered with less vessels than the same quarter last year.
Looking at some of the highlights for the quarter, we continue to deliver safe and efficient operation in all regions, and this is a result of high focus on safety at all levels in the company. The company completed the transfer to Euronext Growth in December last year. We were awarded a new contract for Sea1 Atlas in Brazil, in Brazil, with a duration of three years, plus a six-month option at favorable terms.
The utilization of the fleet in the quarter was 93%. Recently, the contract for Sea1 Maragogi was extended with one year, taking the vessel's firm period up to January 2027. Vidar Jerstad will now give some more details regarding the results for the fourth quarter.
Thank you, Bernt. When comparing the 2025 and 2024 results, be aware of several key changes. In July 2024, nine vessels were sold, and the number of shares entitled to company profits were reduced by 35%. JOIDES Resolution was placed in layup at the start of fourth quarter of 2024 and later sold for recycling, and Sea1 Spearfish was sold in May 2025. For the fourth quarter, the company reported revenue of $68.2 million. This is consistent with the prior year, even though Sea1 Spearfish was no longer part of the fleet.
Operating expenses amounted to $24.7 million, and administrative expenses was $8.1 million. EBITDA for the quarter ended at $35.4 million. This is also at the same level as same quarter last year. However, it represents an increase of $5 million for our assets held today. Depreciation on ships in fourth quarter was $13 million. This leaves us with an operating profit of $23.7 million. Net financial items were negative by $10.5 million, which includes a currency loss of $5.8 million.
However, a currency gain of $4.8 million is recognized under other comprehensive income, resulting in a net currency effect on equity of -$1 million. Profits before taxes ended at $13.2 million. Taxes for the period was $1.2 million in Sea1's favor. Net profit after taxes ended at $14.4 million. This slide represents the operating margin for our four main segments. The left side displays results for the fourth quarter, while the right side shows full-year figures.
Only vessels that were owned by Sea1 at the beginning of 2025 are included. The numbers are before G&A expenses. We observe an improvement in margins for the oil spill recovery vessels, the anchor handlers, and the PSVs. This both for the quarter and for the full year figures. The subsea segment experienced a decline in margin, primarily due to the reduced fleet. Nevertheless, the vessels currently owned within the subsea segment recorded a margin increase of 13% for the quarter and 20% for the full year.
Consequently, all segments demonstrate underlying improvement in operating margin. On this slide, we see Sea1 Offshore's financial position. The company continues to demonstrate good performance and has now reached a book equity of 54%. Gross interest-bearing debt is $295 million, and net interest-bearing debt is $209 million.
Additionally, the company has access to further liquidity through an undrawn revolving credit facility of $100 million. The company has recently signed a loan agreement to finance our four new, new build vessels. A new credit facility of $315 million is provided by a leading direct lender and capital provider. Approximately $85 million of the facility will be available prior to vessel delivery to fund pre-delivery yard installments.
The remaining amount will be drawn upon delivery of each vessel. The facility carries a five-year tenor from each vessel delivery and 11-year amortization profile, and the facility is fully independent of any underlying commercial contract commitments. And now let's take a look at the full cash flow for 2025. We started 2025 with $68 million in cash. We have received $151 million in cash from operations.
We have paid net interest of $19 million. We have invested $86 million in vessels, $55 million in new builds, and $31 million in existing vessels. We have reduced the debt by $44 million. We have received net proceeds for the sale of Sea1 Spearfish and JOIDES Resolution of $114 million. And in January 2025, we paid $94 million in dividend. Some other smaller changes, and we ended up with $86 million in cash on the accounts at the end of 2025. Bernt?
Sea1 Offshore has a backlog of about $1,270 million, whereof $569 million is options. The largest part of our backlog is related to our subsea fleet, which represents 80% of our backlog. For 2026, we have a firm backlog of about $192 million. For 2026, Sea1 Offshore has 100% coverage for both the PSV fleet and for the subsea fleet. For 2027, we have 100% coverage for our PSVs and close to 80% for the subsea fleet. That is excluding the vessels we have under construction. Our OSV fleet now consists of 15 owned vessels, as listed on this slide.
In addition, we have four offshore energy support vessels under construction and seven vessels under our technical and commercial management. We now have two well intervention vessels, one construction vessel, two PSVs, four oil spill recovery vessels. We have four new builds under construction, as mentioned, and we have six anchor handlers and seven on a management, which gives us a control of 13 anchor handlers.
And we will probably have an agreement in place for the vessel Maersk Maker that was recently bought by Kistefos. When that vessel is in place, we will then be in control of 14 anchor handlers. On this slide, we have listed all our fully owned vessels and vessels operated commercially and technically by us.
The company has, as mentioned before, a very good global footprint, which is important for the utilization of our 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, and in Australia, we currently have the anchor handlers Sea1 Sapphire, Sea1 Aquamarine, Sea1 Emerald, and Andreas Viking; they are all operating on term contracts. Sea1 Amethyst is working on a short-term contract offshore Thailand. Avalon Sea, she is still operating in Canada on a term contract. And then in the spot market, in the North Sea, we have Sea1 Ruby, Brage Viking, Magne Viking, Loki Viking, Odin Viking, and Njord Viking. They're all trading the spot market.
Moving on to the construction vessel segment, we have Sea1 Dorado on a firm contract operating in Brazil. The two well intervention vessels, Siem Helix 1 and 2, they are both on long-term contracts, working offshore Brazil. We have also two PSVs in our fleet. They are also operating in on term contracts in Brazil, that is the Sea1 Atlas and Sea1 Giant. And for our smaller Brazilian fleet, we have the oil spill recovery vessel, Sea1 Maragogi and Sea1 Marataízes, both on term contracts with Petrobras.
And then we have the smaller vessels, the fast crew vessels, Sea1 Pendotiba and Sea1 Piratá. They are both on long-term bareboat agreements. As shown on a previous slide, we have a really good contract coverage for this and next year.
Just a few comments to the market. For the construction support vessel market, long-term demand fundamentals remain strong, with subsea backlogs from leading EPCs at record levels. The same is semisub rig count in Europe, which was stable during the quarter, is expected to increase slightly throughout 2026 and create demand for anchor handling vessels. Both the APAC region and South America is softening a bit in the short term, but we are still positive about the market in these regions for the years to come. So to summarize, we delivered a strong quarter with high activity.
We continue to deliver first-class operation with excellent HSEQ performance. Our new building program is on track, with the first vessel to be delivered January 2027. We have a solid financial position, when we have a strong backlog with quality clients and there is a positive long-term market outlook. That was the end of the presentation, and we will now open up for questions.
Welcome to voicemail from Unifon for number 98.
All right, we understand that there has been some technical issues, so no one have heard our answers to your questions. We are sorry about that. So we could, we have to start all over again with the questions. We are so sorry. All right. So let me see if we can redo the questions here. So one question is: How are your new builds to compare to other new buildings? Our new builds are high-end, sophisticated vessels with 250-ton cranes. They are modern vessels, optimized for efficient operation, with low fuel consumption and low emission.
They are based on a ST-245 design and will have capabilities to serve both, both oil and gas and the renewable market. And then there is a question regarding the contract status for Sea1 Sapphire and Avalon Sea. The Avalon Sea, she has a firm contract until July of this year, and there is further options attached to her. Sea1 Sapphire has a contract ending April.
There has been some questions regarding the new build financing. As mentioned in the last few quarterly investor calls, Sea1 Offshore has experienced good interest from capital sources in financing of our new build program. Potential lenders' interest for Sea1 Offshore exposure remains solid, and the new build financing could have been executed with multiple alternative banks or sources of capital. Now, the company has entered into a new loan agreement of $350 million.
Of this, approximately $85 million will be available ahead of vessel delivery to cover pre-delivery yard installments, and the remainder will be drawn on delivery of each vessel. The pre-delivery tranche finances the final two yard installments prior to delivery. So as of today, the new facility remains undrawn. The outstanding balance is zero, but it represents committed future funding from the lender. The agreed facility reflects market terms and is aligned to existing financial covenants. This gives the company flexibility to navigate effectively in various scenarios going forward.
There is a question regarding the well intervention vessels, if they are included in the subsea backlog. The answer to that is yes, they are included. Then there is a question regarding the new builds again. What are your thoughts on the subsea new build order book? Well, there are a few vessels coming out in 2027 and 2028, but we believe that the market is there to absorb the new builds, and we believe that modern vessels will be preferred over older vessels.
There is a couple of questions regarding dividend. Sea1 paid $73 million in dividends in 2024 and $94 million last year, in 2025. However, Sea1 has no dividend policy. The decision regarding dividends lies with the board of directors. Future capital allocation and dividends will be based on the company's financial outlook and market conditions.
All right. If there's any questions, any more questions, please, feel free to use the chat function.
There is a new question about how much have already been paid on the new build vessels, and we have invested up to now $74 million in the new build vessels. Of that, $66 million is yard installments.
Yeah, there is a question regarding Sea1 Amethyst, the duration of the current contract. There's some other three weeks left of that contract.
One follow-up question on the newbuild, the amortization. The amortization of the newbuild financing is an 11-year profile. However, the loan has a five-year tenure.
Okay. Any more questions, please? Okay, if no further questions, we will end this session. We thank you all for attending.