Norway · Delayed Price · Currency is NOK Solstad Offshore ASA Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong financial results, with higher operating income and net result, despite lower operational adjusted EBITDA due to vessel downtime. Backlog increased significantly with new contracts, and dividend was raised to $0.1 per share.
Fiscal Year 2025
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Adjusted EBITDA for 2025 exceeded guidance, with strong order intake and improved cash position. Lower Q4 utilization was offset by new long-term contracts, and nearly all 2026 capacity is sold out. Dividend of $4 million proposed for Q4.
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Solid Q3 performance with 97% fleet utilization, revenue and net income growth, and a doubling of backlog. New long-term contracts in Brazil and a proposed $0.05 dividend support strong 2026 visibility, though oil price volatility and softer short-term demand present uncertainties.
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Q2 saw 100% vessel utilization, a net result of $39M, and strong contract wins, especially in Brazil. Backlog reached $770M, leverage remains low, and quarterly dividends are planned from Q3 2025. Market activity is robust but has leveled off at a high level.
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High fleet utilization and strong financials marked the quarter, with a positive outlook driven by robust activity in Brazil and strategic investments in Omega Subsea. Solstad Maritime's upcoming listing and new long-term contracts further strengthen the growth trajectory.
Fiscal Year 2024
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Strong financial performance in 2024 with high vessel utilization, increased equity, and robust backlog. Debt reduction and service segment growth position the company for higher earnings and dividends in 2025.
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Strong Q3 results with high fleet utilization, increased EBITDA, and robust cash positions. Quarterly dividends initiated, guidance raised, and backlog strengthened amid positive market outlook, especially in Brazil and renewables.
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Q2 saw high activity, strong contract wins, and a solid financial foundation after refinancing. Utilization and margins remain robust, with significant backlog growth and improved guidance for both Solstad Offshore and Maritime. Market demand and vessel scarcity support a positive outlook.