Sea1 Offshore Incorporation · OSL:SEA1
Sea1 Offshore Incorporation — Sea1 Offshore — Q4 2025 Earnings Presentation
15 slides from Sea1 Offshore Incorporation's earnings presentation, Feb 12, 2026
Slide 1: Sea1 Offshore Inc. Fourth quarter 2025 presentation
Sea1 Offshore Inc. Fourth quarter 2025 presentation
Slide 2: Disclaimer
Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projec
Slide 3: Financial highlights
Financial highlights (Amounts in USD million) Q4 2025 Q4 2024 Comments Revenue 68.2 68.4 ▪ EBITDA margin of 52% ▪ Book equity of 54% EBITDA 35.4 35.4 ▪ Smaller fleet in operation reflected in Operating profit 23.7 17.3 financials Net profit (before minorities) 14.4 3.5 Cash and cash equivalents 86.4
Slide 4: Business update
Business update Highlights Operational highlights ▪ The company completed the transfer from Euronext Oslo ▪ Overall fleet utilization in the quarter was 93% (2024: 92%), Børs to Euronext Growth Oslo on 18 December 2025 excluding vessels in lay-up ▪ Awarded a new contract for Sea1 Atlas (PSV) in Braz
Slide 5: Income statement
Income statement (Amounts in USD 1,000) Q4 Q4 Jan-Dec Jan-Dec 2025 2024 2025 2024 Operating revenue 68,236 68,447 271,549 340,825 Operating expenses -24,690 -26,602 -95,274 -150,869 Administrative expenses -8,130 -6,429 -26,711 -24,276 EBITDA 35,415 35,416 149,564 165,680 Depreciation and amortizati
Slide 6: Overview of main operating segments
Overview of main operating segments Q4 operating margin per segment YTD operating margin per segment 45 180 6,6 40 1,6 160 1,3 2,4 35 140 53,3 13,4 50,5 16,2 30 120 USD million USD million 25 100 18,2 9,6 3,9 4,6 20 80 15 60 90,2 95,1 10 21,4 40 18,8 5 20 0 0 Q4 2025 Q4 2024 YTD 2025 YTD 2024 Subsea
Slide 7: Financial position
Financial position Assets Equity & liabilities Comments 900 900 ▪ Solid financial position 800 800 86 105 ▪ Book equity ratio of 54% 700 72 700 ▪ Gross interest-bearing debt of USD 295 600 600 265 million USD million USD million 500 500 ▪ Net interest-bearing debt of USD 209 400 400 million 643 300
Slide 8: Cashflow YTD 2025
Cashflow YTD 2025 Increase Decrease Total 250 151 200 -19 114 150 USD million -86 100 86 -94 -4 68 -44 50 0 8
Slide 9: Contract backlog
Contract backlog USD 701 million of firm contract backlog as of 31 December 2025, in addition to USD 569 million of options Firm backlog per year Firm backlog per segment 300 250 3 4% 11 % 200 11 5% USD million 30 150 34 11 8 244 24 17 100 117 50 103 98 80 % 0 2026 2027 2028 2029 and onwards Subsea
Slide 10: Employment overview - Sea1 Offshore's owned fleet
Employment overview - Sea1 Offshore’s owned fleet Contract days vs available days per segment, as of 16 January 20261) 2026 2027 2028 100 % 100 % 100 % 90 % 90 % 90 % 80 % 80 % 80 % 70 % 70 % 70 % 60 % 60 % 60 % 50 % 50 % 50 % 40 % 40 % 40 % 30 % 30 % 30 % 20 % 20 % 20 % 10 % 10 % 10 % 0% 0% 0% Subs
Slide 11: Modern and high-end fleet operated by Sea1 Offshore
Modern and high-end fleet operated by Sea1 Offshore 15 owned vessels and 4 newbuilds on order in addition to vessel management WIV 2 OSCV 1 Newbuilds 4 AHTS 6 Well Intervention Vessels Offshore Subsea Construction Vessels Offshore Energy Support Vessels Anchor Handling Tug Supply PSV 2 FCV/OSRV 4 Ve
Slide 12: Geographical footprint – local presence in key markets
Geographical footprint – local presence in key markets Sea1 Offshore owned vessels Vessels on management North Sea - AHTS – Sea1 Ruby - AHTS - Brage Viking (Management) - AHTS - Loke Viking (Management) - AHTS - Magne Viking (Management) - AHTS - Njord Viking (Management) - AHTS - Odin Viking (Manag
Slide 13: Market and outlook
Market and outlook ▪ For the construction support vessel market, long-term demand fundamentals remain strong, with subsea backlogs from leading EPCs at record levels. After a short-term decrease in activity in several key areas the past year, the offshore activity is expected to increase somewhat du
Slide 14: Summary
Summary Strong quarter with high activity First class operations with excellent HSEQ performance Newbuilding program on track Solid financial position Strong backlog with quality clients Positive long-term market outlook 14
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