Solstad Offshore ASA · OSL:SOFF
Solstad Offshore ASA — Q3 2026 Earnings Presentation
20 slides from Solstad Offshore ASA's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Presentation
Q3 2026 Presentation 4 November 2026
Slide 2: Disclaimer
Disclaimer Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which i
Slide 3: Highlights | Q3 2026
Highlights | Q3 2026 ▪ A quarter with continued solid performance ▪ Declared the USD 125 million purchase option for Normand Maximus in October 2026 with delivery in October 2027. Business update Intention is to finance the purchase price through external debt financing ▪ Delivered Normand Tonjer to
Slide 4: Q3 2026 Financial and operational summary
Q3 2026 Financial and operational summary A financially robust platform positioned to deliver attractive shareholder returns Utilization Operating Income Adjusted EBITDA Net Result Q3 YTD Q3 YTD Q3 YTD Q3 YTD 92% (97%) 85% (97%) 125 (73) 316 (220) 41 (29) 116 (91) 63 (26) 130 (88) Equity Adjusted NI
Slide 5: Debt overview
Debt overview USD 70 million term loan with a 5-year amortization profile drawn in NIBD overview as per 30.09.2026 SOFF ASA November 2024 with maturity in November 2027 USDm 400 332 USD 40 million term loans financing of four Brazilian built vessels 227 Solstad Brazil with BNDES with maturity from 2
Slide 6: Dividend | Q3 2026
Dividend | Q3 2026 ▪ Distributes cash dividend for Q3 2026 of USD 0.3/share, totaling USD ~25 million, whereof 0.12/share is considered as extraordinary dividend following the sale of Normand Tonjer ▪ The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment
Slide 7: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures Joint Ventures with SBM Offshore • The Company has two 50%-owned joint ventures together with • Associated company 27,3%-owned with Aker as SBM Offshore; • Associated company 35,8%-owned with Omega 365 majority shareholder o Normand Installer S.A.
Slide 8: Market Update
Market Update STRONG FOOTHOLD IN BRAZIL Office locations Solstad Maritime supporting offices ▪ The demand within offshore-energy services remains positive ▪ AHTS-segment: Brazil, in general a long-term market, but vessels with spot exposure obtains decent utilization 1 owned by Solstad Maritime (N.
Slide 9: Backlog and earning visibility
Backlog and earning visibility Firm backlog per vessel type Firm-/option2 days per year Backlog development USDm AHTS CSV Solstad Maritime1 vessels Days Firm days3 Option days Available days USDm Solstad Offshore2 vessels 350 2,200 1,100 Solstad Maritime1 vessels 2,000 15% 17% 1,000 986 971 300 920
Slide 10: Financial guidance for 2026
Financial guidance for 2026 Metric 2026 Comments ▪ Whereof USD 51 million YTD Q3’26 Operational Adjusted ▪ Reflects the assumption that the Normand Maximus will remain on contract towards the end of the year USD 60 – 70 million EBITDA1 before commencing its 10-year class renewal ▪ Excludes share of
Slide 11: Summary
Summary A quarter with overall solid operational and financial performance Sale of Normand Tonjer contributes to significant increase in cash position and operating income in the quarter Declared purchase option of the CSV Normand Maximus Dividend distribution for the quarter of USD ~25 million Head
Slide 12: Q&A
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Slide 13: Appendix
Appendix
Slide 14: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Unaudited 2026 2025 2026 2025 USDm 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 Key commentary Charter income and other operating income 101 73 292 220 • Operating Income and EBITDA in Q3’26 is impacted by the USD 24 million Gain on sale of assets 24 0 24 0 Tota
Slide 15: Balance sheet
Balance sheet Unaudited 2026 2025 2025 USDm 30.09 30.09 31.12 Key commentary ASSETS Non-current assets • Significant increase in right-of-use assets and lease liabilities compared to year-end Deferred tax assets 16 0 15 2025 and same quarter last year due to new long-term lease contracts for Solstad
Slide 16: Cash Flow Statement
Cash Flow Statement Unaudited USDm 2026 01.07-30.09 2025 01.07-30.09 2026 01.01-30.09 2025 01.01-30.09 Key commentary CASH FLOW FROM OPERATIONS ▪ Higher net cash flow from operations in Q3’26 and YTD compared to same Result before tax 63 27 131 90 periods last year due to increased EBITDA and favora
Slide 17: Q3 2026 cash flow bridge
Q3 2026 cash flow bridge Vessel sale proceeds combined with working capital release and limited debt servicing improves cash position in the quarter EBITDA ex. gain on vessel sold less paid leases in the quarter equals Operational Adjusted EBITDA of USD 17 million 1 (0) 13 (2) (32) 34 (1) Net of (12
Slide 18: LTM cash flow bridge
LTM cash flow bridge LTM EBITDA ex gain on vessel sold less LTM paid leases almost equals LTM Operational Adjusted EBITDA of USD 61 million (2) 5 (9) 32 (4) 34 18 (13) (108) (31) 171 (30) 151 2 87 Q3’25 EBITDA Changes Taxes paid Vessel capex Sale of Received Net Received Paid Paid leases Repayment D
Slide 19: Segment performance
Segment performance Key takeaways EBITDA by segments • The sale of Normand Tonjer resulted in an accounting gain of USD 24 million USDm AHTS CSV CSV - gain on sale Other 75 73 • EBITDA is significantly increased in Q3’26 compared to same quarter last year, however the majority of the increase stems
Slide 20: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors a