Sea1 Offshore Incorporation · OSL:SEA1
Sea1 Offshore Incorporation — Sea1 Offshore — Q2 2025 Earnings Presentation
15 slides from Sea1 Offshore Incorporation's earnings presentation, Aug 14, 2025
Slide 1: Sea1 Offshore Inc. Second quarter 2025 presentation
Sea1 Offshore Inc. Second 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) Q2 2025 Q2 2024 Comments Revenue 71.3 107.6 ▪ EBITDA margin of 55% ▪ Operating profit impacted by sale of EBITDA 39.6 52.2 vessel Operating profit 68.6 179.2 ▪ Book equity of 50% ▪ Number of owned vessels in the Net profit (before minorities) 64.9 160.2
Slide 4: Business update
Business update Highlights Operational highlights ▪ Sold the 2014-built OSCV Sea1 Spearfish to an independent ▪ Overall fleet utilization in the quarter was 92% (2024: 90% for third party. The vessel was transferred to the new owner in the SEA1 fleet), excluding vessels in lay-up May 2025 and record
Slide 5: Income statement
Income statement (Amounts in USD 1,000) Q2 Q2 Jan-Jun Jan-Jun 2025 2024 2025 2024 Operating revenue 71,328 107,559 139,877 190,731 Operating expenses -25,331 -48,849 -47,754 -93,470 Administrative expenses -6,441 -6,512 -12,221 -12,143 EBITDA 39,556 52,198 79,901 85,118 Depreciation and amortization
Slide 6: Overview of main operating segments
Overview of main operating segments Q2 operating margin per segment YTD operating margin per segment 45 90 40 80 26,2 35 15,7 70 12,2 30 60 18,9 7,7 1,2 USD million USD million 25 4 50 2,5 20 40 15 30 26,0 51,2 22,7 47,6 10 20 5 10 0 0 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Subsea PSV AHTS Subsea PSV AHT
Slide 7: Financial position
Financial position Assets Equity & liabilities Comments 900 900 ▪ Solid financial position 800 800 98 110 ▪ Book equity ratio of 50% 700 700 78 ▪ Gross interest-bearing debt of USD 324 600 600 295 million USD million USD million 500 500 ▪ Net interest-bearing debt of USD 226 400 400 million 300 627
Slide 8: Cashflow YTD 2025
Cashflow YTD 2025 Increase Decrease Total 250 200 113 150 74 USD million -3 100 98 -44 -94 -2 68 -14 50 0 8
Slide 9: Contract backlog
Contract backlog USD 756 million of firm contract backlog as of 30 June 2025, in addition to USD 589 million of options Firm backlog per year Firm backlog per segment 400 350 8 5% 5% 300 8% 250 USD million 200 11 342 150 14 31 11 100 9 6 15 34 117 50 103 82 % 54 0 2025 2026 2027 2028 and onwards Sub
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 30 June 2025 2025 2026 2027 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% Subsea PS
Slide 11: Modern and high-end fleet operated by Sea1 Offshore
Modern and high-end fleet operated by Sea1 Offshore 16 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 Subsea Construction Vessels Anchor Handling Tug Supply PSV 2 Scientif
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 - Core drilling - Joides Resolution (lay-up) - AHTS - Brage Viking (Management) - AHTS - Magne Viking (Management) - AHTS - Loke Viking (Management) - AHTS - Odin Vik
Slide 13: Market and outlook
Market and outlook ▪ For the rig market, one of the leading indicators for the offshore support vessel markets, global utilization increased moderately during the quarter. Despite the added backlog we expect a moderate reduction in rig utilization in the remains of 2025. ▪ For the construction suppo
Slide 14: Summary
Summary Strong quarter with high activity First class operations with excellent HSEQ performance Solid financial position Strong backlog with quality clients Positive long-term market outlook 14
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