Sea1 Offshore : Financial report (6811be902a5b0f8832de67f4 SEA1 Q1 2025 Presentation)

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[{"type":"text","content":"\n \n Sea1 Offshore Inc.\n \n \n First quarter 2025 presentation\n \n (Amounts in USD million)\n \n \n Q1 2025\n \n \n Q1 2024\n \n \n Revenue\n \n \n 68.5\n \n \n 83.2\n \n \n EBITDA\n \n \n 40.3\n \n \n 32.9\n \n \n Operating profit\n \n \n 27.0\n \n \n 14.7\n \n \n Net profit (before minorities)\n \n \n 22.2\n \n \n 11.6\n \n \n Cash and cash equivalents\n \n \n 52.6\n \n \n 76.8\n \n \n Equity\n \n \n 332.6\n \n \n 534.2\n \n \n Net interest-bearing debt\n \n \n 343.3\n \n \n 366.0\n \n Comments\n \n \n EBITDA margin of 59%\n \n \n Higher EBITDA due to improved day rates, despite operating smaller owned fleet\n \n \n Book equity of 42%\n \n \n Number of owned vessels in the\n \n \n quarter: 17 (2024: 26 vessels)\n \n \n \n Highlights\n \n \n On the back of solid results, a strong balance sheet and a significant backlog, a dividend of NOK 7 per share was paid to shareholders on 22 January 2025\n \n \n Refinanced debt related to the two well intervention vessels\n \n \n Entered into a revenue sharing agreement with Viking Supply Ships. The agreement includes six AHTS' owned by Viking Supply Ships and five AHTS' owned by Sea1 Offshore\n \n \n Entered into shipbuilding contracts for another two high-end Offshore Energy Support Vessels with Cosco. The vessels have scheduled deliveries from third quarter 2027 to fourth quarter 2027. The Company has entered shipbuilding contracts for four vessels in total\n \n \n Operational highlights\n \n \n Overall fleet utilization in the quarter was 88% (2024: 89% for the SEA1 fleet), excluding vessels in lay-up\n \n \n Safe and efficient operations in all regions\n \n \n \n Subsequent events\n \n \n Signed an agreement to sell the 2014-built OSCV Sea1 Spearfish to an independent third party. The sale will result in a gain of approximately USD 40 million. The transaction is subject to customary closing conditions and closing is expected to take place in May 2025.\n \n (Amounts in USD 1,000)\n \n \n Q1 2025\n \n \n Q1 2024\n \n \n Jan-Dec 2024\n \n \n Operating revenue\n \n \n 68,548\n \n \n 83,171\n \n \n 340,825\n \n \n Operating expenses\n \n \n -22,423\n \n \n -44,621\n \n \n -150,869\n \n \n Administrative expenses\n \n \n -5,780\n \n \n -5,631\n \n \n -24,276\n \n \n EBITDA\n \n \n 40,345\n \n \n 32,920\n \n \n 165,680\n \n \n \n Depreciation and amortization\n \n \n \n -13,532\n \n \n \n...

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