Sea1 Offshore : Financial report (6811bed25b261712719ea8fe SEA1 Q1 2025 Report)

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[{"type":"text","content":"\n SEA1 OFFSHORE INC.\n \n \n REPORT FOR FIRST QUARTER 2025\n \n \n \n \n On 30 April 2025 - Sea1 Offshore Inc. (the \"Company\"; Oslo Stock Exchange: SEA1) announces results for first quarter ended 31 March 2025.\n \n \n SELECTED FINANCIAL INFORMATION\n \n \n When comparing the 1Q 2025 figures below to 1Q 2024, please note that the number of vessels owned has decreased by nine vessels following the sale on 5 July 2024 as described in the 3Q 2024 Report.\n \n Actuals\n \n \n Actuals\n \n \n Actuals\n \n \n 2025\n \n \n 2024\n \n \n 2024\n \n \n (Amounts in USD millions)\n \n \n 1Q\n \n \n 1Q\n \n \n Jan-Dec\n \n \n \n Operating revenues\n \n \n Unaudited\n \n \n 68.5\n \n \n Unaudited\n \n \n 83.2\n \n \n Audited\n \n \n 340.8\n \n \n EBITDA\n \n \n 40.3\n \n \n 32.9\n \n \n 165.7\n \n \n EBITDA, %\n \n \n 59%\n \n \n 40%\n \n \n 49%\n \n \n Operating profit/(loss)\n \n \n 27.0\n \n \n 14.7\n \n \n 241.4\n \n \n Net profit/(loss)\n \n \n 22.2\n \n \n 11.6\n \n \n 202.9\n \n \n Net profit (loss) attributable to shareholders\n \n \n 22.2\n \n \n 11.8\n \n \n 172.8\n \n \n Net cash flow before debt repayment\n \n \n 92.2\n \n \n -2.8\n \n \n 237.5\n \n \n Repayment of interest-bearing debt\n \n \n 107.9\n \n \n 19.6\n \n \n 266.4\n \n \n Net interest-bearing debt\n \n \n 343.3\n \n \n 366.0\n \n \n 270.7\n \n \n Firm Contract Backlog\n \n \n 812.4\n \n \n 898.9\n \n \n 840.5\n \n \n Total Equity\n \n \n 332.6\n \n \n 534.2\n \n \n 406.0\n \n \n Cash and Cash equivalents\n \n \n 52.6\n \n \n 76.8\n \n \n 68.3\n \n HIGHLIGHTS FOR THE FIRST QUARTER\n \n \n EBITDA for the current fleet increased to USD 40.3 million in 1Q 2025, from USD 25.4 million in 1Q 2024 (adjusted for the 9 vessels sold in July 2024).\n \n \n On the back of solid results, a strong balance sheet and a significant backlog, a special dividend payment of NOK 7 per share was made to shareholders on 22 January 2025. Total dividend paid was USD 94 million.\n \n \n Refinanced debt related to its two well intervention vessels. New credit facilities from commercial banks in a total amount of USD 250 million have been agreed (of which USD 165 million was drawn per 31 March 2025), divided between a term loan and a revolving credit facility. Existing debt in a total amount of USD 102 million was repaid.\n \n \n Management for the nine vessels sold gradually being transferred t...

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