Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q3 2025 Earnings Presentation
16 slides from Solstad Offshore Asa's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Presentation
Q3 2025 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 30 October 2025 Photo bySBM Offshore
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: Q3 2025 Highlights | Business update
Q3 2025 Highlights | Business update Due to Solstad Maritime's reduction of its full-year 2025 Adjusted EBITDA, the Company on 9 October 2025 issued an update to its Adjusted Business update EBITDA guidance from USD 120 - 150 million to approximately USD 115 million The long-term demand within offsh
Slide 4: Market Update
Market Update STRONG FOOTHOLD IN BRAZIL ▪ The long-term demand within offshore- Office locations energy services remains positive Solstad Maritime supporting offices ▪ Globally, the offshore energy activity remains at a stable level. In 2025, reduced activity in the North Sea has resulted in lower a
Slide 5: Strengthening backlog and earning visibility
Strengthening backlog and earning visibility Backlog per vessel type Firm-/option days2 per year Backlog development CSV AHTS Solstad Maritime1 vessels Firm days3 Option days Available days Solstad Offshore vessels2 Solstad Maritime1 vessels USDm Days USDm 350 3,000 1,000 920 900 300 2,500 771 800 2
Slide 6: Solstad Offshore | Q3 Financial Highlights
Solstad Offshore | Q3 25 Financial Highlights Q3: 97% (97%) Utilization Backlog1 280 (142) YTD: 97% (96%) Q3: 73 (68) 375 - 44% Revenue Book equity YTD: 220 (197) (203 - 24%) Adj. Q3: 29 (28) Adj. NIBD 57 (206)2 EBITDA YTD: 91 (89) Q3: 26 (11) Net result Cash 87 (60) YTD: 88 (52) Dividend ~4 (0) 6 N
Slide 7: Solstad Offshore | Adjusted NIBD & Leases
Solstad Offshore | Adjusted NIBD & Leases USD 90 million term loan with a 5-year amortization profile drawn in NIBD overview as per 30.09.2025, USDm SOFF ASA November 2024 350 300 Financing of four Brazilian built vessels with BNDES maturity with 107 Solstad Brazil from 2026-2031 250 Consist of pres
Slide 8: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures NORMAND INSTALLER S.A. (NISA) • Associated company 27,3% owner with • Normand Installer S.A. (NISA), a joint venture • Associated company 35,8%-owned with Aker as majority shareholder 50%-owned together with SBM Offshore Omega as majority sharehol
Slide 9: Financial guidance for 2025
Financial guidance for 2025 Metric 2025 Commentary ▪ Operational1 Adjusted EBITDA: USD 60 – 70m, whereof USD 53m YTD Q3 2025 Adjusted EBITDA3 Approximately USD 115m ▪ Share of result2 from AC and JV: Approximately USD 50m, whereof USD 39m YTD Q3 2025 Dividend ▪ Propose dividend payment for Q3 2025 o
Slide 10: Dividend key dates
Dividend key dates ▪ Propose to distribute cash dividend for Q3 2025 of USD 0.05/share, totaling USD ~4 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q3 2025 dividend: o Summon EGM: 3 November 2025 o EGM: 24 November
Slide 11: Summary
Summary Another quarter of solid operational and financial performance Several market opportunities for available vessels into 2026 Strong order intake USD 222 million and increased visibility for 2026 and beyond Propose dividend payment of USD ~4 million The recent oil price development represent a
Slide 12: Appendix
Appendix Photo bySBM Offshore
Slide 13: Solstad Offshore | Income Statement & Adjusted EBITDA
Solstad Offshore | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2025 2024 Unaudited 2025 2024 2025 2024 USDm 0 1 .0 7 -3 0 .0 9 0 1 .0 7 -3 0 .0 9 0 1 .0 1 -3 0 .0 9 0 1 .0 1 -3 0 .0 9 USDm 01.07-30.09 01.07-30.09 1.1-30.09 01.01-30.09 Charter income and EBITDA 37 35 111 93 other operating
Slide 14: Solstad Offshore | Balance Sheet
Solstad Offshore | Balance Sheet Unaudited 2025 2024 2024 Unaudited 2025 2024 2024 USDm 3 0 .0 9 3 0 .0 9 3 1 .1 2 USDm 3 0 .0 9 3 0 .0 9 3 1 .1 2 A SSET S EQUIT Y A ND LIA B ILIT IES Non-current as s ets Eq uity Tangible fixed assets 130 125 129 Paid-in equity 65 65 65 Right-of-use assets 286 330 2
Slide 15: Solstad Offshore | Cash Flow Statement
Solstad Offshore | Cash Flow Statement Unaudited 2025 2024 2024 USDm 3 0 .0 9 3 0 .0 9 3 1 .1 2 C A SH FLOW FR OM OPER A T IONS Result before tax 90 55 123 Taxes payable (0) (2) (3) Ordinary depreciation and write downs 39 59 32 Gain (-)/ loss long-term assets (39) (36) (86) Interest income (2) (6)
Slide 16: 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