Sea1 Offshore Incorporation · OSL:SEA1
Sea1 Offshore Incorporation — Sea1 Offshore — Q3 2025 Earnings Presentation
15 slides from Sea1 Offshore Incorporation's earnings presentation, Oct 31, 2025
Slide 1: Sea1 Offshore Inc. Third quarter 2025 presentation
Sea1 Offshore Inc. Third 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) Q3 2025 Q3 2024 Comments Revenue 63.4 81.6 ▪ EBITDA margin of 54% ▪ Book equity of 52% EBITDA 34.2 45.1 ▪ Smaller fleet in operation reflected in Operating profit 21.8 30.2 financials Net profit (before minorities) 12.3 27.7 Cash and cash equivalents 113
Slide 4: Business update
Business update Highlights Operational highlights ▪ Appointment of Mr. Otto Moltke-Hansen and Mr. Rune ▪ Overall fleet utilization in the quarter was 93% (2024: 91%), Magnus Lundetræ as new Directors of the Company, excluding vessels in lay-up replacing resigned Directors ▪ Safe and efficient operat
Slide 5: Income statement
Income statement (Amounts in USD 1,000) Q3 Q3 Jan-Sep Jan-Sep 2025 2024 2025 2024 Operating revenue 63,437 81,647 203,314 272,378 Operating expenses -22,829 -30,797 -70,584 -124,267 Administrative expenses -6,359 -5,704 -18,581 -17,846 EBITDA 34,248 45,147 114,149 130,265 Depreciation and amortizati
Slide 6: Overview of main operating segments
Overview of main operating segments Q3 operating margin per segment YTD operating margin per segment 50 140 45 5,0 120 1,1 40 2,0 18,1 37,1 35 100 37,0 10,9 30 USD million USD million 3,1 80 13,7 5,7 25 6,0 60 20 15 40 26,1 71,4 73,7 10 20,2 20 5 0 0 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Subsea PSV AHTS
Slide 7: Financial position
Financial position Assets Equity & liabilities Comments 900 900 ▪ Solid financial position 800 800 113 108 ▪ Book equity ratio of 52% 700 700 67 ▪ Gross interest-bearing debt of USD 310 600 600 279 million USD million USD million 500 500 ▪ Net interest-bearing debt of USD 197 400 400 million 300 619
Slide 8: Cashflow YTD 2025
Cashflow YTD 2025 Increase Decrease Total 250 113 200 114 -5 150 USD million -52 113 -94 -2 100 -29 68 50 0 8
Slide 9: Contract backlog
Contract backlog USD 743 million of firm contract backlog as of 13 October 20251, in addition to USD 599 million of options Firm backlog per year Firm backlog per segment 400 8 350 17 5% 300 10 % 250 USD million 6% 200 11 31 342 150 31 11 23 100 117 79 % 50 4 6 103 14 24 0 2025 2026 2027 2028 and on
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 13 October 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
Slide 11: Modern and high-end fleet operated by Sea1 Offshore
Modern and high-end fleet operated by Sea1 Offshore 15 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 Energy Support Vessels Anchor Handling Tug Supply PSV 2 FCV/OSRV 4 Ve
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 - AHTS - Brage Viking (Management) - AHTS - Loke Viking (Management) - AHTS - Magne Viking (Management) - AHTS - Njord Viking (Management) - AHTS - Odin Viking (Manag
Slide 13: Market and outlook
Market and outlook ▪ For the construction support vessel market, long-term demand fundamentals remain strong, with subsea backlogs from conventional EPCs at record levels. In the short term, however, we observe decreased activity in several key areas. The oil price’s downward trajectory over the qua
Slide 14: Summary
Summary Strong quarter with high activity First class operations with excellent HSEQ performance Newbuilding program on track Solid financial position Strong backlog with quality clients Positive long-term market outlook 14
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