Sea1 Offshore Incorporation · OSL:SEA1
Sea1 Offshore Incorporation — Sea1 Offshore — Q2 2026 Earnings Presentation
15 slides from Sea1 Offshore Incorporation's earnings presentation, Aug 14, 2026
Slide 1: Sea1 Offshore Inc. Second quarter 2026 presentation
Sea1 Offshore Inc. Second quarter 2026 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 2026 Q2 2025 Comments Revenue 80.1 71.3 ▪ EBITDA margin of 52% ▪ Book equity of 53% EBITDA 41.5 39.6 ▪ Revenue and EBITDA up year-on- Operating profit 27.8 68.6 year, even though Q2 2025 included a positive contribution from “Sea1 Net profit 22.7 64.9
Slide 4: Business update
Business update Highlights Operational highlights ▪ The announced dividend payment of NOK 4 per share was ▪ Overall fleet utilization in the quarter was 83% (2025: 92%), paid to shareholders on 16 April 2026 excluding vessels in lay-up ▪ The Annual General Meeting of the Company was held on 24 ▪ Saf
Slide 5: Income statement
Income statement (Amounts in USD 1,000) Q2 Q2 Jan-Jun Jan-Jun 2026 2025 2026 2025 Operating revenue 80,145 71,328 152,138 139,877 Operating expenses -31,344 -25,331 -58,016 -47,754 Administrative expenses -7,257 -6,441 -15,032 -12,221 EBITDA 41,543 39,556 79,090 79,901 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 50 100 45 1,1 90 1,4 2,8 2,9 40 80 18,5 26,2 35 15,7 70 35,0 30 60 USD million USD million 7,7 25 4,0 50 4,8 8,8 20 40 15 30 51,2 21,3 22,7 42,4 10 20 5 10 0 0 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Subse
Slide 7: Financial position
Financial position Assets Equity & liabilities Comments 900 900 ▪ Solid financial position 800 800 39 ▪ Book equity ratio of 53% 108 700 86 700 ▪ Gross interest-bearing debt of USD 299 600 600 259 million USD million USD million 500 500 ▪ Net interest-bearing debt of USD 260 400 400 million 660 300
Slide 8: Cashflow YTD 2026
Cashflow YTD 2026 Increase Decrease Total 160 60 140 -5 120 2 100 -40 USD million 86 80 60 40 39 -63 -1 20 0 Cash start Cash from operations Net interest Capex Net change in debt Dividend Other Cash end 8
Slide 9: Contract backlog
Contract backlog USD 625 million of firm contract backlog as of 30 June 2026, in addition to USD 504 million of options Firm backlog per year Firm backlog per segment 300 250 3 4% 10 % 200 3% USD million 150 11 8 250 24 17 100 9 16 20 50 106 101 60 83 % 0 2026 2027 2028 2029 and onwards Subsea AHTS
Slide 10: 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 11: Newbuilding program - progressing according to plan
Newbuilding program - progressing according to plan 11
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) Canada - AHTS - Odin Viking
Slide 13: Market and outlook
Market and outlook ▪ The offshore market outlook has strengthened, supported by higher oil prices and focus on the importance of energy security and resilient oil and gas production. ▪ Availability of larger subsea vessels remains highly constrained. Tender activity in the 150–250-tonne segment has
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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