Sea1 Offshore Incorporation · OSL:SEA1
Sea1 Offshore Incorporation — Sea1 Offshore — Q3 2026 Earnings Presentation
15 slides from Sea1 Offshore Incorporation's earnings presentation, November 2026
Slide 1: Sea1 Offshore Inc. Third quarter 2026 presentation
Sea1 Offshore Inc. Third 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) Q3 2026 Q3 2025 Comments Revenue 79.7 63.4 ▪ EBITDA margin of 51% ▪ Book equity of 54% EBITDA 40.3 34.2 ▪ Revenue and EBITDA up year-on- Operating profit 26.6 21.8 year, supported by higher charter rates Net profit 20.1 12.3 Cash and cash equivalents 35.
Slide 4: Business update
Business update Operational highlights Subsequent events ▪ Overall fleet utilization in the quarter was 90% (2025: 93%), ▪ Rune Magnus Lundetræ resigned from his position as a excluding vessels in lay-up Director of Sea1 Offshore Inc. with effect from 13 October 2026. Following the resignation of Mr
Slide 5: Income statement
Income statement (Amounts in USD 1,000) Q3 Q3 Jan-Sep Jan-Sep 2026 2025 2026 2025 Operating revenue 79,719 63,437 231,856 203,314 Operating expenses -32,406 -22,829 -90,422 -70,584 Administrative expenses -7,032 -6,359 -22,063 -18,581 EBITDA 40,281 34,248 119,371 114,149 Depreciation and amortizatio
Slide 6: Overview of main operating segments
Overview of main operating segments Q3 operating margin per segment YTD operating margin per segment 50 160 45 1,2 140 4,0 40 5,0 2,0 120 35 16,3 10,9 51,3 37,1 100 30 USD million USD million 25 5,0 80 13,7 6,0 13,8 20 60 15 40 21,9 71,4 10 20,2 64,3 20 5 0 0 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Subsea
Slide 7: Financial position
Financial position Assets Equity & liabilities Comments 900 900 ▪ Solid financial position 800 35 800 108 ▪ Book equity ratio of 54% 76 700 700 ▪ Gross interest-bearing debt of USD 301 600 600 259 million USD million USD million 500 500 ▪ Net interest-bearing debt of USD 266 400 400 695 million 300
Slide 8: Cashflow YTD 2026
Cashflow YTD 2026 Increase Decrease Total 250 200 106 -13 150 USD million 6 100 86 -85 50 35 -63 -2 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 573 million of firm contract backlog as of 30 September 2026, in addition to USD 502 million of options Firm backlog per year Firm backlog per segment 300 250 3 4% 9% 2% 200 USD million 150 11 8 250 24 17 100 50 5 106 101 8 10 85 % 30 0 2026 2027 2028 2029 and onwards Subsea AHT
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 Vessel Offshore Energy Support Vessels Anchor Handling Tug Supply PSV 2 FCV/OSRV 4 Ves
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 remains supported by resilient energy demand, continued investment in offshore oil and gas, and an increasing focus on energy security. ▪ The subsea market continues to be underpinned by strong contractor backlogs and a healthy project pipeline. Vessel availa
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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