Solstad Offshore Asa · OSL:SOFF
Solstad Offshore Asa — Q2 2026 Earnings Presentation
21 slides from Solstad Offshore Asa's earnings presentation, Jul 15, 2026
Slide 1: Q2 2026 Presentation
Q2 2026 Presentation 15 July 2026
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: Highlights | Q2 2026
Highlights | Q2 2026 ▪ A quarter with continued solid performance including increased utilization and earnings for owned vessels ▪ Ordered a multi-purpose deepwater installation and construction vessel together with SBM Offshore Business update ▪ Memorandum of Agreement entered into for the sale of
Slide 4: Q2 2026 Financial and operational summary
Q2 2026 Financial and operational summary A financially robust platform positioned to deliver attractive shareholder returns Utilization Operating Income Adjusted EBITDA Net Result Q2 YTD Q2 YTD Q2 YTD Q2 YTD 85% (100%) 82% (96%) 105 (78) 191 (147) 41 (32) 75 (62) 38 (39) 67 (62) Equity Adjusted NIB
Slide 5: Debt overview
Debt overview USD 70 million term loan with a 5-year amortization profile drawn in NIBD overview as per 30.06.2026 SOFF ASA November 2024 with maturity in November 2027 USDm 500 USD 40 million term loans financing of four Brazilian built vessels 246 422 Solstad Brazil with BNDES with maturity from 2
Slide 6: Dividend | Q2 2026
Dividend | Q2 2026 ▪ Distributes cash dividend for Q2 2026 of USD 0.15/share, totaling USD ~12 million ▪ The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q2 2026 dividend: o Last day incl. right to dividend: 16 July 2026 o Ex-da
Slide 7: Investments in associated companies & joint ventures
Investments in associated companies & joint ventures NORMAND INSTALLER S.A. (NISA) • Associated company 27,3%-owned with Aker as • Normand Installer S.A. (NISA), a joint venture 50%- • Associated company 35,8%-owned with Omega 365 majority shareholder owned together with SBM Offshore as majority sha
Slide 8: Newbuild through long-term partnership
Newbuild through long-term partnership Next-generation multipurpose deepwater installation and construction vessel • Solstad Offshore and SBM Offshore have together ordered the construction of the vessel from CIMC Raffles, with scheduled delivery in the first half of 2029 • From delivery, the vessel
Slide 9: Market Update
Market Update STRONG FOOTHOLD IN BRAZIL Office locations Solstad Maritime supporting offices ▪ The demand within offshore-energy services remains positive ▪ AHTS-segment: Brazil, in general a long-term market, but vessels with spot exposure obtains decent utilization ▪ CSV-segment: Project-oriented
Slide 10: Backlog and earning visibility
Backlog and earning visibility Firm backlog per vessel type Firm-/option2 days per year Backlog development USDm AHTS CSV Solstad Maritime1 vessels Days Firm days3 Option days Available days USDm Solstad Offshore2 vessels 350 2,200 1,100 Solstad Maritime1 vessels 2,000 15% 14% 1,000 986 300 920 934
Slide 11: Financial guidance for 2026
Financial guidance for 2026 Metric Updated range Previous range Comments ▪ Whereof USD 34 million YTD Q2’26 Operational Adjusted ▪ Updated to reflect the assumption that the Normand Maximus 10-year class renewal USD 60 – 70 million USD 50 – 70 million EBITDA1 will occur predominantly in 2027 due to
Slide 12: Summary
Summary A quarter with overall solid operational and financial performance Strong order intake with a 2-year Letter of Intent for Normand Maximus and a 14-year contract with SBM Offshore for a newbuild vessel Operational Adjusted EBITDA guidance narrowed to USD 60-70 million Increased dividend distr
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Unaudited 2026 2025 2026 2025 USDm 01.04-30.06 01.04-30.06 01.01-30.06 01.01-30.06 Key commentary Charter income and other operating income 105 78 191 147 Gain on sale of assets • Operating Income and EBITDA increases as count of Solstad Maritime vessels 0 0 0 0 To
Slide 16: Balance sheet
Balance sheet Unaudited 2026 2025 2025 USDm 30.06 30.06 31.12 Key commentary ASSETS Non-current assets • Significant increase in right-of-use assets and lease liabilities compared to Deferred tax assets 15 0 15 Tangible fixed assets 119 132 130 year-end 2025 and same quarter last year due to new lon
Slide 17: Cash Flow Statement
Cash Flow Statement Unaudited USDm 2026 01.04-30.06 2025 01.04-30.06 2026 01.01-30.06 2025 01.01-30.06 Key commentary CASH FLOW FROM OPERATIONS ▪ Higher net cash flow from operations in 1H’26/Q2’26 compared to same Result before tax 38 40 68 63 periods last year due to increased EBITDA partly offset
Slide 18: Q2 2026 cash flow bridge
Q2 2026 cash flow bridge Semi-annual debt servicing on the SOFF ASA term loan reflected in the quarter EBITDA less paid leases in the quarter equals Operational Adjusted EBITDA of USD 22 million 2 (4) (3) 11 (3) (32) 54 (12) (8) 83 77 1 Q1’26 EBITDA Changes Vessel capex Received Received Paid intere
Slide 19: LTM cash flow bridge
LTM cash flow bridge Ample cash generation combined with solid deleveraging EBITDA less paid leases in the quarter equals LTM Operational Adjusted EBITDA of USD 63 million 6 (10) (4) (4) 29 (10) (96) 159 (31) (18) 83 2 60 Q2’25 EBITDA Changes Taxes paid Vessel capex Received Received Paid interests
Slide 20: Segment performance
Segment performance Key takeaways EBITDA by segments USDm • EBITDA is significantly increased in Q2’26 compared to Q1’26 and same quarter AHTS CSV Other last year, however the majority of the increase stems from ‘Other’ which is mostly 55 54 attributed to leased vessels from SOMA with associated inc
Slide 21: 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