Solstad Maritime Asa (SLTMF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining the Solsta Offshore's first quarter 2026 presentation. This presentation will be held by Kjetil Ramstad CFO and myself CEO Lars-Teder Solsta. We will take you through the financial and operational performance for the quarter and also share some thoughts about the market outlook. And if you have any questions, please send them in in the chat and we will answer them in the Q&A session after this presentation. A quick look at the disclaimer before we move on to the highlights of the quarter. We delivered a solid financial performance in the quarter. supported by strong contributions from our joint ventures and associated companies, Solstalt Maritime, Omega Sepsis and Nisa. Operational adjusted EBITDA was lower than the same quarter last year, primarily due to two vessels being between contracts. And during the quarter, we secured a 225-day contract for the Norman Tonjor. This includes the mobilization time to the Asia-Pacific region. And in total, we had an order intake of $28 million in the quarter. This morning, we announced a very important contract for the company where we have signed an LOI for the Norman Maximus for for a two-year contract, and this will add significant backlog to the company for the coming years. Solstar offshore will receive about $11 million in dividend from Solstar Maritime for the quarter. and based on the quarter's performance and the company's tax position, the board intends to distribute a dividend of $0.1 per share for the quarter to the shareholders. So, Dan Kjetil, can you take us through some of the key numbers for the quarter? Yes, thank you, Lars Bader. If we start with the financial and operational summary, the first quarter of 2026 had a fleet utilization of 79%, lower than the same q...