Solstad Maritime Asa (SLTMF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Solstahl Maritimes first quarterly presentation as a listed company. And with the picture of our subsea construction vessel Norman Navigator just outside our office in Skudenäs. It has been a quarter that is very much influenced by the extraordinary high planned maintenance activities we have had. But taking that into consideration, the quarter and the half year has been OK. Today's presentation will be held by CFO Kjetil Ramstad and myself, Lars-Peder Solstad, as CEO. After the presentation, we will open up for Q&As and please ask questions in the chat. And then keep in mind that this is a Solstice Maritime presentation, so leave the Solstice Offshore questions for the next presentation that will start at 10 o'clock. If we take a quick look at the disclaimer on the next slide before we move on to the highlights and business update for the quarter. Obviously, the listing of Solstern Maritime mid-May was an important milestone for the company. And I'm happy to see that Solstern Maritime has been well received by investors and by analysts. The outlook and the market fundamentals are still positive, but the steep activity increase we saw a year ago or so has leveled out for now. But it has leveled out on a relatively high level, and the day rate we achieve in the market is still on healthy levels. We have had several of our main EBTA contributors in for main classing in the quarter, which explains the lower than normal utilization on the fleet. From end of July, the majority of these planned maintenance stays will be completed, and as such, the second half of 2025 and beyond looks strong. The EBITDA for the quarter is on the same level as second quarter last year, but more positive is that we continue to build our position in Brazil, with thr...