Solstad Maritime Asa (SLTMF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Solstad Maritime third quarter 2025 results presentation. My name is Lars-Peder Solstad, I'm the CEO of the company and I'm joined by CFO Kjetil Ramstad. After this presentation, we will open up for Q&A's and please ask questions in the chat and then keep in mind also that this is a Solstad Maritime presentation. So if you have any questions related to Solstad offshore, please wait until next presentation starting at 10 o'clock. We take a quick look at the disclaimer. before we move on to the quarter's business update and highlights. We had an adjusted EBITDA for the quarter of 69 million US dollars, down from 91 million in the third quarter last year. primarily due to lower fleet utilization in the second half of the year. This is in line with the trading update we gave 9th October, where we adjusted the full year 2025 EBITDA guidance to approximately $290 million. On the market update, we see that there's a long-term demand within offshore energy services that remains positive, with several new long-term opportunities and also project opportunities that we see in the market. However, on the short-term demand, we have experienced a lower demand than we previously expected. Having said that, we continued to sign new contracts and the order intake in the quarter reached 180 million US dollars and resulted in a book to bill ratio of 1.2 for the quarter. We signed some very important contracts in Australia where two of our anchor handlers are fixed for the majority of 2026, reducing the potential spot exposure. And we have in addition to that also reduced the spot exposure in the North Sea for the anchor handling fleet. from four vessels to two vessels lately by signing contracts in Brazil and in the Mediterranean. On the CSVs that we hav...