Solstad Maritime Asa (SLTMF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the fourth quarter and full year 2025 presentation of Solstad Maritime. This presentation will be held by Kjetil Ramstad, CFO, and myself Lars-Peder Solstad, CEO of the company. There will be a Q&A session after the presentation, and please use the QR code on the screen and ask questions through that chat function that you will find there. If we take a quick look at the disclaimer before we move on to the business update for the quarter, and fourth quarter and full year of 2025 has been better than we communicated to the market back in October 25. adjusted EBITDA came in at $303 million versus $290 million guided. And the main reason for that is a stronger anchor handling spot market in the North Sea and also better utilization on some of the key CSVs that we have in our fleet. We have experienced an increased demand for our services, especially the last four to five months. And this seems also to continue into 2026. This goes for project related work, but it also goes for longer term opportunities. In fourth quarter, we managed to have a much higher utilization on our anchor handler spot slash North Sea fleet, where we had the Norman Sapphire on a medium term contract in the Mediterranean in nearly the full quarter. And that is also back again now in 26. So we are back again on a medium term contract outside the North Sea now as well, which is securing good utilization on healthy rates for that vessel. and also we have seen the two other vessels we have trading in the North Sea spot market has had very good utilization and strong rates in fourth quarter that has also continued into first quarter and we see that especially the vessels, large anchor handling vessels that also has ROV on board has had the premium utilization and rates compar...