Solstad Offshore ASA (SLOFF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Solstahl Offshore second quarter presentation. It has been a strong and active quarter for the company with the improved operational performance, important contract wins, increased the backlog visibility and a continued capital distribution to our shareholders. We have also taken important strategic steps through the new joint venture we have established with SPM Offshore and the ordering of a specialized mooring and installation vessel further strengthen our long-term position in an attractive offshore market. This presentation will be held by CFO Kjetil Ramstad and myself, CEO Lars Pedershusa. and there will be a Q&A session after the presentation so please send in your questions in the chat. We take a quick look at the disclaimer before we move over to the business update for the quarter. It has been a solid quarter with increased utilization and earnings from the vessels. as well as good performance from the JEVs and the associated companies. We entered into a long-term contract with SPM Offshore for a new-built specialized moving and installation vessel and this vessel will be jointly owned with SPM and start operation in 2029. We have also signed an MOA for the sale of the vessel Normantonio We own 56% of the vessel and we expect a cash effect for Solskjaer Offshore of around 19 million US dollars when the vessel is delivered to new owners, sometimes during the next six months. During this quarter, we have also won an arbitration case, which will give the company a positive liquidity effect of around 14.5 million dollars when received. and a P&L effect of USD 7 million has been booked in second quarter. On the earnings, we delivered a total adjusted EBITDA of USD 41 million compared to 32 million in the same quarter last year. Th...