Solstad Offshore ASA (SLOFF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation fourth quarter and full year 2025 from Solsta Offshore. This presentation will be held by CFO Kjetil Ramstad and myself Lars-Peder Solstad, CEO of the company. There will be a Q&A session after the presentation, and you see the QR code on the screen, so please use that to enter the chat to ask your questions during the presentation. We take a quick look at the disclaimer before we move on to the business update for the quarter and for the full year. And the adjusted EBITDA for the year came in better than we guided in October 2025. mainly due to improved results from Solstheim Maritime. Operationally, we had a lower utilization in Anibeta in fourth quarter than you have seen in previous quarters. And this is due to two vessels being between contracts. And that is the Norman Tonjor, which came off a contract in early October. has been doing some upgrades and are preparing now for a contract that starts next week that we announced recently and that will secure utilization for the vessel up to the end of 2026. And that contract is, as we have announced, in Asia Pacific. So a good improvement will be seen there on the utilization side from mid-February and onwards. The other vessel is the Norman Topacio. That came off a contract in Brazil in early fourth quarter. We have done some upgrades and some class work on the vessel. and then the vessel will start on its new four-year contract with Petrobras at the end of March. So utilization-wise, she will, and EBITDA-wise, starts to contribute from second quarter 26 and onwards. But as I said, those two vessels are the reason for the lower utilization in fourth quarter. Okay. But we have, also from Solstad Maritime side, we have, there are four vessels fixed to Petrobras through the ...