Financial report (67aeebe65c5b37b9c0da2a2e SEA1 Q4 2024 Presentation)

Feb 14, 2025 at 7:31 AM UTC · Issued by Sea1 Offshore Incorporation

Sea1 Offshore Inc.

Fourth quarter 2024 presentation

Financial highlights

(Amounts in USD million)	Q4 2024	Q4 2023


Revenue	68.4	85.2
EBITDA	35.4	40.1

Operating profit	17.3	90.5

Net profit (before minorities)	3.5	100.1

Cash and cash equivalents	68.3	97.3
Equity	406.0	529.2

Net interest-bearing debt	270.7	365.1

Comments

EBITDA margin of 52%
Book equity of 50%
2024 fleet size reduction reflected in the financials
Number of owned vessels in the quarter: 17 (2023: 26 vessels)

Business update

Operational highlights		Other highlights

Overall fleet utilization in the quarter was 92% (2023: 87%), excluding vessels in lay-up
One vessel in lay-up at the end of the quarter
Safe and efficient operations in all regions

Contract awards

Secured a multi-well project together with Viking Supply
Ships for 3 AHTS' in Australia, commencing in 1Q 2025. The duration for this contract is minimum 16 wells firm. Total work for Sea1 Offshore's own vessels is estimated to be between 570 to 1000 days, plus options. Exact number of days depends on the time spent on each well
Contract option exercised for Sea1 Spearfish (OSCV) for one more year until Q1 2026

EBITDA for the current fleet increased to USD 35.4 million in 4Q 2024, from USD 26.2 million in 4Q 2023 (adjusted for the 9 vessels sold in July 2024)
Entered into shipbuilding contracts with Cosco Shipping (Qidong) for two high-end Offshore Energy Support Vessels. The vessels have scheduled deliveries from Q1 2027 to Q2 2027. The parties are in discussion around future potential for further new building vessels
Purchased the shares in the subsidiary Sea1 AHTS Pool AS owned by a minority shareholder, representing 22% of the shares in the company. Following the transaction, Sea1 Offshore Inc. owns 100% of the shares in Sea1 AHTS Pool AS, which owns five large AHTS vessels
The research vessel "Joides Resolution" entered lay-up in Kristiansand pending potential contract opportunities
A long-term incentive plan ("LTIP") was established for the management team of the Company

Business update

Subsequent events

On the back of solid results, a strong balance sheet and a significant backlog, a special dividend payment of NOK 7 per share was made to shareholders on 22 January 2025
Refinanced debt related to its two well intervention vessels. New credit facilities from commercial banks in a total amount of USD 250 million have been agreed, including a term loan and a revolving credit facility. Existing debt in a total amount of USD 102 million was repaid
The management contract for the nine sold vessels has been terminated by the Company. Management of the vessels will be gradually transferred to a new manager during the period from January to April 2025

Income statement

(Amounts in USD 1,000)	Q4		Q4		Jan-Dec	Jan-Dec
2024	2023		2024	2023


Operating revenue		68,447		85,161	340,825	336,026
Operating expenses		-26,602		-38,344	-150,869	-149,239
Administrative expenses		-6,429		-6,717	-24,276	-22,301

EBITDA		35,416		40,100	165,680	164,486

Depreciation and amortization		-13,363		-16,401	-57,780	-68,023
Reversal of impairment of vessels		-		66,966	159,116	66,966
Other gain / (loss)		-4,734		-177	-25,587	-178

Operating profit		17,319		90,488	241,430	163,251

Financial income		1,545		5,165	8,768	11,053
Financial expenses		-6,951		-11,193	-28,064	-29,711
Net currency gain / (loss) on revaluation		-8,277		-3,003	-17,745	8,963
Result from associated companies		-		-75	-52	550

Profit before taxes		3,636		81,382	204,337	154,106
Tax benefit / (expense)		-146		18,735	-1,388	19,027

Net profit		3,490		100,116	202,948	173,133
Attributable to non-controlling interest		298		118	30,191	-1,381

Result attributable to shareholders		3,192		99,998	172,758	174,515

Overview of main operating segments

USD million

Q4 operating margin per segment

13,4

	6,6

3,9	1,4

21,4	23,0

Q4 2024

Q4 2023

Subsea PSV AHTS

YTD operating margin per segment

	180

	160

	140
	50,5

	120
million			22,8
100
9,6	4,5


USD	80


	60
	95,1	91,6
	40



	20

	0
	YTD 2024	YTD 2023

			Subsea PSV	AHTS

Note: Other segments, including the Brazilian fleet, the 9 vessels sold to Siem and I/C eliminations, are excluded. Administrative expenses are excluded

Financial position

	Assets
900
800	68

700	69
600
million
500
USD
400
300	680

200
100
0
	Assets

Cash and cash equivalents

Other current assets

Non-current assets

Equity & liabilities

900

	800	100

	700
	600	312
million
500
USD
400

	300
	200	406
	100
	0
		Equity & liabilities

Current liabilities

Non-current liabilities

Equity

Comments

Solid financial position
Book equity ratio of 50%
Gross interest-bearing debt of USD 339 million
Net interest-bearing debt of USD 271 million

Contract backlog

USD 840 million of firm contract backlog as of 31 December 2024, in addition to USD 626 million of options

Firm backlog per year

400

350

							8
300

250
18

200	17						332
59		11
150

		14

			9	11
100	136		119	6
50
		100

0
2025		2026	2027	2028 and

							onwards
		Subsea		AHTS	PSV	FCV/OSRV

Firm backlog per segment

6 %

4 %

8 %

82 %

Subsea AHTS PSV FCV/OSRV

Fleet employment

Contract days vs available days per segment, as of 31 December 2024

				2025						2026				2027
100 %							100 %					100 %

90 %							90 %					90 %

80 %							80 %					80 %

70 %							70 %					70 %

60 %							60 %					60 %

50 %							50 %					50 %

40 %							40 %					40 %

30 %							30 %					30 %

20 %							20 %					20 %

10 %							10 %					10 %

0 %							0 %					0 %
Subsea	PSV	AHTS FCV/OSRV	Subsea	PSV	AHTS FCV/OSRV	Subsea	PSV	AHTS FCV/OSRV

			Contract/options		Available days				Contract/options		Available days		Contract/options		Available days

Note: The laid-up scientific core drilling vessel, Joides Resolution, is included in the Subsea segment

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