SEA1 OFFSHORE INC.
REPORT FOR FOURTH QUARTER AND THE FISCAL YEAR 2024
On 14 February 2025 - Sea1 Offshore Inc. (the "Company"; Oslo Stock Exchange: SEA1) announces results for fourth quarter and the fiscal year ended 31 December 2024.
SELECTED FINANCIAL INFORMATION
When comparing the 4Q 2024 figures below to 4Q 2023, please note that the number of vessels owned has decreased by nine vessels following the sale on 5 July 2024 as described below and in the 3Q 2024 Report.
Actuals | Actuals | Actuals | Actuals | |
2024 | 2023 | 2024 | 2023 | |
(Amounts in USD millions) | 4Q | 4Q | Jan-Dec Jan-Dec | |
Unaudited | Unaudited | Unaudited | Audited | |
Operating revenues | 68.4 | 85.2 | 340.8 | 336.0 |
EBITDA | 35.4 | 40.1 | 165.7 | 164.5 |
EBITDA, % | 52% | 47% | 49% | 49% |
Operating profit/(loss) | 17.3 | 90.5 | 241.4 | 163.3 |
Net profit/(loss) | 3.5 | 100.1 | 202.9 | 173.1 |
Net profit (loss) attributable to shareholders | 3.2 | 100.0 | 172.8 | 174.5 |
Net cash flow before debt repayment | -39.8 | 40.7 | 237.5 | 113.9 |
Repayment of interest-bearing debt | 18.9 | 45.9 | 266.4 | 112.1 |
Net interest-bearing debt | 270.7 | 365.1 | 270.7 | 365.1 |
Firm Contract Backlog | 840.5 | 319.5 | 840.5 | 319.5 |
Total Equity | 406.0 | 529.2 | 406.0 | 529.2 |
Cash and Cash equivalents | 68.3 | 97.3 | 68.3 | 97.3 |
HIGHLIGHTS FOR THE FOURTH QUARTER
- 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).
- 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 vessel days, plus options. Exact number of days depends on the time spent on each well.
- Contract option exercised for the OSCV "Sea1 Spearfish" for one more year until 1Q 2026.
- Entered into shipbuilding contracts with Cosco Shipping (Qidong) Offshore Co. Ltd. for two high-end Offshore Energy Support Vessels. The vessels have scheduled deliveries from first quarter 2027 to second quarter 2027. The Company and Cosco Shipping 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 AHTS vessels.
- The Research vessel "Joides Resolution" entered into layup in Kristiansand pending potential contract opportunities.
- A long-term incentive plan ("LTIP") established for the management team of the Company
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, divided between a term loan and a revolving credit facility. Existing debt in a total amount of USD 102 million was repaid.
- Management for the nine sold vessels will be gradually transferred to a new manager during the period from January to April 2025.
MARKET AND OUTLOOK
The Construction Support Vessel market is almost sold out now, giving record rates for owners with available vessels. This is supported by a trend where engineering, procurement and construction (EPC) companies are taking vessels on long-term contracts. The strong outlook has led to orders for new builds in the 150 T and 250 T segments.
As usual, the North Sea AHTS market softened in 4Q 2024 after the project season, with vessels arriving back from both Africa and Canada, increasing availability, and putting pressure on rates.
The semi-rig activity in Australia will see a temporary decrease in 2025, which may result in more available support vessels in the region, or migration of vessels to other regions. This could, in the short term, lead to regional pressure on rates and utilization before we see new rig activity, which is expected in 2026.
The semi-rig count on the Norwegian side of the North Sea is expected to increase in 2025. This is positive and will hopefully give a rate and utilization uplift for the large AHTS vessels.
The AHTS project outlook for the North Sea, West Africa, Canada and Australia for the 2025 season is also promising, especially for larger AHTS with good capacities for FPSO mooring work. This will extract vessels out of the North Sea spot market and limit the supply side locally.
In Brazil, Petrobras has increased its E&P budgets, which leads to an increasing number of deepwater FPSO developments. In 2025, 4-5 new FPSOs will be installed in Brazil, and a total of 14 new FPSOs will be installed by 2029 by Petrobras and other international oil companies. Lately, Petrobras has been issuing tenders in categories such as PSV, AHTS, RSV, SOV, and MPSV, which is presently pulling vessels out of the North Sea and other regions. In addition, Petrobras is launching newbuild tenders for RSV, AHTS and PSV/OSRV vessel categories to be built at domestic yards. These vessels are expected to enter the market earliest in 2028 and onwards.
The expectations for 2025 are for further growth in the OSV market and increased demand. Tight supply in certain vessel segments will continue, but on the back of this, it also leads to steady day rates with potential for further
Sea1 Offshore Inc. Fourth Quarter and Fiscal Year 2024 Report | 2 |
improvements, which can bolster the case for more CSV newbuilds. Demand is expected to increase during 2025, and the challenge to secure high-end tonnage for charterers could become an increasing issue.
RESULTS AND FINANCE
Income Statements (4Q 2024 over 4Q 2023)
Operating revenues were USD 68.4 million (2023: USD 85.2 million). EBITDA was USD 35.4 million (2023: USD
40.1 million). The decrease in revenues from 4Q 2023 of USD 16.7 million was mainly caused by the sale of 9 vessels in July 2024 (USD 27.6 million in revenue for the sold vessels in 4Q 2023), partly offset by uplift in charter rates due to increased demand, particularly in the AHTS segment. The operating expenses decreased from 4Q 2023 by USD 11.7 million mainly due to the sale of 9 vessels in July 2024 (USD 13.7 million in operating cost for the sold vessels in 4Q 2023), partly offset by changes in area of operation and higher crew cost in Australia. A substantial part of these effects also resulted in a corresponding increase in revenues as these items are covered by charterers under the contractual terms. Administrative expenses were USD 6.4 million (2023: USD 6.7 million).
Operating profit/(loss) was USD 17.3 million (2023: USD 90.5 million) after depreciation and amortization
expenses of USD 13.4 million (2023: USD 16.4 million) and after reversal of impairment of 67.0 million in 2023. Reduction of depreciation and amortization is mainly explained by fewer owned vessels in the quarter, following the sale of nine vessels in July 2024. Other gain/(loss) mainly relates to a profit-sharing agreement in relation to the sale of the AHTS vessels in July 2024.
Net financial items were USD -13.7 million (2023: USD -9.0 million) and include a net revaluation gain/(loss) of
currency items of USD -8.3 million (2023: USD -3.0 million), of which USD -7.5 million was unrealized (2023: USD -2.5 million).
The net profit/(loss) attributable to shareholders was USD 3.2 million (2023: USD 100.0 million), representing USD
0.02 per share (2023: USD 0.42 per share).
Statements of Financial Position and Cash Flows
Shareholders' equity was USD 406.0 million on 31 December 2024, equivalent to USD 2.64 per share. Total book equity ratio was 49.6 %.
The gross interest-bearing debt was equivalent to USD 339.0 million. In the fiscal year of 2024, the Company made principal repayments of USD 266.4 million. In the same period, the Company made interest payments of USD 26.6 million. The weighted average cost of debt for the Company was approximately 7.0% p.a. on 31 December 2024 (31 December 2023: 6.7%). 29% of interest-bearing debt has fixed interest rate. On 31 December 2024 USD 66 million of the interest-bearing debt was classified as current debt.
On 31 December 2024 the share capital was USD 153.544 million, representing a total of 153,543,734 shares with a nominal value of USD 1.00 per share. Major shareholder Kistefos AS owns 79,585,160 shares, equal to 51.8%. Kistefos is represented at the Board of Directors by Chairman Christen Sveaas.
Net cash flow from operating activities for the fiscal year 2024 was USD 131.1 million and the cash position on 31 December 2024 was USD 68.3 million. Cash flow from investing activities was USD 62.4 million. Cash flow from financing activities was USD -222.3 million.
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The Fleet
On 31 December 2024, the owned fleet totaled 17 vessels plus two vessels under construction (2023: 26 vessels),
including partly owned vessels. One vessel was in lay-up at the end of the quarter (2023: 2). In addition to the owned fleet, the Company performs ship management services for 16 vessels. The management for 11 of these vessels will be transferred to a new manager during the period from January-April 2025. During 4Q, the Company has taken over management for 5 vessels owned by Viking Supply Ships. The overall fleet utilization in the quarter was 92% (2023: 87%), excluding vessels in lay-up. "Joides Resolution" entered into lay-up 1 October 2024.
Vessel availability (excluding firm backlog and options) for the owned fleet per 31 December 2024 was as presented below. Note that the laid-up scientific core-drilling vessel "Joides Resolution" is included in the Subsea segment.
2025 | 2026 | 2027 | |
PSV | 0% | 0% | 30% |
Subsea | 20% | 37% | 54% |
AHTS | 44% | 58% | 67% |
FC&OSRV | 0% | 24% | 25% |
Results for the Fourth Quarter 2024
Note that the operating revenue and operating cost for the nine vessels sold has been moved from its original segment and is now presented under the "Other" segment also for the comparable figures for 2023.
Platform Supply Vessels (PSVs)
The Company had 2 PSVs in the fleet at the end of the quarter (2023: 2, excluding the 4 PSV vessels sold to Siem).
The PSVs recorded operating revenues of USD 6.0 million and had 100% utilization (2023: USD 3.7 million and
95%). The operating margin before administrative expenses for the PSVs was USD 3.9 million (2023: USD 1.4 million).
Subsea Vessels
The Company had 2 Offshore Subsea Construction Vessels (OSCVs), 2 Well-Intervention Vessels (WIVs) and 1 Scientific Core-drilling vessel at the end of the quarter (2023: 2 OSCVs, excluding the 2 OSCV vessels sold to Siem, 2 WIVs and 1 Scientific core-drilling vessel). The Subsea vessels earned operating revenues of USD 30.4 million and had 100% utilization excluding vessel in lay-up (2023: USD 34.3 million and 98%). The operating margin before administrative expenses was USD 21.4 million (2023: USD 23.0 million). The revenues and operating margin decreased from 2023 despite higher rates for the OSCV's, as the Scientific core-drilling vessel did not generate revenues in 4Q 2024.
Anchor-Handling Tug Supply (AHTS) Vessels
The Company had 5 large AHTS vessels and 1 medium-sized AHTS vessel at the end of the quarter (2023: 5, excluding the 3 AHTS vessels sold to Siem + 1 medium-sized AHTS). The AHTS fleet earned operating revenues of USD 26.2 million and had 82% utilization (2023: USD 15.5 million and 66%). The operating margin before administrative expenses was USD 13.4 million (2023: USD 6.6 million). The revenues and operating margin increased from 2023 mainly due to increased charter rates and utilization.
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Other Vessels
The Company had a fleet of 4 smaller Fast Crew & Oil Spill Recovery Vessels at the end of the quarter (2023: 4).
No vessels were in lay-up at the end of the quarter (2023: 2 vessels). Two vessels are on bareboat contracts to clients.
The fleet earned operating revenues of USD 3.4 million and had 96% utilization (2023: USD 3.7 million and 100% excluding vessels in lay-up). The operating margin before administrative expenses for the fleet was USD 1.3 million (2023: USD 1.2 million).
Environmental, Social and Governance (ESG) & Health, Safety, Environment & Quality (HSEQ)
HSEQ
The Company has a continuous focus on safe and sustainable operations.
During 4Q 2024, Sea1 Offshore has operated diligently towards ESG goals, KPI's and strategy by means of several points of impact, such as:
- The "Annual safety wheel" defines priority topics and associated actions to ensure a stronger common focus on main challenges. We share our main topics with the industry. The main quarterly topics are personnel injuries, environment, mental health and health/working environment.
- Becoming an active member of the IMCA's global safety and security board.
- The Sustainable HSEQ and Business Compliance Strategy revised according to latest trends.
- 4Q - 2024 Safety Campaign - "Avoid hand and finger injuries" was rolled out in November.
- High-levelHSSE meeting with Equinor, shipping companies and ship managers held in November. Sharing of incidents and good practices.
- Transparent and quality reporting of incidents is required by clients and our company - clients are very satisfied with Sea1 Offshores' reporting culture.
- High level of customer satisfaction, in operations and safety attitude onboard.
- Following serious incidents, the company investigates together with clients to identify root causes and to define corrective actions. Sharing of findings is an important part of this.
- Increased frequency of managerial visits/leadership engagements onboard our vessels.
Environment
For fleet emissions, the Company reports on the Carbon Intensity Indicator (CII), a proxy that measures grams CO2 total tailpipe emission per hour in operation. The CII was at the end of 3Q 2024 at 137.0g/kWh, and as per 31 December 2024 at 148.7g/kWh. The increase is mainly due to change in fleet mix. The Company proceeds with strenuous efforts to reduce emissions. The Company's goal of 50% reduction in 2030 compared to 2008 levels is in line with recommendations given by the Norwegian Shipowners Association.
In 4Q 2024 there were no oil spills to sea or other environmental incidents.
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Social
The Company's main KPI on safety, Total Recordable Injury Frequency (TRIF), was 0.87 for the quarter (excluding four vessels in Brazil), positively below our target of 1.95. In the quarter there was one Lost Time Incident (LTI), giving a rolling 12month average of 0.64.
At end of the quarter, the relative share of female staff was 40.5% onshore and 6.7% offshore. As per our Human Rights policy, Sea1 Offshore is committed to the principles of non-discrimination and equal opportunity, regardless of gender, nationality, beliefs, or other factors.
Governance
Business Compliance, Anti-Corruption, sanctions, and Due Diligence of partners has high focus. Sea1 Offshore is a member of Transparency International and participate in their work. This gives a strong signal regarding the company's zero policy regarding such issues. Further, the Company is now a member of the global Maritime Anti- Corruption Network (MACN).
On the sustainability reporting as per EU's Corporate Sustainable Reporting Directive (EU CSRD), main part of the sustainability statement for 2024 is completed and dialogue with Auditors is ongoing. In the quarter a total of 21 internal and external audits, vettings, class surveys, and port state controls (excluding four vessels in Brazil) have been satisfactorily completed.
No governance incidents or whistleblower reports were registered during the quarter.
Contract Backlog
The firm total contract backlog on 31 December 2024 was USD 840 million. Reported backlog per 31 December
2023 was USD 235 million for the vessels today owned by the Company. The contract backlog is allocated as below:
(Amounts in USD millions) | 2025 | 2026 | 2027 and | Total |
onwards | ||||
Firm Backlog | 229 | 154 | 457 | 840 |
Options Backlog | 21 | 69 | 535 | 626 |
Total Backlog including options | 251 | 223 | 993 | 1,466 |
On behalf of the Board of Directors of Sea1 Offshore Inc.
14 February 2025 | |
Christen Sveaas, Chairman | Celina Midelfart, Director |
Fredrik Platou, Director | Ørjan Svanevik, Director |
Bernt Omdal, Chief Executive Officer |
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CONSOLIDATED INCOME STATEMENT
2024 | 2023 | 2024 | 2023 | ||
(Amounts in USD 1,000) | Note | 4Q | 4Q | Jan-Dec Jan-Dec | |
Unaudited | Unaudited | Unaudited | Audited | ||
Operating revenues | 4 | 68,447 | 85,161 | 340,825 | 336,026 |
Operating expenses | 8 | -26,602 | -38,344 | -150,869 | -149,239 |
Administrative expenses | 8 | -6,429 | -6,717 -24,276 -22,301 | ||
EBITDA | 4 | 35,416 | 40,100 | 165,680 | 164,486 |
Depreciation and amortization | 4,5,8 | -13,363 | -16,401 -57,780 -68,023 | ||
(Impairment)/Reversal of impairment of vessels | 4,5,10 | - | 66,966 | 159,116 | 66,966 |
Other gain/(loss) | 10 | -4,734 | -177 | -25,587 | -178 |
Operating profit/(loss) | 17,319 | 90,488 | 241,430 | 163,251 | |
Financial income | 9 | 1,545 | 5,165 | 8,768 | 11,053 |
Financial expenses | 8,9 | -6,951 | -11,193 | -28,064 | -29,711 |
Net currency gain/(loss) on revaluation | 9 | -8,277 | -3,003 | -17,745 | 8,963 |
Net financial items | -13,683 | -9,031 | -37,041 | -9,695 | |
Result from associated companies | - | -75 | -52 | 550 | |
Profit/(loss) before taxes | 3,636 | 81,382 | 204,337 | 154,106 | |
Tax benefit/(expense) | 7 | -146 | 18,735 | -1,388 | 19,027 |
Net profit/(loss) | 3,490 | 100,116 | 202,948 | 173,133 | |
Attributable to non-controlling interest | 298 | 118 | 30,191 | -1,381 | |
Attributable to shareholders of the Company | 3,192 | 99,998 | 172,758 | 174,515 | |
STATEMENT OF COMPREHENSIVE INCOME
Net profit (loss) | 3,490 | 100,116 | 202,948 | 173,133 |
Other comprehensive income / (expense) | ||||
Items that will not be reclassified to the Income Statement: | ||||
Pension re-measurement gain/(loss) | -144 | -739 | -144 | -739 |
Items that may be subsequently reclassified to the Income Statement: | ||||
Cash flow hedges | -2,579 | 2,852 | -5,304 | 5,297 |
Currency translation differences | 1,508 | 3,321 | 7,279 | -7,893 |
Total comprehensive profit /(loss) for the period | 2,275 | 105,550 | 204,779 | 169,799 |
Attributable to non-controlling interest | 298 | 118 | 30,191 | 1,381 |
Attributable to shareholders of the Company | 1,977 | 105,431 | 174,588 | 171,180 |
Weighted average number of outstanding shares(000's) | 153,544 | 238,852 | 196,897 | 238,852 |
Earnings/(loss) per share (basic and diluted) | 0.02 | 0.42 | 0.88 | 0.73 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in USD 1,000) | Note | 31.12.2024 | 31.12.2023 |
ASSETS | Unaudited | Audited | |
Non-current assets | |||
Vessels and equipment | 5,8 | 618,127 | 845,148 |
Vessels under construction | 5 | 19,310 | - |
Capitalized project cost | 5 | - | 1,533 |
Investment in associates and other long-term receivables | 8,303 | 31,788 | |
CIRR loan deposit 1) | 6,879 | 13,759 | |
Deferred tax asset | 7 | 27,651 | 27,586 |
Total non-current assets | 680,270 | 919,814 | |
Current assets | |||
Trade receivables and other current assets | 69,294 | 69,830 | |
Cash and cash equivalents | 6 | 68,302 | 97,325 |
Total current assets | 137,596 | 167,155 | |
Total Assets | 817,866 | 1,086,969 | |
EQUITY | |||
Share capital | 153,544 | 238,852 | |
Other reserves 2) | 252,448 | 295,408 | |
Total Shareholders´ equity | 405,992 | 534,261 | |
Non-controlling interest | - | -5,085 | |
Total Equity | 405,992 | 529,176 | |
LIABILITIES | |||
Non-current liabilities | |||
Borrowings | 6 | 273,275 | 249,861 |
CIRR loan 1) | 6,879 | 13,759 | |
Other non-current liabilities | 8 | 31,892 | 18,774 |
Total non-current liabilities | 312,046 | 282,395 | |
Current liabilities | |||
Current portion of borrowings | 6 | 65,740 | 212,525 |
Accounts payable and other current liabilities | 7,8 | 34,087 | 62,872 |
Total current liabilities | 99,828 | 275,398 | |
Total liabilities | 411,874 | 557,792 | |
Total Equity and Liabilities | 817,866 | 1,086,968 | |
- Commercial Interest Reference Rate
- Share premium reserves have been included in Other reserves
The accompanying Notes are in integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
2024 | 2023 | |
(Amounts in USD 1,000) | Jan-Dec | Jan-Dec |
Unaudited | Audited | |
Cash flow from operating activities | ||
Net profit/(loss) | 202,948 | 173,133 |
Interest expense | 29,157 | 34,209 |
Interest income | -8,768 | -11,059 |
Currency hedge recycling | - | 1,329 |
Tax benefit/(expense) | 1,388 | -19,027 |
Results from associated companies | 52 | -550 |
Other loss/(gain) | 25,587 | 178 |
Reversal of impairment related to vessels and other long-term receivables | -159,116 | -72,737 |
Depreciation and amortization | 57,780 | 68,023 |
Unrealized currency gain/(loss) | 19,769 | -12,546 |
Changes in short-term receivables, payables and other accruals | -13,521 | -5,920 |
Other changes | -2,581 | 2,324 |
Cash flow from operating activities | 152,695 | 157,356 |
Interest paid | -26,610 | -28,761 |
Interest received | 6,592 | 8,450 |
Taxes paid | -1,607 | 579 |
Net Cash flow from operating activities | 131,070 | 137,624 |
Cash flow from investing activities | ||
Capital expenditure in vessels and equipment | -52,864 | -33,492 |
Proceeds from sale of fixed assets | 93,728 | 16 |
Change in other non-current receivables | 21,112 | 5,960 |
Dividend from associated companies | 380 | 2,578 |
Cash flow from investing activities | 62,356 | -24,937 |
Cash flow from financing activities | ||
Net contribution from non-controlling interests | -8,573 | 3,109 |
Purchase of shares from minorities | -23,501 | - |
Paid leases | -993 | -1,847 |
Payment of dividends to shareholders | -72,839 | - |
New loan facilities | 150,000 | - |
Repayment of borrowings | -266,353 | -112,145 |
Cash flow from financing activities | -222,258 | -110,883 |
Net change in cash and cash equivalents | -28,832 | 1,804 |
Cash and cash equivalents, beginning of period | 97,325 | 94,949 |
Effect of exchange rate differences | -190 | 571 |
Cash and cash equivalents, end of period | 68,302 | 97,325 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share | Share- | Non- | |||||||
Total no. of | Share premium | Own | Other Retained | holders' | Contr. | Total | |||
(Amounts in USD 1,000) | shares | capital | reserves | shares | reserves | earnings | equity | interest | equity |
Equity at 1 Jan 2023 | 238,852,052 | 238,852 | 163,160 | - | -38,931 | - | 363,081 | -3,703 | 359,377 |
Net profit/(loss) for the | |||||||||
period | - | - | - | - | - | 174,515 | 174,515 | -1,381 | 173,133 |
Pension re-measurement | - | - | - | - | - | -739 | -739 | - | -739 |
Cash flow hedge | - | - | - | - | 5,297 | - | 5,297 | - | 5,297 |
Currency translation | |||||||||
differences | - | - | - | - | -7,893 | - | -7,893 | - | -7,893 |
Equity at 31 Dec 2023 | 238,852,052 | 238,852 | 163,160 | - | -41,527 | 173,775 | 534,261 | -5,085 | 529,176 |
Share | Share- | Non- | |||||||
Total no. of | Share premium | Own | Other Retained | holders' | Contr. | Total | |||
(Amounts in USD 1,000) | shares | capital | reserves | shares | reserves | earnings | equity | interest | equity |
Equity at 1 Jan 2024 | 238,852,052 | 238,852 | 163,160 | - | -41,527 | 173,775 | 534,261 | -5,085 | 529,176 |
Net profit/(loss) for the | |||||||||
period | - | - | - | - | - | 172,758 | 172,758 | 30,191 | 202,948 |
Pension re-measurement | - | - | - | - | - | -144 | -144 | - | -144 |
Cash flow hedge | - | - | - | - | -5,304 | - | -5,304 | - | -5,304 |
Currency translation | |||||||||
differences | - | - | - | - | 7,279 | - | 7,279 | - | 7,279 |
Receipt of own shares | |||||||||
related to sale of vessels | - | - | - | -85,308 | - | -145,046 | -230,354 | - | -230,354 |
Capital reduction, | |||||||||
cancellation of shares | |||||||||
related to sale of vessels | -85,308,318 | -85,308 | - | 85,308 | - | - | - | - | - |
Purchase of shares from | |||||||||
minority shareholder | - | - | - | - | - | 1,605 | 1,605 | -25,106 | -23,501 |
Dividend | - | - | - | - | - | -72,839 | -72,839 | - | -72,839 |
Purchase of own shares | |||||||||
related to long-term | |||||||||
incentive program | - | - | - | -400 | - | -655 | -1,055 | - | -1,055 |
Long-term incentive | |||||||||
program | - | - | - | 400 | - | -614 | -214 | - | -214 |
Equity at 31 Dec 2024 | 153,543,734 | 153,544 | 163,160 | - | -39,552 | 128,840 | 405,992 | - | 405,992 |
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