Sea1 Offshore IncorporationOSL: SEA1

Financial report (6811be902a5b0f8832de67f4 SEA1 Q1 2025 Presentation)

· Issued by Sea1 Offshore Incorporation

Sea1 Offshore Inc.

First quarter 2025 presentation



(Amounts in USD million)

Q1 2025

Q1 2024

Revenue

68.5

83.2

EBITDA

40.3

32.9

Operating profit

27.0

14.7

Net profit (before minorities)

22.2

11.6

Cash and cash equivalents

52.6

76.8

Equity

332.6

534.2

Net interest-bearing debt

343.3

366.0

Comments

  • EBITDA margin of 59%

  • Higher EBITDA due to improved day rates, despite operating smaller owned fleet

  • Book equity of 42%

  • Number of owned vessels in the

quarter: 17 (2024: 26 vessels)

Highlights

  • On the back of solid results, a strong balance sheet and a significant backlog, a dividend of NOK 7 per share was paid to shareholders on 22 January 2025

  • Refinanced debt related to the two well intervention vessels

  • Entered into a revenue sharing agreement with Viking Supply Ships. The agreement includes six AHTS' owned by Viking Supply Ships and five AHTS' owned by Sea1 Offshore

  • Entered into shipbuilding contracts for another two high-end Offshore Energy Support Vessels with Cosco. The vessels have scheduled deliveries from third quarter 2027 to fourth quarter 2027. The Company has entered shipbuilding contracts for four vessels in total

    Operational highlights

  • Overall fleet utilization in the quarter was 88% (2024: 89% for the SEA1 fleet), excluding vessels in lay-up

  • Safe and efficient operations in all regions

    Subsequent events

  • Signed an agreement to sell the 2014-built OSCV Sea1 Spearfish to an independent third party. The sale will result in a gain of approximately USD 40 million. The transaction is subject to customary closing conditions and closing is expected to take place in May 2025.

(Amounts in USD 1,000)

Q1 2025

Q1 2024

Jan-Dec 2024

Operating revenue

68,548

83,171

340,825

Operating expenses

-22,423

-44,621

-150,869

Administrative expenses

-5,780

-5,631

-24,276

EBITDA

40,345

32,920

165,680

Depreciation and amortization

-13,532

-18,206

-57,780

Reversal of impairment of vessels

-

-

159,116

Other gain / (loss)

184

-

-25,587

Operating profit

26,997

14,713

241,430

Financial income

1,167

2,290

8,768

Financial expenses

-10,035

-8,595

-28,064

Net currency gain / (loss) on revaluation

4,893

3,298

-17,745

Result from associated companies

-

-3

-52

Profit before taxes

23,022

11,703

204,337

-836

-1,388

Tax benefit / (expense)

-123

Net profit

22,186

11,580

202,948

-

30,191

Attributable to non-controlling interest

-191

Result attributable to shareholders

22,186

11,771

172,758

Q1 operating margin per segment Full year 2024 operating margin per segment

21,6

1,3

28,5

6,7

3,6

10,5

95,1

9,6

50,5

45 180

40 160

35 140

30 120

USD million

USD million

25 100

20 80

15 60

10 40

5 20

0

Q1 2025 Q1 2024

Subsea
PSV
AHTS

0

2024

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

900

800

700

USD million

600

500

400

300

200

100

Assets

53

71

675

900

800

700

USD million

600

500

400

300

200

100

Equity & liabilities Comments

  • Solid financial position

    102

    364

    333

  • Book equity ratio of 42%

  • Gross interest-bearing debt of USD 396 million

  • Net interest-bearing debt of USD 343

    million

  • Available capacity under new revolving credit facility

0

Assets

Cash and cash equivalents

Other current assets

Non-current assets

0

Equity & liabilities

Current liabilities

Non-current liabilities

Equity

Increase
Decrease
Total

57

-2

68

53

-94

-13

37

160

140

120

USD million

100

80

60

40

20

0

Cash start

Cash from operations

Net interest

Capex

Net increase of debt

Dividend

Cash end

USD 812 million of firm contract backlog as of 31 March 2025, in addition to USD 629 million of options

400

Firm backlog per year Firm backlog per segment

105

54

13

14

8

11

14

11

6

103

122

9

342

4 %

5 %

8 %

83 %

350

300

250

200

150

100

50

0

2025 2026 2027 2028 and

onwards

Subsea
AHTS
PSV
FCV/OSRV

Subsea
AHTS
PSV
FCV/OSRV

Contract days vs available days per segment, as of 31 March 2025

100 %

2025

100 %

2026

100 %

2027

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 %

Subsea PSV AHTS FCV/OSRV

Contract/options
Available days

0 %

Subsea PSV AHTS FCV/OSRV

Contract/options
Available days

0 %

Subsea PSV AHTS FCV/OSRV

Contract/options
Available days

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



17 owned vessels and 4 newbuilds on order in addition to vessel management

2

WIV

Well Intervention Vessels

2

OSCV

Offshore Subsea Construction Vessels

4

Newbuilds

Offshore Subsea Construction Vessels

6

AHTS

Anchor Handling Tug Supply



2

PSV

Platform Supply Vessels

1

Scientific Core Drilling

Core drilling vessel

4

FCV/OSRV

Fast Crew & Oil Spill Recovery Vessels



Vessel Management:

6 offshore vessels on commercial and technical management

Note: Excluding vessels leaving SEA1 management during Q1-Q2 2025





Sea1 Offshore owned vessels Vessels on management

Canada

- AHTS - Avalon Sea

North Sea

  • AHTS - Sea1 Ruby

  • Core drilling - Joides Resolution (lay-up)

  • AHTS - Brage Viking (Management)

  • AHTS - Magne Viking (Management)

  • AHTS - Loke Viking (Management)

  • AHTS - Odin Viking (Management)

  • AHTS - Njord Viking (Management)

Kristiansand (HQ) Houston Halifax St. John's

China

Four 250 T CSVs under construction

Australia

  • AHTS - Sea1 Aquamarine

  • AHTS - Sea1 Amethyst

  • AHTS - Sea1 Sapphire

  • AHTS - Sea1 Emerald

  • AHTS - Andreas Viking (Management)

South America

  • WIV - Siem Helix 1

  • WIV - Siem Helix 2

  • OCV - Sea1 Spearfish

  • OCV - Sea1 Dorado

  • PSV - Siem Giant

  • PSV - Siem Atlas

  • OSRV - Siem Maragogi

  • OSRV - Siem Marataizes

  • FCV - Siem Piata

  • FCV - Siem Pendotiba

Accra Macaé Rio de Janeiro Perth

Note: Overview per 25.04.2025. Excluding vessels leaving SEA1 management during Q1-Q2 2025

  • Forecasts for the global economy and oil demand are positive for 2025 and 2026, however the recent and rapid shifts in trade related policies between key economies have introduced further uncertainty

  • In the construction support vessel market, a handful of long-term tenders and requirements have recently been launched by the EPC companies for commencement in 2026 and 2027. The market is still tight with only 2-3 larger vessels having availability during 2025. Following an expectation for long-term demand for construction support vessels, additional newbuilding contracts for delivery in 2027 have been placed by market participants

  • The North Sea AHTS market was slow at the start of the quarter. Monthly average rates were on par with last year for January, lower in February and higher in March. At the end of March, the AHTS market was nearly sold out and rates increased sharply. Project activity remains good for the season and the AHTS market is expected to gain momentum over the next months, however, with high volatility in the spot market

  • 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

  • Moderate further growth in the OSV market is expected for the rest of the year. A tight supply side in the subsea vessel segment is expected to

continue as there is a limited number of newbuilds to be delivered in the short term

Strong quarter with high activity

First class operations with excellent HSEQ performance

Solid financial position

Strong backlog with quality clients

Positive long-term market outlook





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