SEA1 OFFSHORE INC. REPORT FOR FIRST QUARTER 2026
On 30 April 2026 - Sea1 Offshore Inc. (the "Company"; Euronext Growth Oslo: SEA1) announces results for first quarter ended 31 March 2026.
SELECTED FINANCIAL INFORMATION | |||
2026 | 2025 | 2025 | |
(Amounts in USD millions) | 1Q | 1Q | Jan-Dec |
Operating revenues | Unaudited 72.0 | Unaudited 68.5 | Audited 271.5 |
EBITDA | 37.5 | 40.3 | 149.6 |
EBITDA, % | 52% | 59% | 55% |
Operating profit | 24.4 | 27.0 | 141.1 |
Net profit | 28.3 | 22.2 | 113.8 |
Net cash flow before debt repayment | -2.9 | 92.2 | 211.4 |
Repayment of interest-bearing debt | 15.2 | 107.9 | 193.6 |
Net interest-bearing debt | 217.5 | 343.3 | 208.5 |
Firm Contract Backlog | 665.4 | 812.4 | 700.9 |
Total Equity | 395.3 | 332.6 | 430.9 |
Cash and Cash equivalents | 68.3 | 52.6 | 86.4 |
The contract for the Oil Spill Recovery Vessel Sea1 Maragogi was extended with one year of firm period in
direct continuation, taking the vessel's firm period up to January 2027.
Due to solid results, a strong balance sheet, good liquidity and significant backlog, the Board of Directors on 28 March 2026 authorized a dividend payment of NOK 4 per share.
SUBSEQUENT EVENTSDividend of NOK 4 per share was paid to the shareholders on 16 April 2026.
The Middle East conflict has driven oil prices significantly higher and disrupted offshore activity in the Persian Gulf, halting operations and leaving many offshore vessels, especially AHTSs and PSVs, stuck in the region. However, this has not significantly affected offshore markets in other regions. For the conflict to have a broader impact on global offshore demand, oil prices would need to remain elevated over time, encouraging new project approvals.
Availability of larger subsea vessels remains tight. Only one uncommitted vessel is currently available in the 250-tonne segment in the North Sea/Europe. This sentiment is expected to continue in the coming months, as few vessels are showing clear availability into 3Q-4Q 2026. At the same time, tender activity is increasing in the 150-
250-tonne segment for both project-based and medium-term requirements, with expected commencement from 3Q-4Q 2026 onwards. Given the current backlog among major EPCI contractors, demand for subsea tonnage is expected to remain strong, supporting increased number of opportunities for long-term contractual charters.
The positive demand outlook may be partly offset by new vessels entering the market in 2027 and 2028, which could limit further increases in dayrates.
The AHTS market is expected to remain volatile, but we anticipate prolonged peaks as more projects enter the market, which will also impact long-term contract levels. The significant number of FPSO installations will contribute positively to this segment, as these projects require multiple vessels and early commitments, creating market constraints. Floating wind projects may provide additional boost to this segment, although this demand is likely several years away. Consolidation on the supply side could further support a healthy market overall.
Despite continued low rig activity in the UK, the North Sea AHTS market improved further in 1Q. Vessel departures to other regions and dry dockings kept the available spot fleet at a low level. Average fixture rates were around USD 120,000 per day, a 20% increase over the previous quarter and 180% higher than in 1Q 2025. The highest recorded daily rate exceeded USD 300,000. Currently, activity in the UK sector remains low, but two additional semi-submersible rigs are expected to commence operations during 2Q, which will increase AHTS demand.
Semi-submersible rig activity in Australia remained low, with only two units in operation, and this level is expected to continue through 2026. However, we see several opportunities for project work in the APAC region, which to some extent offset the low demand from Australia. Rig activity in the region is expected to grow again during 2027. The Company has good contract coverage in the region for the remainder of the year.
In South America, the market outlook is softening in the short term. Petrobras, which directly or indirectly accounts for around 40% of global offshore services demand, has indicated intentions to reduce costs and revise its business plan. We therefore expect some delays and reductions in spending. We expect Petrobras to increase tendering activity again towards the end of the year, after the general election. The Company's outlook and contract coverage in the region remain solid.
RESULTS AND FINANCE Income Statements (1Q 2026 over 1Q 2025)Operating revenues were USD 72.0 million in 1Q 2026 (2025: USD 68.5 million). EBITDA was USD 37.5 million (2025: USD 40.3 million). The total revenues for the quarter are above the 2025 revenues, even though the Subsea vessel "Sea1 Spearfish" was sold in May 2025. Adjusted for this sale, revenues have increased compared to 1Q 2025 for all segments, mainly due to higher charter rates, but also due to Ben Viking being on Bareboat contract in 1Q 2026, generating revenues for the Company. The operating expenses increased from 1Q 2025 by USD 4.2 million mainly explained by a one-off item in 1Q 2025 which reduced operating expenses by USD 3.2 million. In addition, Ben Viking is on bareboat contract in 1Q 2026, generating operating expenses. Administrative expenses were USD
7.8 million (2025: USD 5.8 million). The increase in administrative expenses is mainly due to a weaker USD compared to 1Q 2025, as the Company has a significant part of its administrative cost in NOK and BRL (currencies that have strengthened compared to the USD). In addition, increased cost related to introduction of a new accounting-system (fully implemented) and increased cost accrual for labour claims in Brazil.
Operating profit was USD 24.4 million (2025: USD 27.0 million) after depreciation and amortization expenses of USD 13.2 million (2025: USD 13.5 million).
Net financial items were USD 4.3 million (2025: USD -4.0 million) and include a net revaluation gain of currency items of USD 3.1 million (2025: USD 4.9 million). The positive financial cost in 1Q 2026 is due to a reversal of interest accruals related to the Sea1 Maragogi and Sea1 Marataizes late-delivery litigation (USD 4.5 million positive impact, due to a Superior Court decision that changed interest accruals).
The net profit attributable to shareholders was USD 28.3 million (2025: USD 22.2 million), representing USD 0.18 per share (2025: USD 0.14 per share).
Statements of Financial Position and Cash FlowsShareholders' equity was USD 395.3 million on 31 March 2026, equivalent to USD 2.57 per share. Total book equity ratio was 48.7 %.
The gross interest-bearing debt was equivalent to USD 285.7 million. In the first three months of 2026, the Company made gross principal repayments of USD 15.2 million. The weighted average cost of debt for the Company was approximately 6.5% p.a. on 31 March 2026 (31 March 2025: 7.0%). Cost of debt is calculated as the Company's weighted average financing cost on interest-bearing debt and includes both interest expenses recognized in profit and loss and borrowing costs capitalized in accordance with IAS 23. 29% of interest-bearing debt has a fixed interest rate. On 31 March 2026 USD 60.4 million of the interest-bearing debt was classified as current debt.
On 31 March 2026 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 and by the Director Otto Moltke-Hansen.
Net cash flow from operating activities for the first three months of 2026 was USD 18.7 million and the cash position on 31 March 2026 was USD 68.3 million. Cash flow from investing activities was USD -25.8 million. Cash flow from financing activities was USD -11.0 million.
The FleetOn 31 March 2026, the owned fleet totaled 15 vessels plus 4 vessels under construction (2025: 17 vessels, plus 4 vessels under construction). "Sea1 Spearfish" was sold in May 2025 and "Joides Resolution", a scientific core-drilling vessel was sold in October 2025 for recycling. No vessels were in lay-up at the end of the quarter (2025: one). In addition to the owned fleet, the Company performed ship management services for 8 vessels owned by Viking Supply Ships in the quarter. The overall fleet utilization in the quarter was 90% (2025: 88%), excluding vessels in lay-up. Vessel availability (ex. firm backlog and options) for the owned fleet per 31 March 2026 was as presented below.
2026 | 2027 | 2028 | |
Subsea | 0% | 24% | 33% |
AHTS | 50% | 70% | 100% |
PSV | 0% | 0% | 0% |
FC&OSRV | 0% | 24% | 34% |
The Company had 1 Offshore Subsea Construction Vessel (OSCV) and 2 Well-Intervention Vessels (WIVs) operating in Brazil at the end of the quarter (2025: 2 OSCVs, 2 WIVs and 1 Scientific core drilling vessel). The Subsea vessels earned operating revenues of USD 28.8 million and had 99% utilization (2025: USD 33.1 million and 100%). The operating margin before administrative expenses was USD 21.1 million (2025: USD 28.5 million). Adjusted for the sale of "Sea1 Spearfish", the revenues and operating margin for the Subsea segment have increased from 1Q 2025 due to higher charter rates.
The new-building program consisting of four Offshore Energy Support Vessels continues according to plan. In 1Q 2026, the keel laying phase for the second newbuild "Sea1 Citrine" commenced according to schedule. As per 31 March 2026, USD 91 million has been capitalized related to the four newbuilds. The Company has signed a loan agreement for financing related to its four newbuilds, as further described in note 6.
Anchor-Handling Tug Supply (AHTS) VesselsThe Company had 5 large AHTS vessels operating in the Asia Pacific and the North Sea and 1 medium-sized AHTS vessel at the end of the quarter (2025: 5 + 1 medium-sized AHTS). The AHTS fleet earned operating revenues of USD 28.8 million and had 77% utilization (2025: USD 24.1 million and 69%). The operating margin before administrative expenses was USD 16.5 million (2025: USD 10.5 million). The revenues and operating margin increased from 2025 mainly due to increased charter rates and increased utilization.
Platform Supply Vessels (PSVs)The Company had 2 PSVs operating in Brazil at the end of the quarter (2025: 2). The PSVs recorded operating revenues of USD 6.8 million and had 96% utilization (2025: USD 5.8 million and 100% utilization). The operating margin before administrative expenses for the PSVs was USD 4.0 million (2025: USD 3.6 million). The revenues and operating margin increased from 2025 mainly due to increased charter rates.
Other VesselsThe Company had a fleet of 4 smaller Fast Crew & Oil Spill Recovery Vessels operating in Brazil at the end of the quarter (2025: 4). Two vessels are on bareboat contracts to clients. The fleet earned operating revenues of USD 4.2 million and had 100% utilization (2025: USD 3.6 million and 100%). The operating margin before administrative expenses for the fleet was USD 1.7 million (2025: USD 1.6 million).
Contract BacklogThe firm total contract backlog on 31 March 2026 was USD 665 million. Reported backlog per 31 December 2025 was USD 701 million. The contract backlog is allocated as below:
(Amounts in USD millions) | 2026 | 2027 | 2028 and onwards | Total |
Firm Backlog | 157 | 138 | 370 | 665 |
Options Backlog | 14 | 56 | 481 | 551 |
Total Backlog including options | 172 | 194 | 851 | 1,216 |
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 4Q 2025 at 155,5g/kWh, and as per 31 March 2026 at 157,2g/kWh. The Company proceeds with strenuous efforts to reduce emissions.
In 1Q 2026, there were no oil spills to sea or other environmental incidents.
SocialThe Company's main KPI on safety, Total Recordable Injury Frequency (TRIF) was 1.05 for the last 12 months rolling (excluding four vessels in Brazil).
In the quarter there was a Lost Time Incidents (LTI) rate of 0, giving a rolling 12-month average of 0.35. At end of the quarter, the relative share of female staff was 38% onshore and 5% offshore.
GovernanceSeveral Safety and Quality audits have been carried out on shipyards due to several under-performing yards in Scandinavia in the recent years.
In the quarter a total of 19 audits, vettings, class surveys, and port state controls (excl four vessels in Brazil) have been satisfactorily completed with no major deficiencies identified. In the same period Sea1 Offshore has performed 3 audits of suppliers and other value chain parties.
During 1Q 2026, no incidents of corruption cases or whistleblower incidents were reported.
On behalf of the Board of Directors of Sea1 Offshore Inc.
30 April 2026
Christen Sveaas, Chairman Celina Midelfart, Director
Otto Moltke-Hansen, Director Rune Magnus Lundetræ, Director
Bernt Omdal, Chief Executive Officer
CONSOLIDATED INCOME STATEMENT | ||||
(Amounts in USD 1,000) | Note | 2026 1Q | 2025 1Q | 2025 Jan-Dec |
Unaudited | Unaudited | Audited | ||
Operating revenues | 4 | 71,993 | 68,548 | 271,549 |
Operating expenses | -26,672 | -22,423 | -95,274 | |
Administrative expenses | -7,775 | -5,780 | -26,711 | |
EBITDA | 4 | 37,547 | 40,345 | 149,564 |
Depreciation and amortization | 4,5,8 | -13,163 | -13,532 | -51,330 |
Other gain/(loss) | - | 184 | 42,900 | |
Operating profit | 24,384 | 26,997 | 141,134 | |
Financial income | 9 | 1,064 | 1,167 | 5,264 |
Financial expenses | 8,9 | 210 | -10,035 | -31,210 |
Net currency gain/(loss) on revaluation | 9 | 3,057 | 4,893 | 704 |
Net financial items | 4,331 | -3,975 | -25,242 | |
Profit before taxes | 28,715 | 23,022 | 115,892 | |
Tax | 7 | -443 | -836 | -2,140 |
Net profit | 28,272 | 22,186 | 113,752 | |
STATEMENT OF COMPREHENSIVE INCOME | ||||
Net profit | 28,272 | 22,186 | 113,752 | |
Other comprehensive income / (expense) | ||||
Items that will not be reclassified to the Income Statement: | ||||
Pension re-measurement gain/(loss) | - | - | -602 | |
Items that may be subsequently reclassified to the Income Statement: | ||||
Currency effects | -653 | -1,418 | 6,443 | |
Total comprehensive profit for the period | 27,619 | 20,768 | 119,593 | |
Weighted average number of outstanding shares(000's) | 153,544 | 153,544 | 153,544 | |
Earnings/(loss) per share (basic and diluted) | 0.18 | 0.14 | 0.74 | |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Amounts in USD 1,000) | Note | 31.03.2026 | 31.12.2025 |
ASSETS Non-current assets | Unaudited | Audited | |
Vessels and equipment | 5,8 | 532,597 | 534,622 |
Vessels under construction | 5 | 90,674 | 73,972 |
Other long-term receivables | 3,418 | 3,144 | |
Deferred tax asset | 7 | 30,873 | 30,841 |
Total non-current assets | 657,563 | 642,580 | |
Current assets | |||
Trade receivables and other current assets | 86,629 | 73,665 | |
Cash and cash equivalents | 6 | 68,252 | 86,364 |
Total current assets | 154,881 | 160,029 | |
Total Assets | 812,445 | 802,609 | |
EQUITY | |||
Share capital | 153,544 | 153,544 | |
Other reserves 1) | 241,743 | 277,345 | |
Total Equity | 395,286 | 430,889 | |
LIABILITIES Non-current liabilities | |||
Borrowings | 6 | 225,345 | 233,926 |
Other non-current liabilities | 8 | 26,376 | 31,371 |
Total non-current liabilities | 251,721 | 265,298 | |
Current liabilities | |||
Current portion of borrowings | 6 | 60,401 | 60,937 |
Accounts payable and other current liabilities | 7,8 | 105,036 | 45,485 |
Total current liabilities | 165,437 | 106,423 | |
Total liabilities | 417,158 | 371,720 | |
Total Equity and Liabilities | 812,445 | 802,609 | |
1) Share premium reserves have been included in Other reserves |
The accompanying Notes are in integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Amounts in USD 1,000) | 2026 1Q | 2025 1Q | 2025 Jan-Dec |
Unaudited | Unaudited | Audited | |
Cash flow from operating activities | |||
Net profit | 28,272 | 22,186 | 113,752 |
Interest expense | 3,783 | 7,970 | 26,523 |
Interest income | -1,064 | -1,167 | -5,264 |
Tax benefit/(expense) | 443 | 836 | 2,140 |
Other loss/(gain) | - | -184 | -42,900 |
Depreciation and amortization | 13,163 | 13,532 | 51,330 |
Currency gain/(loss) | -3,089 | -7,034 | -2,426 |
Changes in short-term receivables, payables and other accruals | -16,228 | 857 | 7,026 |
Other changes | -2,484 | 145 | 696 |
Cash flow from operating activities | 22,797 | 37,141 | 150,878 |
Interest paid | -3,694 | -3,399 | -23,793 |
Interest received | 664 | 1,173 | 5,270 |
Taxes paid | -1,091 | -658 | -4,210 |
Net Cash flow from operating activities | 18,675 | 34,258 | 128,146 |
Cash flow from investing activities | |||
Capital expenditure in vessels and equipment | -25,799 | -12,796 | -86,419 |
Proceeds from sale of fixed assets | - | 184 | 114,346 |
Cash flow from investing activities | -25,799 | -12,612 | 27,926 |
Cash flow from financing activities | |||
Paid leases | -282 | -253 | -1,019 |
Payment of dividends to shareholders | - | -94,179 | -94,179 |
New loan facilities | 4,380 | 165,000 | 150,000 |
Repayment of borrowings | -15,210 | -107,870 | -193,645 |
Changes in other non-current liabilities | 91 | - | 561 |
Cash flow from financing activities | -11,022 | -37,301 | -138,281 |
Net change in cash and cash equivalents | -18,146 | -15,655 | 17,791 |
Cash and cash equivalents, beginning of period | 86,364 | 68,302 | 68,302 |
Effect of exchange rate differences | 35 | -5 | 270 |
Cash and cash equivalents, end of period | 68,252 | 52,642 | 86,364 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ShareTotal no. | Share | premium | Own | Other | Retained | Total | |
(Amounts in USD 1,000) | of shares | capital | reserves | shares reserves | earnings | equity | |
Equity at 1 Jan 2025 | 153,543,734 | 153,544 | 163,160 | - | -39,553 | 128,841 | 405,992 |
Net profit for the period | - | - | - | - | - | 22,186 | 22,186 |
Currency effects | - | - | - | - | -1,418 | - | -1,418 |
Dividend | - | - | - | - | - | -94,179 | -94,179 |
Equity at 31 Mar 2025 | 153,543,734 | 153,544 | 163,160 | - | -40,970 | 56,848 | 332,581 |
Total no. | Share | Share premium | Own | Other | Retained | Total | |
(Amounts in USD 1,000) | of shares | capital | reserves | shares reserves | earnings | equity | |
Equity at 1 Jan 2025 | 153,543,734 | 153,544 | 163,160 | - | -39,553 | 128,841 | 405,992 |
Net profit for the period | - | - | - | - | - | 113,752 | 113,752 |
Pension re-measurement | - | - | - | - | - | -602 | -602 |
Currency effects | - | - | - | - | 6,443 | - | 6,443 |
Dividend | - | - | - | - | - | -94,179 | -94,179 |
Purchase of own shares -long-term incentive program | - | - | - | -400 | - | -549 | -949 |
Long-term incentive program | - | - | - | 400 | - | 31 | 431 |
Equity at 31 Dec 2025 | 153,543,734 | 153,544 | 163,160 | - | -33,110 | 147,295 | 430,889 |
Total no. | Share | Share premium | Own | Other | Retained | Total | |
(Amounts in USD 1,000) | of shares | capital | reserves | shares reserves | earnings | equity | |
Equity at 1 Jan 2026 | 153,543,734 | 153,544 | 163,160 | - | -33,110 | 147,295 | 430,889 |
Net profit for the period | - | - | - | - | - | 28,272 | 28,272 |
Currency effects | - | - | - | - | -653 | - | -653 |
Dividend | - | - | - | - | - | -63,221 | -63,221 |
Equity at 31 Mar 2026 | 153,543,734 | 153,544 | 163,160 | - | -33,763 | 112,346 | 395,286 |
The financial statements have been prepared under the assumption that the Company and the Parent are going concerns. The assumption is based on the terms of the financing facilities, contract backlog, Company's strong equity position, cash position and forecasted cash flows.
The consolidated financial information for the period 1 January to 31 March 2026 has been prepared in accordance with IAS 34, 'Interim financial reporting'. The consolidated interim financial information should be read in conjunction with the audited annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS standards.
Note 2 - Accounting PoliciesThe accounting policies applied are consistent with those of the audited annual financial statements for the year ended 31 December 2025 and with new standards, amendments to standards and interpretations that have become effective in 2026.
Note 3 -Key RisksThe Company is exposed to financial, commercial and operational risks that affect the financial position, earnings and cash flow of the Company.
Interest Risk
The Company is exposed to changes in interest rates as approximately 71% of the long-term interest-bearing debt was subject to floating interest rates at the end of March 2026. The remaining portion of the debt is subject to fixed interest rates.
Currency Risk
The Company is exposed to currency risk as revenues and costs are denominated in various currencies. The Company is also exposed to currency risk on long-term debt and cash position held in non-USD currencies. See Note 6 for details.
Inflation Risk
The Company is exposed to inflation risk. The revenues may not be inflated at levels that could compensate for inflated operating cost. In addition to general inflation rates, the operating expenses related to spare parts, service-personnel and logistics within the shipping industry are further exposed to inflation.
Liquidity Risk
A loan agreement for financing related to its four newbuilds was signed in January 2026. The credit facility will finance a substantial part of yard installments related to the newbuild program. On 31 March 2026 USD 60.4 million of the interest-bearing debt was classified as current debt. The revolving credit facility is undrawn as per 31 March 2026.
Commercial and operational risk
The Company is exposed to commercial risk as it operates in the cyclical oil and gas service markets and in the offshore renewables market with significant volatility in charter rates. Operational risk is related to the availability of experienced crew and technical incidents with vessels and equipment. The Company is exposed to credit risk related to counter parties' ability to meet their financial obligations.
Note 4 - Segment Reporting | |||
2026 | 2025 | 2025 | |
(Amounts in USD 1,000) | 1Q | 1Q | Jan-Dec |
Unaudited | Unaudited | Audited | |
Operating revenue by segments | |||
Subsea Vessels | 28,757 | 33,066 | 117,991 |
Anchor Handling Tug Supply Vessels 1) | 28,847 | 24,082 | 102,841 |
Platform Supply Vessels | 6,785 | 5,808 | 26,867 |
Fast Crew & Oil Spill Recovery Vessels | 4,187 | 3,639 | 14,986 |
Other | 3,418 | 1,953 | 8,865 |
Total operating revenue | 71,993 | 68,548 | 271,549 |
Operating margin by segments Subsea Vessels | 21,081 | 28,525 | 90,200 |
Anchor Handling Tug Supply Vessels 1) | 16,487 | 10,540 | 53,321 |
Platform Supply Vessels | 4,046 | 3,612 | 18,211 |
Fast Crew & Oil Spill Recovery Vessels | 1,662 | 1,550 | 6,560 |
Other | 2,046 | 1,898 | 7,984 |
Total operating margin by segments | 45,322 | 46,125 | 176,275 |
Administrative expenses | -7,775 | -5,780 | -26,711 |
Total EBITDA | 37,547 | 40,345 | 149,564 |
Depreciation by segments Subsea Vessels | -5,995 | -7,248 | -25,164 |
Anchor Handling Tug Supply Vessels | -5,140 | -4,642 | -19,090 |
Platform Supply Vessels | -1,215 | -1,028 | -4,448 |
Fast Crew & Oil Spill Recovery Vessels | -628 | -456 | -1,982 |
Other | -184 | -158 | -646 |
Total depreciation by segments | -13,163 | -13,532 | -51,330 |
1) As of the second quarter of 2025, Sea1 Offshore Inc has entered into a revenue-sharing agreement with Viking Supply Ships covering all of the large AHTS vessels owned by the parties. The vessels will be included in the revenue-sharing agreement as their pre-existing charter contracts expire.
The revenue sharing is calculated by aggregating the vessels' revenues and operating costs, which are then allocated to the vessel owners based on the number of available days for each participating vessel. This ensures that the effects from cost-efficient fleet distribution on margin allocation are balanced out.
Note 5 - Vessels, Equipment and Project Cost | ||||
Land and | Vessels under | Vessels and | ||
(Amounts in USD 1,000) | buildings | construction | equipment | Total |
Purchase cost at 1 January 2026 | 5,586 | 73,972 | 1,248,589 | 1,328,148 |
Capital expenditure | - | 16,702 | 9,097 | 25,799 |
The period's disposal of cost | - | - | -2,059 | -2,059 |
Effect of exchange rate differences | 82 | - | 5,455 | 5,537 |
Purchase cost at 31 March 2026 | 5,668 | 90,674 | 1,261,082 | 1,357,425 |
Accumulated depreciation at 1 January 2026 | -2,275 | - | -544,220 | -546,495 |
Accumulated impairment at 1 January 2026 | - | - | -173,058 | -173,058 |
The period's depreciation | -128 | - | -13,035 | -13,163 |
The period's disposal of accumulated depreciation | - | - | 2,059 | 2,059 |
Effect of exchange rate differences | -62 | - | -3,434 | -3,495 |
Acc. depreciation and impairment at 31 March 2026 | -2,464 | - | -731,689 | -734,154 |
Net book value at 31 March 2026 | 3,204 | 90,674 | 529,393 | 623,272 |
The Company did not identify any indicators of impairment, nor of reversal of impairment at the end of 1Q 2026. The Company concluded not to recognize any further impairment, nor any reversal of impairment in 1Q 2026.
Note 6 - Interest-Bearing Debt | ||
(Amounts in USD 1,000) | 31.03.2026 | 31.12.2025 |
Total cash and cash equivalents | Unaudited 68,252 | Audited 86,364 |
Current portion of borrowings | -60,401 | -60,937 |
Non-current portion of borrowings | -225,345 | -233,926 |
Gross interest-bearing debt | -285,746 | -294,863 |
Net interest-bearing debt | -217,494 | -208,500 |
The interest-bearing debt remaining in the Company is denominated in USD. The cash position is denominated in USD at -15%, NOK at 94% (due to declared and unpaid dividend), BRL at 16% (Brazil only allows bank deposits in BRL), and other currencies at 4%. Restricted funds were USD 2.8 million.
All bank debt in Brazil (USD 83.4 million), has long dated tenors (2030-2035), and fixed interest rates at a weighted average of 3.6% p.a.
For further information related to refinancing and key risks, see note 3.
In January 2026 the Company signed a loan agreement for financing related to its four newbuilds. A new credit facility from a leading alternative capital provider in a total amount of USD 315 million was entered into. Parts of the facility will be available pre-delivery to finance yard installments. The remaining part will be drawn at the time of delivery of the four vessels.
Note 7 - TaxesThe Company holds a significant balance of losses carried forward and other tax positions that may be offset against future tax positions, provided that the Company earns taxable profits and that current tax regulations are maintained. As the timing and valuation of the tax positions are uncertain, the Company has included only a share of its potential deferred tax asset in the Balance sheet.
Note 8 - LeasesThe Company has entered into various operating leases for office premises, office machines and communication satellite equipment for the vessels. The lease period for the lease agreements varies and most of the leases contain an option for extension. The interest rates in the calculation of net present values are in the range of 9%-13% depending on the base currency, the nature of the lease and the length of the leasing agreement.
Consolidated Statements of Financial Position: | |
(Amounts in USD 1,000) | |
Right of use assets at 1 January 2026 | 4,122 |
The period's depreciation | -194 |
Effect of exchange rate differences | 20 |
Right of use assets at 31 March 2026 | 3,949 |
The balance sheet shows the following amounts relating to leases:
(Amounts in USD 1,000) | 31.03.2026 | 31.12.2025 |
Right of use assets* Office premises | 3,209 | 3,316 |
Vessels and Equipment | 740 | 806 |
Total | 3,949 | 4,122 |
*included in the line item "Vessels and equipment" in the Consolidated Statements of Financial Position.
(Amounts in USD 1,000) | ||
Lease liability at 1 January 2026 | 4,612 | |
Lease payments | -282 | |
Interest cost | 110 | |
Effect of exchange rate differences | 24 | |
Lease liability at 31 March 2026 | 4,464 | |
(Amounts in USD 1,000) | 31.03.2026 | 31.12.2025 |
Lease liabilities** Current | 946 | 905 |
Non-Current | 3,519 | 3,707 |
Total lease liabilities | 4,464 | 4,612 |
**included in the line item "other liabilities" for current and non-current liabilities respectively in the Consolidated Statements of Financial Position.
Note 9 - Financial Items | |||
2026 | 2025 | 2025 | |
(Amounts in USD 1,000) | 1Q | 1Q | Jan-Dec |
Unaudited | Unaudited | Audited | |
Interest income | 1,058 | 1,136 | 5,128 |
Other financial income | 6 | 31 | 136 |
Total financial income | 1,064 | 1,167 | 5,264 |
Interest expenses | -3,783 | -7,970 | -26,523 |
Reversal of accrued interest related to legal cases in Brazil | 4,485 | - | - |
Other financial expenses | -492 | -2,065 | -4,686 |
Total financial expenses | 210 | -10,035 | -31,210 |
Net currency gain/(loss) | 3,057 | 4,893 | 704 |
Total currency gain/ (loss) on revaluation | 3,057 | 4,893 | 704 |
Net financial items | 4,331 | -3,975 | -25,242 |
In addition to the interest expenses recognized in the profit and loss statement, borrowing costs of USD 1.2 million for 1Q 2026 have been capitalized as part of assets under construction in accordance with IAS 23 Borrowing Costs.
The net effect of currency items in the Income Statement and in the Statement of Other Comprehensive Income, including currency translation differences and currency hedges, was USD 2.4 million in 1Q 2026.
ALTERNATIVE PERFORMANCE MEASUREMENT (APM)The Company has identified several APMs that are consistently applied for the reporting periods. The APMs are supplementary to the Financial Statements that are disclosed in compliance with IFRS. The APMs are disclosed to give a broader understanding of the operations, financial position, and associated risk of the Company.
EBITDA - EBITDA (Earnings before interest, taxes, depreciation and amortization) is the net of operating revenue and operating and administrative expenses. For 2025 operating revenues USD 271.5 million less operating and administrative expenses at totally USD 122.0 million equals EBITDA at USD 149.6 million. The Company considers the EBITDA to be a key number when analyzing the fleets operating performance and the margin that can be applied to the finance of capital expenditures, debt service and other cash disbursements. EBITDA percentage - EBITDA, % is the nominal EBITDA calculated as a percentage of operating revenue. For 2025 the EBITDA at USD 149.6 million equals 55% of the operating revenue at USD 271.5 million. The EBITDA percentage is used to compare, period by period, the development in relative EBITDA from operations. The EBITDA-% is also used for comparing segments' relative performance. Operating Margin - Operating margin is the EBITDA before administrative expenses. For 2025 EBITDA USD149.6 million adjusted for General administration expenses at USD 26.7 million equals operating margin at USD
176.3 million. The Company considers the Operating margin to be a key number when analyzing the fleets operating performance and the margin that can be applied to the finance of capital expenditures, debt service and other cash disbursements.
Equity Ratio - Total Equity (including Non-controlling interest) relative to Total Equity and Liabilities. OTHER DEFINITIONS Contract backlog - Firm backlog is the total, nominal value of future revenues from firm contracts, excluding optional periods. The contract backlog is categorized per year, and reflects the coming years' operating revenues that are considered firm following contracts agreed with clients. Optional backlog is the total, nominal value of future revenues from optional contract periods. Utilization - vessels' effective time on hire relative to total time available in the reporting period, excluding vessels in lay-up. The relative utilization is reflecting the time that a vessel or the fleet has been on hire with clients. Zero utilization is reported when a vessel is off-hire caused by technical issues or when idle, awaiting employment. Capital expenditure - gross capital expenditure related to tangible assets at acquisitions, upgrades, class renewals (Dry-docking) and major periodic maintenance. Earnings per share - Earnings attributable to the shareholders in the parent divided by weighted average outstanding number of shares. Comprehensive income per share - Comprehensive income for the period for the Group divided by weighted average outstanding number of shares at the end of the reporting period. Interest-bearing debt - Current and long-term debt to commercial banks and credit institutions. Net interest-bearing debt - Interest-bearing debt less cash and cash equivalents. Vessel availability - Available days are defined as the percentage of days not included in a firm contract period or option period.Sea1 Offshore Inc. c/o Sea1 Offshore AS
Kjøita 18
4630 Kristiansand Norway
Postal address:P.O. Box 425
N-4664 Kristiansand S, Norway
Telephone:+47 38 60 04 00
E-mail:info@sea1offshore.com
https://www.sea1offshore.com
@Sea1 Offshore