Sea1 Offshore Inc. (SIOMF) Q2 2026 Earnings Call Transcript

Bernt Omdal
Chief Executive Officer

Good morning, and welcome to the presentation of our results for the second quarter.

My name is Bernt Omdal, and I’m the CEO of the company. Together with our CFO, Vidar Jerstad, we will take you through this presentation.

Sea1 Offshore’s report for the second quarter 2026 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions, and I suggest you post your questions in the chat function.

So looking at the highlights for the quarter, we operated 15 fully owned vessels. In addition, we have 4 vessels under construction. All of our vessels in operation delivered a positive EBITDA margin. We had USD 80 million in revenue, and we delivered $41.5 million in EBITDA. That is equal to an EBITDA margin of 52%. We have a book equity ratio of 53%, and our net interest-bearing debt was $259 million at the end of the quarter.

Revenue and EBITDA is up year-on-year, even though second quarter figures in 2025 included a positive contribution from Sea1 Spearfish, which was sold in May 2025. We continue to deliver safe and efficient operations in all regions. This is a result of high focus on safety at all levels in the company.

The utilization of the fleet in the second quarter was 83%, which is somewhat down from same quarter last year, which is a result of the low utilization in the anchor