Sea1 Offshore Incorporation
SEA1
ISIN KYG812291253 / Valor 111849639
Sea1 Offshore Incorporation
UMushroom community rating:
About company
Siem Offshore Inc is a marine operator specializing in a wide range of support services for the offshore oil and gas industry. The company's fleet of 26 vessels includes large Anchor Handling Tug Supply Vessels, Platform Supply Vessels, Multipurpose Field & ROV Support Vessels, Offshore Subsea Construction Vessels, and Well-Intervention Vessels. These vessels are designed to operate in challenging environments, providing critical support for offshore exploration, development, and production projects. Siem Offshore's operations are crucial in ensuring the efficient and safe execution of offshore activities, catering to the complex demands of the global oil and gas sector.
Summarized from source with an LLMView SourceSector: EnergyLatest Results (24.07.2026):
Sea1 Offshore Incorporation (Sea1 Offshore Inc.) — First Quarter 2026: The company reported operating revenues of USD 72.0 million for 1Q 2026, EBITDA of USD 37.5 million (52% margin) and net profit of USD 28.3 million (USD 0.18 per share). Operating profit was USD 24.4 million. Cash and cash equivalents were USD 68.3 million at quarter-end, net interest‑bearing debt was USD 217.5 million, and the firm contract backlog stood at USD 665.4 million. The Board approved a dividend of NOK 4 per share, paid on 16 April 2026.
Key financials
Operating revenues USD 72.0m; EBITDA USD 37.5m (52%); operating profit USD 24.4m; net profit USD 28.3m (USD 0.18/share). Shareholders’ equity USD 395.3m (equity ratio ~48.7%).
Cash flow and liquidity
Net cash from operating activities USD 18.7m in 1Q 2026. Cash and cash equivalents USD 68.3m. Net interest‑bearing debt USD 217.5m (gross interest-bearing debt USD 285.7m). Net cash flow before debt repayment was reported at USD -2.9m.
Debt, financing & newbuilds
Weighted average cost of debt ~6.5% p.a.; 29% of interest-bearing debt fixed. A USD 315m credit facility was signed in January 2026 to finance the four newbuild Offshore Energy Support Vessels; USD 91m capitalized on newbuilds as of 31 Mar 2026.
Backlog & contracts
Firm contract backlog USD 665.4m (31 Mar 2026). Backlog reduced versus prior-year comparatives, but the company highlights significant coverage and multi-year optional backlog of USD 551m.
Dividend
The Board authorized NOK 4 per share on 28 Mar 2026; dividend was paid to shareholders on 16 Apr 2026 (reflected as a USD ~63.2m reduction in equity in the quarter).
Fleet & utilization
Owned fleet: 15 vessels plus 4 under construction (vs 17 owned last year). Overall fleet utilization 90% (ex‑layup). No vessels in lay-up at quarter-end; Sea1 Spearfish and Joides Resolution were sold in 2025.
Segment performance
Subsea revenues USD 28.8m (99% utilization) — adjusted for prior sale underlying rates improved. AHTS revenues USD 28.8m with utilization 77% and materially higher margins versus 1Q 2025. PSVs USD 6.8m; Fast Crew & OSRV USD 4.2m. Management cites higher charter rates as a main driver of revenue growth across segments.
Market outlook
Company view: tight availability for larger subsea vessels and rising tender activity support demand and dayrates, though newbuilding deliveries in 2027–28 may temper further rate increases. Regional dislocations (e.g., Persian Gulf) have affected local supply but limited broader global impact so far; Petrobras-related softness in South America expected short term.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
441 M
Market cap (USD)
52,206
Daily traded volume (Shares)
24.85 / 24.3
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
Est EPS (USD)
Ratings & reviews
EQUITIES OF THE SAME SECTOR
