Sea1 Offshore Incorporation

Latest Results (06.11.2025):

Sea1 Offshore Incorporation reported its financial results for the third quarter (3Q) of 2025, revealing a decline in operating revenues and EBITDA compared to 3Q 2024. The decrease was largely attributable to the sale and lay-up of several vessels, particularly impacting the AHTS fleet, while the Subsea and PSV segments helped mitigate revenue shortfalls. The company also noted lower net profit attributable to shareholders and maintained a solid cash position, underscoring ongoing operational adjustments and a commitment to its newbuilding programme amid shifting market dynamics.

Financial Performance

In 3Q 2025, operating revenues totaled USD 63.4 million—down from USD 81.6 million in 3Q 2024—while EBITDA fell from USD 45.1 million to USD 34.2 million. Net profit attributable to shareholders was USD 12.3 million compared to USD 25.9 million in the same quarter of the previous year, reflecting the impact of vessel sales and a weaker spot market for AHTS services.

Cash Flow and Debt Management

The report highlighted a net cash flow before debt repayment of USD 29.4 million for 3Q 2025 and a solid cash position of USD 113.0 million as of 30 September 2025. Repayments on both new and existing debt, along with a weighted average cost of debt of 6.9% per annum, demonstrate the company’s active management of its interest-bearing liabilities.

Fleet and Operational Update

Sea1 Offshore’s operational fleet decreased to 16 vessels in 3Q 2025 from 17 vessels in the previous year, following the sale of vessels and the lay-up of “Joides Resolution.” Although the AHTS segment experienced lower revenues due to market pressures, the Subsea and PSV segments showed resilience. The ongoing deployment of four newbuild vessels further underscores the company’s strategy to enhance future capacity and service offerings.