Solstad Offshore ASA ( (SLOFF) ) has released its Q1 earnings. Here is a breakdown of the information Solstad Offshore ASA presented to its investors.
Solstad Offshore ASA is a Norway-based company specializing in the provision of offshore service vessels to the global oil and gas industry, with a notable presence in Brazil and a diverse fleet that includes anchor handling tug supply (AHTS) vessels and construction support vessels (CSV).
In the first quarter of 2025, Solstad Offshore reported an adjusted EBITDA of USD 30 million, a decrease from USD 36 million in the same quarter last year. The company completed an investment in Omega Subsea AS, acquiring a 35.8% stake, and announced plans to initiate quarterly dividends starting from the third quarter of 2025.
Key financial metrics for the quarter included a revenue of USD 69 million, slightly down from USD 71 million in the previous year, and a net result of USD 24 million. The company maintained a high utilization rate of 93%, with its CSV segment achieving full utilization. Solstad Offshore also secured several long-term contracts with Petrobras, enhancing its backlog and future revenue visibility.
Looking ahead, Solstad Offshore remains on track to meet its full-year guidance, supported by a robust backlog and high tendering activity in the offshore energy markets. The company’s strategic investments and contract wins position it well for continued growth in the coming years.