In This Article:
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Revenue: USD 68.4 million for the fourth quarter.
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EBITA: USD 35 million, with an EBITA margin of 52%.
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EBITDA: USD 35.4 million, up from USD 26.2 million in the same quarter of 2023.
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Operating Expenses: USD 26.6 million.
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Administrative Expenses: USD 6.4 million.
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Depreciation: USD 13.3 million.
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Net Financial Items: Negative USD 13.7 million, affected by currency losses.
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Net Profit After Taxes: USD 3.5 million.
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Fleet Utilization: 92%, excluding one vessel in layup.
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Contract Backlog: USD 840 million firm, with USD 626 million in options.
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Net Interest-Bearing Debt: USD 271 million.
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Book Equity: 50%.
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Dividend Payment: NOK 7 per share in January 2025.
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Fleet Size: 17 owned vessels, 2 under construction, 6 under management.
Release Date: February 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Sea1 Offshore Inc (FRA:S5H0) reported a strong EBITA margin of 52% for the fourth quarter of 2024.
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The company achieved a high fleet utilization rate of 92%, excluding one vessel in layup.
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A significant contract extension for Sea1 Spearfish and a new multi-well contract in Australia were secured.
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The EBITDA increased to USD 35.4 million, up from USD 26.2 million in the same quarter of 2023, despite a reduction in the number of vessels.
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A dividend payment of NOK 7 per share was made to shareholders, reflecting a solid financial position and significant backlog.
Negative Points
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Net financial items ended negatively by USD 13.7 million, impacted by currency losses.
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The company experienced a USD 8.3 million currency loss affecting book equity due to asset depreciation against the dollar.
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Profit before taxes was relatively low at USD 3.6 million, with net profit after taxes at USD 3.5 million.
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The North Sea anchor handler spot market softened in the fourth quarter, putting pressure on day rates.
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The semi-rig activity in Australia is expected to decrease temporarily in 2025, potentially affecting regional rates and utilization.
Q & A Highlights
Q: Can you comment on Sea1 Offshore's dividend policy? A: Vidar Jerstad, Chief Financial Officer, stated that the decision on dividends is up to the board of directors. While there is no official policy, shareholders have benefited from dividends when conditions allowed it in the past.
Q: What are the plans for the scientific core drilling vessel, Join This Resolution? A: Bernt Omdal, Chief Executive Officer, mentioned that they are working on finding employment for the vessel. Meanwhile, it will remain in layup in Kristiansand.