Sea1 Offshore Inc. (SEA1) Earnings Call Transcripts

Sea1 Offshore Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Sea1 Offshore Inc. reported revenues of $72 million, representing a 5.6% increase year-over-year, and an EBITDA of $37.5 million, resulting in a robust EBITDA margin of 52%. The company maintained a strong financial position with a net interest-bearing debt of $217.5 million and a solid equity ratio of 49%. Management signaled confidence in future performance, citing a significant backlog of $1.2 billion and a dividend of NOK 4 per share authorized based on solid results and good liquidity.

Reported metrics

Guidance from management

Management maintained a positive outlook for the remainder of 2026, noting 100% coverage for both the PSV and subsea fleets, while acknowledging potential short-term softness in certain regions.

What management said

Yes. Thank you, Bernt. Of course, if you're thinking about the North Sea market, we see the project activity is the highest now in the first half, but we also see it coming up with new projects. And also we will have more rig activity, especially on the U.K. side now from May, and we will have increased the semis from 3 to 5 on U.K. side, which is very, very promising for more activity.

Very good. And there is another question here regarding our new builds. Can you please update on the geographical area of operation for the new builds and type of contracts? Well, so far, we don't have any contracts for the vessels, but we are targeting work on a worldwide basis. And the typical duration of such contracts is, let's say, from 1 to 3 years, I would say. But this is work in progress, and we will update...

What analysts pressed on

Analysts expressed concerns regarding the increased operating expenses and the impact of currency fluctuations on administrative costs. There were also questions about the sustainability of the anchor handler market in the second half of 2026.

Main topics on the call

• Revenue Growth — Sea1 Offshore reported $72 million in operating revenues, up from $68.5 million in Q1 2025. Management noted, 'Adjusted for the sale of Sea1 Spearfish, revenues have increased compared to last year for all segments, main...
• EBITDA Margin Stability — The company achieved an EBITDA of $37.5 million, resulting in a margin of 52%. Although EBITDA decreased from $40.3 million last year, management stated, 'Adjusted for Sea1 Spearfish and the one-off item, EBITDA has a 17...
• Strong Contract Backlog — Sea1 Offshore has a backlog of approximately $1.2 billion, with $551 million in options. The CEO highlighted, 'For 2026, we have 100% coverage for both the PSV fleet and for the subsea fleet.'
• Dividend Authorization — The Board authorized a dividend payment of NOK 4 per share, reflecting the company's strong liquidity and solid performance. Management indicated this decision was based on 'solid results, strong balance sheet, good liqu...

Read the full Sea1 Offshore Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 20 Sea1 Offshore Inc. earnings call transcripts on record, spanning August 26, 2021 to April 30, 2026. Based on this history, Sea1 Offshore Inc. reports quarterly. The most recent call on file is dated April 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SEA1

Exchange

OB

Country

NO

Sector

Energy

Industry

Energy Equipment and Services

Calls on record

20

First call

August 26, 2021

Most recent

April 30, 2026

Reporting cadence

quarterly