07.05.2025
Solstad Offshore ASA: First-quarter 2025 results
Skudeneshavn, May 7th, 2025
• Adjusted EBITDA of USD 30 million, compared to USD 36 million same quarter last year. 1Q 2024 included 16 days of Solstad Maritime until deconsolidation 16. January 2024
• Net Result of USD 24 million compared to USD 38 million in the same quarter last year.
- Adjusted Net Interest Bearing Debt of USD 107 million giving an Adjusted Net Interest Bearing Debt / LTM Adjusted EBITDA of 0,8x
- Book equity at USD 311 million compared to USD 189 million in the same quarter last year.
- Share of results from investment in associated companies and joint ventures;
- Solstad Maritime 27,3% USD 14,4 million
- Normand Installer AS 50% USD -2,2 million
- Omega Subsea AS 35,8% USD 1,3 million
- Based on the dividend announcement from Solstad Maritime, Solstad Offshore will receive app. USD 9,5 million in the quarter.
- Solstad Offshore intends to initiate quarterly dividends in Q3 2025
- Associated company Solstad Maritime announced intention to list its shares on Euronext Oslo Børs on or about 16th May 2025
- The Investment in Omega Subsea was completed in the quarter – this will further strengthen Solstad Offshore’s position in the subsea services segment
- Solstad Offshore is on track to meet previous adjusted EBITDA guiding for the full year of USD 120-150 million.
- Solstad Offshore changed its presentation currency to USD from 1. January 2025
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Offshore ASA