Siem Offshore Stock

Good morning, and welcome to the presentation of our results for the second quarter.

My name is Bernt Omdal, and I'm the CEO of the company. Together with our CFO, Vidar Jerstad, we will take you through this presentation.

Sea1 Offshore's report for the second quarter 2026 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions, and I suggest you post your questions in the chat function.

So looking at the highlights for the quarter, we operated 15 fully owned vessels. In addition, we have 4 vessels under construction. All of our vessels in operation delivered a positive EBITDA margin. We had USD 80 million in revenue, and we delivered $41.5 million in EBITDA. That is equal to an EBITDA margin of 52%. We have a book equity ratio of 53%, and our net interest-bearing debt was $259 million at the end of the quarter.

Revenue and EBITDA is up year-on-year, even though second quarter figures in 2025 included a positive contribution from Sea1 Spearfish, which was sold in May 2025. We continue to deliver safe and efficient operations in all regions. This is a result of high focus on safety at all levels in the company.

The utilization of the fleet in the second quarter was 83%, which is somewhat down from same quarter last year, which is a result of the low utilization in the anchor handler spot market. But it's worth pointing out that we have managed to increase both revenue and EBITDA compared to last year, and this is mainly due to the high day rates Sea1 has obtained in the spot market.

Q2 solid results, a strong balance sheet, good liquidity and a significant backlog, a dividend payment of NOK 4 per share was executed on the 16th of April. The AGM was held on the 24th of April.

Vidar Jerstad will now give some more details regarding the results for the quarter.

When comparing the 2026 and 2025 results, it's, as I said, important to note that the subsea vessel, Sea1 Spearfish was sold in May '25. As a result, the prior year results include a gain on sale of that asset of $41.5 million in addition to the vessel's operating contribution. In second quarter of this year, operating revenues were $80.1 million. This represents a 12% increase from same quarter last year.

Adjusted for the sale of Sea1 Spearfish, revenues have increased compared to last year for all segments, mainly due to higher charter rates, but also due to Ben Viking being on bareboat contract in March -- from March, generating revenues for the company. The operating expenses increased by $6 million in the quarter. This is mainly explained by the just mentioned Ben Viking being on bareboat, increasing operating expenses. Administrative expenses were $7.3 million compared to $6.4 million in the prior year quarter. The increase was primarily driven by the weakening of the U.S. dollars against the Norwegian, Brazilian and Australian currencies as a significant portion of the company's administrative cost base is denominated in these currencies.

EBITDA rose to $41.5 million from $39.6 million, representing a 5% increase. Depreciation and amortization expenses were $13.3 million. An impairment cost of $0.5 million is due to redistribution of previous reversal of impairments between vessels. The adjustment is technical and not based on any market value assessment. Operating profit ended at $27.8 million. Net financial items were negative by $3.8 million.

In addition to the interest expenses recognized in the profit and loss statement, borrowing costs of $1.4 million for the second quarter have been capitalized as part of assets under construction. The net profit to shareholders was $22.7 million for the quarter or $0.15 per share.

This next slide presents the operating margins for our 4 main reporting segments. The charts on the left show second quarter performance compared to previous year, while the charts on the right show -- share year-to-date performances. All figures are presented before G&A expenses. Operating margin for the Subsea segment declined due to the sale of Sea1 Spearfish. Excluding this effect, the remaining subsea fleet delivered operating margin improvements of 8% in the quarter and 6% year-to-date.

The Anchor Handling segment continued its strong performance, with operating margin increasing by 18% during the quarter and 34% year-to-date. Operating margins for our 2 Brazilian PSVs improved by 20% during the quarter and 14% year-to-date. Operating margins in the Oil Spill Recovery Vessel segment were temporarily impacted by maintenance activity on one vessel. Overall, the underlying margin trend remained positive across all segments.

This slide summarizes Sea1 Offshore's financial position at quarter end. Book equity increased to 53%, reflecting the company's continued financial strength. Gross interest-bearing debt amounted to $299 million and net interest-bearing debt was $260 million. During the quarter, Sea1 strengthened its liquidity position through the refinancing of the Sea1 Dorado facility, increasing funding by $28 million.

In addition, the revolving credit facility for the well intervention vessels was increased from $100 million to $150 million. The facility remained fully undrawn at quarter end, providing $150 million of immediately available liquidity. The company's $315 million newbuild facility was drawn by $4.4 million at quarter end. Approximately $85 million is available pre-delivery to fund yard installments, with the remainder to be drawn upon vessel delivery. The facility is fully independent of any commercial contract commitments. Overall, Sea1 continues to maintain a solid balance sheet, strong liquidity and a substantial financial flexibility.

And now the cash flow for the first half year of 2026. We started the year with $86 million in cash. We have received $60 million from operations. We have paid net interest of $5 million. Capital expenditures amounted to $40 million, of which $20 million was invested in existing fleet and $20 million in the newbuild program. We have increased interest-bearing debt by $2 million. We have paid dividend of $63 million and ended the first half of this year with $39 million in cash on our accounts. So far this year, Sea1 has continued to execute its fleet renewal strategy, continued investing in its existing assets and in addition, maintained shareholder distributions.

Bernt?

Moving on to our contract backlog. Sea1 Offshore has a backlog of about $1,129 million, whereof $504 million is options. The largest part of our backlog is related to the subsea fleet, which represent 83% of our backlog. For the remaining of 2026, we have a firm backlog of about $105 million.

Our OSV fleet now consists of 15 owned vessels as listed on the slide. In addition, we have 4 offshore energy support vessels under construction and 8 vessels under our technical and commercial management. Sea1 Offshore has now 2 well intervention vessels, 1 offshore construction vessels, 6 anchor handlers, 2 PSVs, 4 oil spill recovery vessels, and we have 4 newbuilds under construction. And in addition, we have 8 offshore vessels under our commercial and technical management.

Our 4 newbuilds are on schedule with regards to delivery time. The first one, Sea1 Diamond, which you see on these pictures here, was launched last month. The delivery date is end of January. The following vessel, Sea1 Citrine will be delivered 3 months after Sea1 Diamond. So far, no commitments has been made. We are working on getting contracts in place. In case we do not find long-term contracts as favorable rates, we will concentrate on well-paid short-term contracts.

On this slide, we have listed all our fully owned vessels and vessels operated commercially and technically by us. The company has, as mentioned before, a very good global footprint, which is important for the utilization of the fleet. We will continue to move vessels around the world where we can perform safe operations based on sustainable conditions.

For the anchor handler segment, there are mainly shorter contracts and campaigns. In Australia, we currently have 3 anchor handlers, which is Sea1 Aquamarine, Sea1 Emerald and Andreas Viking. They are all operating on term contracts. Sea1 Sapphire and Sea1 Amethyst just completed a short contract in Malaysia.

In Canada, we have Avalon Sea and Ben Viking working on term contracts there. The remaining anchor handler fleet are all trading in the North Sea spot market. We have 1 construction vessel in operation that is the Sea1 Dorado. She is on a firm contract operating in Brazil. And the 2 well intervention vessels, Sea Helix 1 and 2. They are both on long-term contracts working offshore Brazil.

We have still 2 PSVs in our fleet, Sea1 Atlas and Sea1 Giant. They are both on term contracts also in Brazil. And for our smaller Brazilian fleet, we have the oil spill recovery vessels, Sea1 Maragogi and Sea1 Marataizes, both on term contracts with Petrobras and the fast crew vessels, Sea1 Pendotiba and Sea1 Piata, both on long-term bareboat agreements.

Just a few comments to the market. The geopolitical tension continues to shape our operating environment, and it creates demand and opportunities for our industry. For the construction support vessel market, long-term demand fundamentals remain strong with subsea backlogs from leading EPCs at record levels. However, new vessels with delivery in the next 2 years may moderate day rate levels.

The anchor handler market was tight throughout the second quarter. Higher rig activity on the U.K. sector, combined with project work was the main driver. Despite record high day rates, the overall utilization remained moderate and is expected to be a challenge as we enter into the winter months. The global anchor handler market is expected to gradually improve with regional variations. Both the APAC region and South America is softening a bit in the short term, but we are still positive about the market in these regions for the years to come.

So to summarize, we delivered a strong quarter with high activity. We continue to deliver first-class operations with excellent HSEQ performance. Our newbuilding program on track, with the first vessel to be delivered January 2027. We have a solid financial position, and we have a strong backlog with quality clients. And there is a positive long-term market outlook.

That was the end of the presentation, and we will now open up for questions.

Okay. We have got some questions in the chat function. And together with me, I have Vidar and Andreas Kjol, our CCO, to answer these questions. One of the question is regarding our well intervention vessels. A question regarding how many days spent on the dry docking?

We spent just -- I think it was 33 days in dock, but we have earned maintenance days. So, we are on full hire during this docking period. And the sister vessel, she is scheduled for dry docking in January next year.

And then there is a question regarding the anchor handler, Ben Viking, which is owned by Viking Supply. We took that vessel on bareboat contracts and turned those around and secured a time charter deal with a client in Canada. This contract comes to an end probably late September, the way it looks today.

Then there is another question regarding the anchor handlers availability. You say it was tight in second quarter and also you say that utilization was slow. How is this possible?

Well, that's a good question. I mean, normally, the utilization and day rates goes hand in hand. But the way the market has been this summer or this year, the utilization has been rather low, but Sea1 Offshore have managed to hold back and secured really good day rates. And in our books, we have recorded all-time high average fixture rates for the anchor handlers.

And we've got a question here regarding dividend and dividend policy. Just to remind you, the last 2 years, the company has paid $230 million in dividends. So we are -- I would categorize the company as investor-friendly. However, Sea1 has no dividend policy. The decision regarding the dividends lies with the Board of Directors. So, future capital allocation and dividends will be based on the company's financial outlook and market conditions.

Then there is another question regarding the market. Can you update the duration on the Avalon Sea contract?

We believe the Avalon Sea will come off for current contract end of September.

You see here?

We also got a question whether to repeat the information regarding the revolving facility.

Yes, the revolving credit facility is of $150 million and it's undrawn. All available.

Then there is a question regarding our newbuilds. They are, as mentioned in the presentation, all on schedule. First one with delivery January 2027. There is so far no commitments have been made. We are working on getting contracts in place. And in case we do not find a long-term contract at favorable rates, then we will concentrate on well-paid shorter-term contracts. We have also committed ROVs to the vessels. So, we are ready to trade those vessels when they are delivered.

Let me see. Then there is a question regarding the 3 vessels operating in Australia. When do this contract expire?

Looking at the rig contract, which the 3 vessels are supporting, we believe that the contract will end probably during December, but it depends on the last well, that's an optional well.

One question. Do you anticipate any impact on West Asia conflict going forward as it is still uncertain?

West Asia conflicts. Well, if you mean the Middle East, I mean, we are not directly impacted by it as we have no vessels trading there.

There's a question. Why don't you participate in the anchor handler project market?

Well, we are targeting whatever tender that is out there. Now, we are discussing whether or not to put on a crane, active heave-compensated crane on one of the anchor handlers. So if that is decided, I mean, then we are more into the project -- anchor handler project market as well.

Odin and [ Njord ] is currently ongoing on our project contract.

Do you expect to secure any term work for your anchor handlers?

Well, that is day-to-day work. We are chasing whatever is out there. And hopefully, we will be able to secure well-paid contracts for our anchor handlers. I mean, we are targeting high day rates that has paid off for Sea1 Offshore so far.

There is a question regarding the current market rates for 250-tonne crane segment.

The last picture we have recorded or heard the rumors about, then it was at USD 75 per day.

So, a question regarding the PSV market. I mean, we only have 2 PSVs and they are built and are operating in Brazil. So it's only the Brazilian PSV market that we are concentrating about. So the North Sea PSV market is not our core business.

Maybe you can answer this one, Andreas. How do you see the supply balance in the North Sea going forward, risks of vessels moving in from other regions?

Of course. Our competitors sees also the high rate in the North Sea. But we operate a big fleet of high-spec vessel, have first-class operations. So it's a good market for us to perform in, and it's not easy for other competitors to enter the market.

Yes. There's a question regarding Sea1 Sapphire and Sea1 Amethyst, outlook for those vessels.

I mean, currently, we are trading the Asia Pacific, call it, spot market, trying to build up several short-term contracts. One of them will now enter into a 47-day contracts offshore Malaysia. So it is a challenging market when you are not on term contracts. But I mean, we have managed to secure well-paid contracts so far this year.

And we also see the Australian market will improve in second quarter of 2027, with 2 new rig contracts coming up, needing high-class anchor handling vessels.

Yes. So that was -- there was no more questions posted. So if you have any other questions, please use the chat function, please.

All right. If no further questions, we will end this session and we thank you all for attending. Have a good weekend. Thank you.

Welcome to the presentation of our results for the first quarter. My name is Bernt Omdal, and I'm the CEO of the company. Together with me, I have our CFO, Vidar Jerstad, and we will take you through this presentation. Sea1 Offshore's report for the first quarter 2026 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions.

Looking at the highlights for the quarter, we operated 15 fully owned vessels. And in addition, we have four vessels under construction. All of our vessels in operation delivered a positive EBITDA margin. We had $72 million in revenue, and we delivered USD 37.5 million in EBITDA, which is equal to an EBITDA margin of 52%. We have a book equity ratio of 49% post dividend. Our net interest-bearing debt was USD 217.5 million at the end of the quarter. We continue to deliver safe and efficient operations in all regions. This is a result of high focus on safety at all levels in the company.

The utilization of the fleet in the quarter was 90%. The contract for Sea1 Maragogi was extended with one year, taking the vessel's firm period up to January 2027. In January, the company signed a loan agreement for financing related to our new builds. And due to solid results, a strong balance sheet, good liquidity and a significant backlog, the Board authorized a dividend payment of NOK 4 per share, and the dividend payment was executed on the 16th of April.

Vidar Jerstad will now give some more details regarding the results for the quarter.

Thank you, Bernt. Operating revenues were $72 million in the first quarter this year compared to $68.5 million last year. The total revenues for the quarter are above the 2025 revenues, even though the subsea vessel Sea1 Spearfish was sold in mid-May last year. Adjusted for this sale, revenues have increased compared to last year for all segments, mainly due to higher charter rates, but also due to Ben Viking being on bareboat contract in March, generating revenues for the company. The operating expenses increased from first quarter 2025 by $4.2 million. This is mainly explained by a one-off item in first quarter last year, which reduced operating expenses by $3.2 million. In addition, as just mentioned, Ben Viking is on bareboat contract in March 2026, increasing operating expenses.

Administrative expenses were $7.8 million compared to $5.8 million same quarter last year. The increase in administrative expenses is mainly due to weaker dollar compared to most currencies. Our offices are mainly exposed to Norwegian, Brazilian, Australian and Canadian currency, which all have strengthened against the dollar. In addition, there were some increased costs related to introduction of a new accounting system, a system which is now fully implemented, and there are also some increased cost accruals related to labor claims in Brazil. EBITDA was $37.5 million compared to last year, $40.3 million.

Adjusted for Sea1 Spearfish and the one-off item of $3.2 million in reduced OpEx last year, the EBITDA has a 17% increase. Depreciation and amortization expenses were $13.2 million. Operating profit ended at $24.4 million. Net financial items were positive by $4.3 million (sic) [ $4.9 million ], and it includes a net currency gain of $3.1 million. The positive financial cost in first quarter '26 is due to a reversal of interest accruals related to Sea1 Maragogi and Sea1 Marataizes late delivery litigation in Brazil. This has a $4.5 million in positive impact. The net profit to shareholders was $28.3 million or $0.18 per share compared to $0.14 per share last year.

This slide shows margins for our four main segments. The left side presents the first quarter results and the right side presents the full year results for 2025. The figures are not included G&A expenses. Margins increased for the oil spill recovery vessels, the anchor handling vessels and the PSVs. The Subsea segment margin declined due to the sale of Sea1 Spearfish. However, the remaining subsea vessels delivered a 5% margin increase for the quarter. So overall, all segments have underlying margin improvement. The anchor handling segment made the largest improvement compared to same quarter last year, increasing the margin by $6 million or 56%.

This slide summarizes Sea1 Offshore's financial position. As set out in today's report, the company continues to deliver solid performance. As mentioned, based on solid results, strong balance sheet, good liquidity and a significant backlog, the Board of Directors authorized a dividend of NOK 4 per share on the 28th of March. Following the dividend announcement, $53 million were reclassified from equity to payables or short-term liabilities. However, group equity still remains solid at 49%. Gross interest-bearing debt is $286 million and net interest-bearing debt is $217 million.

At quarter end, the company also had access to additional liquidity through an undrawn revolving credit facility of $100 million. And speaking of liquidity, also remember, in January, Sea1 secured a new $315 million credit facility for the four newbuilds. Around $85 million is available predelivery for yard installments, and the remaining amount will be drawn on delivery of each vessel.

And now the cash flow for the first quarter 2026. And note that the dividend was announced in March, however, paid in April, and therefore, the dividend is not included in the cash flow for the first quarter. We started with the year with $86 million in cash. We have received $23 million from operations. We have paid net interest of $3 million. We have invested in vessels, $26 million, $17 million of those in new builds and $9 million in existing vessels. We have reduced debt by $11 million and ended the first quarter with $68 million on our accounts. Bernt?

Thank you. Moving on to the contract backlog. Sea1 Offshore has a backlog of about $1,200 million, whereof $551 million is options. And as you can see, the largest part of our backlog is related to our subsea fleet, which represents 80% of our total backlog. For the remaining of 2026, we have a firm backlog of about $157 million. For 2026, Sea1 Offshore has 100% coverage for both the PSV fleet and for the subsea fleet. The anchor handler segment has about 50% coverage for the remainder of this year.

For 2027, we have 100% coverage for our PSVs and close to 80% for the subsea fleet, and that is excluding vessels under construction. Our OSV fleet consists of 15 fully owned vessels as listed on this slide. In addition, we have four offshore energy support vessels under construction, and we have eight vessels under our technical and commercial management. We still have two well intervention vessels. We have two PSVs. We have one offshore construction vessels, and we have two oil spill recovery vessels and two fast crew vessels. And we have four new buildings under construction in China. And we have six fully owned anchor handlers, and we have eight anchor handlers on management, which gives us control of 14 anchor handlers in total.

So let's move on to the next slide, where we have listed the vessels and areas of operations as per today. On this slide, we have listed both our fully owned vessels and vessels operated commercially and technically via us. The company has, as mentioned before, a very good global footprint, which is important for the utilization of the fleet. We will continue to move vessels around the world where we can perform safe operation based on sustainable conditions.

For the anchor handlers, they are mainly shorter contracts and campaigns. And in Australia, we currently have the anchor handlers, Sea1 Aqua Marine, Sea1 Emerald and Andreas Viking. They are all operating on term contracts. Sea1 Sapphire is on the way to Singapore and Sea1 Amethyst is in dry dock in Singapore. [ Anchor handler ], Avalon Sea is still operating in Canada. In the North Sea spot market, we have Sea1 Ruby, Brage Viking, Magne Viking, Loke Viking, Odin Viking and Njord Viking, which are all trading in the spot market. And the anchor handler Tor Viking will enter the spot market next week.

Moving on to the construction vessels. We have Sea1 Dorado on a firm contract operating in Brazil and two well intervention vessels, Sea Helix 1 and 2, they are both on long-term contracts working offshore Brazil. In Brazil, we also have our two PSVs, Sea1 Atlas and Sea1 Giant. They are both on a term contracts. For our smaller Brazilian fleet, we have the oil spill recovery vessels, Sea1 Maragogi and Sea1 Marataizes. They are both on term contracts with Petrobras. And we also have the two fast crew vessels, Sea1 Pendotiba and Sea1 Piata, they are both on long-term -- they are both agreements.

As shown on the previous slide, we have a really good contract coverage for this year and also for next year. Just a few comments to the market. The geopolitical tension continues to shape our operating environment, and it creates demand and opportunities for our industry. For the construction support vessel market, long-term demand fundamentals remain strong with the subsea backlog from leading EPCs at record levels. Despite continued low rig activity in the U.K., the North Sea anchor handler market improved further in the first quarter with day rates peaking well above USD 300,000 a day. And the anchor handler market is expected to remain volatile, but we expect prolonged peaks as more projects enter the market. Both the APAC region and South America is softening a bit in the short term, but we are still positive about the market in these regions for the years to come.

So to summarize, we delivered a strong quarter with high activity. We continue to deliver first-class operation with excellent HSEQ performance. Our new building program on track with the first vessel to be delivered in January next year. We have a solid financial position, and we have a strong backlog with quality clients, and we have a positive long-term market outlook. That was the end of the presentation, and we will now open up for questions.

All right. So we have got one question here regarding the well intervention vessel, Sea Helix 2. The question is when did the new 5-year contract start? And the contract started in January this year. And there's another question regarding the Asia and Australia region. Can you please update on the outlook for the Sea1 Amethyst and Sea1 Sapphire? Well, both vessels are on the -- well, Sea1 Sapphire is on the way to Singapore and Sea1 Amethyst is in dry dock in Singapore. We have booked some short-term work for the vessels commencing within a month or two. It is a challenging market in that region. No long-term contracts as we see it. But we believe we will manage to secure some shorter projects for both the vessels.

And we also see, Bernt, that we have coming rig -- new rig activity in Australia, which is very promising.

Yes. So another question about the two vessels already mentioned, if they will return to the North Sea. There is no plans from our side at this moment to take them back to the North Sea. And there is another question regarding the North Sea spot market. Do you have secured any projects for the North Sea anchor handler fleet? Well, so far, we have not done so.

Another question regarding the Avalon Sea. Can you update on the current duration? The vessel is now firm until end of July, and there is further options attached to the contract. With regards a question regarding the vessels trading on the contract in Australia on the rig consortium. The vessels are now firm until October this year.

So please feel free to ask questions. Any other questions, please? Give it a minute more to see. There is. Maybe you could answer this one, Andreas. Do you think the anchor market can hold up for second half 2026?

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 you once we have secured a contract.

Any other questions, please?

Okay. If no further questions, we will then end this session, and we thank you all for attending. Thank you.

Good morning, and welcome to the presentation of our results for the fourth quarter. My name is Bernt Omdal, and I'm the CEO of the company. Together with me, I have our CFO, Vidar Jerstad, and we will take you through this presentation.

Sea1 Offshore's report for the fourth quarter 2025 was released this morning. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions.

Looking at the highlights for the quarter, we operated 15 fully owned vessels in the fourth quarter. In addition, we have 4 vessels under construction. All our vessels in operation delivered a positive EBITDA margin. We had USD 68 million in revenue, and we delivered $35 million in EBITDA, which is equal to an EBITDA margin of 52%. We have a book equity ratio of 54%. Our net interest-bearing debt was $208 million at year-end. And it's also worth mentioning that these numbers are delivered with less vessels than the same quarter last year.

Looking at some of the highlights for the quarter. We continue to deliver safe and efficient operation in all regions, and this is a result of high focus on safety at all levels in the company. The company completed the transfer to Euronext Growth in December last year. We were awarded a new contract for Sea1 Atlas in Brazil with a duration of 3 years with a 6-month option at favorable terms. The utilization of the fleet in the quarter was 93%. Recently, the contract for Sea1 Maragogi was extended with 1 year, taking the vessel's firm period up to January 2027.

Vidar Jerstad will now give some more details regarding the results for the fourth quarter.

Thank you, Bernt. When comparing the 2025 and 2024 results, we are aware of several key changes. In July 2024, 9 vessels were sold, and the number of shares entitled to company profits were reduced by 35%. Joides Resolution was placed in lay-up at the start of fourth quarter of 2024 and later sold for recycling. And Sea1 Spearfish was sold in May 2025.

For the fourth quarter, the company reported revenue of $68.2 million. This is consistent with the prior year, even though Sea1 Spearfish was no longer part of the fleet. Operating expenses amounted to $24.7 million, and administrative expenses was $8.1 million. EBITDA for the quarter ended at $35.4 million. This is also at the same level as same quarter last year. However, it represents an increase of $5 million for our assets held today.

Depreciation on ships in fourth quarter was $13 million. This leaves us with an operating profit of $23.7 million. Net financial items were negative by $10.5 million, which includes a currency loss of $5.8 million. However, a currency gain of $4.8 million is recognized under other comprehensive income, resulting in a net currency effect on equity of minus $1 million. Profit before taxes ended at $13.2 million. Taxes for the period was $1.2 million in Sea1's favor. Net profit after taxes ended at $14.4 million.

This slide represents the operating margin for our 4 main segments. The left side displays results for the fourth quarter, while the right side shows full year figures. Only vessels that were owned by Sea1 at the beginning of 2025 are included. The numbers are before G&A expenses. We observed an improvement in margins for the oil spill recovery vessels, the anchor handlers and the PSVs. This is both for the quarter and for the full year figures.

The Subsea segment experienced a decline in margin, primarily due to the reduced fleet. Nevertheless, the vessels currently owned within the Subsea segment recorded a margin increase of 13% for the quarter and 20% for the full year. Consequently, all segments demonstrate underlying improvement in operating margin.

On this slide, we see Sea1 Offshore's financial position. The company continues to demonstrate good performance and has now reached a book equity of 54%. Gross interest-bearing debt is $295 million, and net interest-bearing debt is $209 million. Additionally, the company has access to further liquidity through an undrawn revolving credit facility of $100 million.

The company has recently signed a loan agreement to finance our 4 newbuild vessels. A new credit facility of $315 million is provided by a leading direct lender and capital provider. Approximately $85 million of the facility will be available prior to vessel delivery to fund predelivery yard installments. The remaining amount will be drawn upon delivery of each vessel. The facility carries a 5-year tenor from each vessel delivery and 11-year amortization profile, and the facility is fully independent of any underlying commercial contract commitments.

And now, let's take a look at the total cash flow for 2025. We started 2025 with $68 million in cash. We have received $151 million in cash from operations. We have paid net interest of $19 million. We have invested $86 million in vessels, $55 million in newbuilds and $31 million in existing vessels. We have reduced the debt by $44 million. We have received net proceeds for the sale of Sea1 Spearfish and Joides Resolution of $114 million. And in January 2025, we paid $94 million in dividend. Some other smaller changes, and we ended up with $86 million in cash on the accounts at the end of 2025.

Bernt?

Sea1 Offshore has a backlog of about USD 1,270, that is USD 1 million, whereof $569 million is options. The largest part of our backlog is related to our Subsea fleet, which represents 80% of our backlog. For 2026, we have a firm backlog of about $192 million. For 2026, Sea1 Offshore have 100% coverage for both the PSV fleet and for the Subsea fleet. For 2027, we have 100% coverage for our PSVs and close to 80% for the Subsea fleet. That is excluding the vessels we have under construction.

Our OSV fleet now consists of 15 owned vessels as listed on this slide. In addition, we have 4 offshore energy support vessels under construction and 7 vessels under our technical and commercial management. We now have 2 well intervention vessels, 1 construction vessel, 2 PSVs, 4 oil spill recovery vessels. We have 4 new builds under construction, as mentioned, and we have 6 anchor handlers and 7 on management, which gives us a control of 13 anchor handlers.

And we will probably have an agreement in place for the vessel Maersk Maker that was recently bought by [indiscernible]. When that vessel is in place, we will then be in control of 14 anchor handlers.

On this slide, we have listed all our fully owned vessels and vessels operated commercially and technically by us. The company has, as mentioned before, a very good global footprint, which is important for the utilization of our fleet. We will continue to move vessels around the world where we can perform safe operation based on sustainable conditions.

For the anchor handler segment, there are mainly shorter contracts and campaigns. And in Australia, we currently have the anchor handlers Sea1 Sapphire, Sea1 Aquamarine, Sea1 Emerald and Andreas Viking. They are all operating on term contracts. Sea1 Amethyst is working on a short-term contract offshore Thailand. Avalon Sea is still operating in Canada on a term contract. And then, in the spot market in the North Sea, we have Sea1 Ruby, Brage Viking, Magne Viking, Loke Viking, Odin Viking and Njord Viking. They're all trading the spot market.

Moving on to the Construction Vessel segment. We have Sea1 Dorado on a firm contract operating in Brazil. The 2 Well Intervention Vessels, Siem Helix 1 and 2, they are both on long-term contracts working offshore Brazil. We have also 2 PSVs in our fleet. They are also operating in -- on term contracts in Brazil, that is the Sea1 Atlas and Sea1 Giant. And for our smaller Brazilian fleet, we have the Oil Spill Recovery Vessel Sea1 Maragogi and Sea1 Marataizes, both on term contracts with Petrobras. And then, we have the smaller vessels, the Fast Crew vessels, Sea1 Pendotiba and Sea1 Piata, they are long -- both on long-term bareboat agreements.

As shown on the previous slide, we have a really good contract coverage for this and next year. Just a few comments to the market. For the construction support vessel market, long-term demand fundamentals remain strong with subsea backlogs from leading EPCs at record levels. The semi-sub rig count in Europe, which was stable during the quarter, is expected to increase slightly throughout 2026 and create demand for anchor handler vessels. Both the APAC region and South America is softening a bit in the short term, but we are still positive about the market in these regions for the years to come.

So to summarize, we delivered a strong quarter with high activity. We continue to deliver first-class operation with excellent HSEQ performance. Our newbuilding program is on track with the first vessel to be delivered January 2027. We have a solid financial position when we have a strong backlog with quality clients, and there is a positive long-term market outlook.

That was the end of the presentation, and we will now open up for questions.

We understand that there has been some technical issues. So no one has heard our answers to your questions. We are sorry about that. So we could -- we have to start all over again with the questions. We are so sorry.

All right. Let me see if we can redo the questions here. So one question is, how are your newbuilds to -- compared to other newbuildings? Our newbuilds are high-end sophisticated vessels with 250-tonne cranes. They are modern vessels optimized for efficient operation with low fuel consumption and low emission. They are based on ST-245 design and will have capabilities to serve both oil and gas and the renewable market. And then, there is a question regarding the contract status for Sea1 Sapphire and Avalon Sea. The Avalon Sea, she has a firm contract until July this year, and there is further options attached to her. Sea1 Sapphire has a contract ending April.

And there have been some questions regarding the newbuild financing. As mentioned in the last few quarterly investor calls, Sea1 has experienced good interest from capital sources in financing of our newbuild program. Potential lenders' interest for Sea1 exposure remains solid, and the newbuild financing could have been executed with multiple alternative banks or sources of capital.

Now, the company has entered into a new loan agreement of $315 million. Of this, approximately $85 million will be available ahead of vessel delivery to cover pre-delivery yard installments and the remainder will be drawn on delivery of each vessel. The pre-delivery tranche finances the final 2 yard installments prior to delivery.

So as of today, the new facility remains undrawn. The outstanding balance is 0, but it represents committed future funding from the lender. The agreed facility reflects market terms and is aligned to existing financial covenants. This gives the company flexibility to navigate effectively in various scenarios going forward.

Then, there is a question regarding the well intervention vessels, if they are included in the Subsea backlog. The answer to that is yes, they are included.

And then, there is a question regarding the newbuilds again. What are your thoughts on the Subsea newbuild order book? Well, there is a few vessels coming out in 2027 and '28, but we believe that the market is there to absorb the newbuilds, and we believe that modern vessels will be preferred over older vessels.

And there is a couple of questions regarding dividend. Sea1 paid $73 million in dividends in 2024 and $94 million last year in 2025. However, Sea1 has no dividend policy. The decision regarding dividends lies with the Board of Directors. Future capital allocation and dividends will be based on the company's financial outlook and market conditions.

All right. If there's any questions, any more questions, please feel free to use the chat function.

There is a new question about how much have already been paid on the newbuild vessels. And we have invested up to now $74 million in the newbuild vessels, of that $66 million is yard installments.

There is a question regarding Sea1 Amethyst and the duration of the current contract. There's some other 3 weeks left of that contract.

And one follow-up question on the newbuilding, the amortization. The amortization of the newbuild financing is an 11-year profile. However, the loan has a 5-year tenor.

Okay. Any more questions, please? Okay. If no further questions we will end this session.

We thank you all for attending.

Good morning, and welcome to Sea1 Offshore's presentation of our third quarter results. My name is Bernt Omdal, and I am the CEO of the company. Joining me today is our CFO, Vidar Jerstad. Together, we will guide you through the key highlights of our quarterly performance. Sea1 Offshore's third quarter report was published earlier today prior to market opening. In this presentation, we will summarize the main points from the report and refer to the accompanying presentation materials. Following the presentation, we will open the floor for questions.

During the third quarter, Sea1 Offshore operated 16 fully owned vessels with an additional 4 vessels currently under construction. All operating vessels delivered a positive EBITDA margin. We had a revenue of $63 million and an EBITDA of $34 million, representing a margin of 54%. Our book equity ratio was 52% and our net interest-bearing debt, $197 million. And it's noteworthy that these results were achieved with fewer vessels in operation compared to the same quarter last year.

Some operational highlights. We maintained safe and efficient operations across all regions, reflecting our strong commitment to safety throughout the organization. Our fleet utilization for the quarter was 93%, excluding vessel that was in lay-up and has since been sold. We are pleased to welcome 2 new Board members, Mr. Otto Moltke-Hansen and Mr. Rune Magnus Lundetræ, who have joined as directors following the resignation of previous Board members.

Following an extraordinary general meeting held in September, the company has applied for a transfer from Oslo Børs to Euronext Growth, and we are currently awaiting approval for same. We have recently secured a new contract for the PSV Sea1 Atlas in Brazil. The contract has a duration of 3 years with additional 6 months option period. Commencement is scheduled to take place first quarter 2026. I will now hand over to Vidar Jerstad, who will provide further details on our financial performance for the third quarter.

When reviewing the financial results for 2025 versus 2024, keep in mind several key changes. In July 2024, 9 vessels were sold and the number of shares entitled to company profits was reduced by 35%. Sea1 Spearfish was sold in May 2025 and the 47-year-old scientific core-drilling vessel has been placed in lay-up since the start of fourth quarter 2024. However, let's take a look at the income statement.

For the third quarter, the company reported revenue of $63.4 million. Operating expenses were $22.8 million, while administrative expenses were $6.4 million. EBITDA for the quarter ended at $34.2 million. This is down from $45.1 million in the same quarter last year. However, adjusted for the vessels sold and the scientific core-drilling vessel in lay-up, this represents an increase of $2 million. Depreciation on ships in the third quarter was $12.4 million. This leaves us with an operating profit of $21.8 million.

Net financial items were negative by $7.4 million, which includes a currency loss of $1.5 million. However, a currency gain of $1.6 million is recognized under the other comprehensive income, resulting in a net marginal positive currency effect on equity. Profit before taxes ended at $14.4 million. Taxes for the period amounted to $2.1 million, of which $1.8 million is due to nonrecurring items. Net profit after taxes ended at $12.2 million. This slide represents the operating margin for our 4 main segments.

The left side displays results for the third quarter, while the right-hand side shows year-to-date figures. All numbers are before G&A expenses and include only vessels owned at the beginning of this year. On our second quarter report, we noted that the outlook for the anchor handling vessels in the North Sea was uncertain in the near future. Now we know that this quarter, the Anchor Handling segment performed below the same quarter last year. However, the year-to-date results for the anchor handling vessels remain consistent with last year's figures.

The Subsea segment's margin declined because of the layup of the scientific core-drilling vessel and that Sea1 Spearfish was sold in mid-May. When adjusting for these changes, the Subsea segment has achieved an operating margin increase of more than 20% in the third quarter and year-to-date. This slide outlines Sea1 Offshore's financial position. Since a dividend payment of $94 million in January, the company has continued to demonstrate robust performance and has now reached a book equity ratio of 52%.

Gross interest-bearing debt amounts to $310 million and net interest-bearing debt is $197 million. Additionally, the company has access to further liquidity through an undrawn revolving credit facility of $100 million set up in January. And now the cash flow so far in 2025. We started the year with $68 million in cash. We have received $114 million from operations. We have paid net interest of $5 million. We have invested $52 million in vessels, of which $23 million is in new builds. We have reduced debt by $29 million. We received $113 million from the sale of Sea1 Spearfish, and we have paid dividend of $94 million. Some other changes of $2 million in negative, we ended up with $113 million in cash. Bernt?

As of today, Sea1 Offshore holds a firm contract backlog of $743 million with an additional $599 million in options. Our Subsea fleet accounts for 79% of the total backlog. For the remainder of 2025, we have a firm backlog of approximately $48 million. For 2025, we have full contract coverage for both our PSV and Subsea fleet. Looking ahead to 2026, we maintain 100% covered for these segments and approximately 50% coverage for our anchor handlers.

We continue to see increasing activity in term tenders and are optimistic about securing additional long-term contracts. Our OSCV fleet currently consists of 15 owned vessels with 4 offshore energy support vessels under construction and 7 vessels under our technical and commercial management. We have 2 well intervention vessels. We have 2 PSVs. We have 1 offshore construction vessel. We have 2 fast crew vessels and 2 oil spill recovery vessels. And we have, as mentioned, 4 offshore energy support vessels under construction. And then we have 6 anchor handlers, and we manage 7 anchor handlers on behalf of Viking supply ships, giving us operational control of over 13 anchor handlers.

This slide outlines our global footprint, including both owned and managed vessels. Our international presence is a key factor in maintaining high fleet utilization. We continue to strategically reposition vessels to regions where we can operate safely at sustainable conditions. Contracts in the Anchor Handler segment are typically shorter in duration. And in Australia, we have Sea1 Sapphire, Sea1 Aquamarine, Sea1 Emerald and Andreas Viking, they are all on term contracts. In Canada, we have the Avalon Sea remaining in operation there. And the rest of the anchor handlers are operating in the North Sea.

Sea1 Dorado, she is on a firm contract in Brazil, and the same goes for Sea1 Helix -- Siem Helix 1 and Siem Helix 2. They are both on long-term contracts in Brazil. And then we have our 2 PSVs, Sea1 Atlas and Sea1 Giant. They are both on term contracts in Brazil. And the 2 oil spill recovery vessels and the 2 fast crew vessels, they are still on long-term contract. As previously mentioned, we have a strong contract coverage both for the current and upcoming years.

A few comments to the market. The North Sea Anchor Handler market remained weak through most of the third quarter due to project delays and early contract termination of semi-sub rigs in the U.K. sector. And average monthly rates in July and August were significantly below previous years. In September, market conditions improved as vessel departures helped to rebalance supply and demand. However, low activity in the U.K. sector remains a concern in the near term.

Globally, the anchor handler market is expected to strengthen in the second half of 2026 with more campaigns anticipated. For construction support vessels, long-term demand remains robust, driven by a record subsea backlog from conventional EPCs. However, short-term activity has declined in several key regions and the downward trend in oil price may lead to deferred investments and spending into early 2026. So to summarize, another strong quarter with high operational activity, excellent HSEQ performance, our new building program progressing as planned. We have a solid financial position, and we have a robust backlog with quality clients, and we have a positive long-term market outlook. That was the end of the presentation, and we will now open the floor for questions.

Okay. So we have received some questions in the chat function. One of them is when do you expect contracts on the new buildings? This is work in progress, and we expect and hope that we will secure contracts next year in 2026. And then there is another question about the same topic on new builds. What type of contracts can we expect?

Well, we are pragmatic, but typically, we will be targeting 2- to 5-year contracts.

Then there is a question with regards to our anchor handlers operating in Asia Pacific. Can you please update on the firm length on each of the anchor handler term contracts?

It seems like the 3 vessels operating on the reconsortium contract will stay there for another 11 months.

And then there's a question regarding the anchor handler Ben Viking that Viking Supply ships recently bought. Should we account for the Ben Viking in the profit sharing pool? Well, that is a vessel with a lower specification than the vessels that is currently operating in the revenue share agreement. So this vessel will not be part of that specific revenue sharing agreement.

And then there's another question regarding Viking supply ships vessels regarding crane installation. Will this affect your anchor handling earnings? Well, when a vessel is technical off-hire, it does not impact the revenue sharing agreement. But of course, there will be no income on the Viking vessel.

And then there is some more questions regarding the new buildings. How are your new builds compared to other new buildings? Well, our new buildings are high-end sophisticated vessel with 250-tonne cranes. They are modern vessels optimized for efficient operation with low fuel consumption and low emission. The vessels are based on ST-245 design and will have capabilities to serve both oil and gas and the renewable market.

And there is a question about our debt level, that our debt level is modest, and that is correct. We have a gross interest-bearing debt of $310 million, net interest-bearing debt of $197 million, and we have a cash position of $113 million. In addition to that, we have a revolving credit facility of $100 million. That is modest. However, we are building 4 new vessels, and we will increase the debt level based on that, of course. What I can say is that is work under progress. We are keeping all doors open, and we experienced good appetite for lenders to increase their Sea1 exposure.

And then there is a question about -- again, about Viking Supply chips. Will you merge with Viking Supply Ships? Such questions we cannot comment on.

And then there is some questions regarding Euronext Growth, yes. And well, on the 26th of September, we held an AGM, which approved an application for a change of stock exchange listing from Oslo Børs to Euronext Growth, which is considered a more aligned listing for the company as it is today. The status of the process is that an application has been submitted and it's being considered by Oslo Børs.

And there is also a question regarding the revenue sharing agreement. The revenue sharing agreement is in reality, an operating margin sharing agreement where the total margin will be distributed based on the number of vessels -- or actually the number of vessel days these vessels have been available. In the third quarter, all large anchor handlers owned by the parties were included in the revenue share agreement. The revenue share support efficient operations of the total fleet and enhance the company's ability to position the fleet and utilize opportunities. Good operation of a larger fleet generates positive effects and economies of scale.

If there is any further questions, please let us know. Well, it seems like there is no further questions. So we will -- well, there is one more, sorry. What is the outlook for Avalon Sea? Well, she will continue for another 4 months offshore Canada. That is what we have on hand. What will happen after that, we are a bit unsure, but there is more work in the pipeline. So we hope we will succeed with that as well.

The 3 anchor handlers working in Australia, we have already commented on. There's some more questions there, but we expect this contract to end late 2026.

All right. There's no more questions. Thank you all for joining, and we are wishing you a good weekend. Thank you.