Solstad Maritime reports stronger earnings and narrows annual outlook
Solstad Maritime ASA reported a substantial improvement in its third-quarter 2026 financial performance, supported by higher vessel utilisation, stronger day rates in the North Sea offshore market and increased activity across its construction support vessel fleet.
The Norwegian offshore vessel operator recorded total operating income of US$198 million for the three months ended 30 September 2026, compared with US$145 million in the corresponding period last year. Adjusted EBITDA increased to US$117 million from US$69 million, while net profit rose to US$79 million from US$32 million.
Fleet utilisation reached 88%, up from 79% a year earlier, reflecting improved employment across both anchor handling tug supply (AHTS) vessels and construction support vessels (CSVs). The company reported an adjusted EBITDA margin of 59% for the quarter.
For the first nine months of 2026, Solstad Maritime generated total operating income of US$554 million, compared with US$442 million in the same period of 2025. Adjusted EBITDA increased to US$308 million from US$229 million, while net profit reached US$208 million, compared with US$124 million a year earlier.
Offshore vessel activity supports earnings
The company’s AHTS fleet benefited from improved day rates and utilisation in the North Sea spot and project market, which continued to strengthen during the third quarter. AHTS utilisation increased to 89% from 76% in the corresponding period of 2025, while CSV utilisation rose to 88% from 81%.
Solstad Maritime also reported improved CSV earnings compared with both the previous quarter and the corresponding period last year. Higher vessel utilisation, partly supported by reduced maintenance activity, contributed to the improvement.
The company described demand for offshore energy services as positive, with South America, West Africa and the North Sea among the most active regions. However, it cautioned that additional AHTS capacity entering the North Sea market through vessel relocations could affect utilisation and day rates in the coming quarters.
During the third quarter, Solstad Maritime secured US$235 million in new orders, resulting in a book-to-bill ratio of 1.2. Contract additions included a three-year agreement for Normand Cutter, a two-year agreement for Normand Valiant, a one-year extension for Normand Vision and a combined 475 days of work for Normand Saracen and Normand Scorpion.
The company’s firm contract backlog stood at approximately US$1.09 billion at the end of September, compared with US$964 million a year earlier. Including options, the backlog reached approximately US$1.68 billion, providing visibility over future vessel employment.
Solstad Maritime also reported that Solstad Offshore had declared its US$125 million purchase option for the construction support vessel Normand Maximus, with delivery scheduled for October 2027. The transaction remains a future event and the purchase option amount is not included in the reported backlog.
Financial position and revised outlook
Solstad Maritime ended the third quarter with cash holdings of US$189 million, compared with US$124 million a year earlier. Adjusted net interest-bearing debt declined to US$488 million from US$580 million, while the equity ratio improved to 55% from 48%.
The company’s adjusted net debt to last-twelve-month adjusted EBITDA ratio stood at 1.3 at the end of September, reflecting a reduction in leverage alongside stronger operating earnings.
Following its performance during the first nine months, Solstad Maritime narrowed its full-year 2026 adjusted EBITDA guidance to US$375 million–US$390 million, compared with the previous range of US$360 million–US$390 million. The revised forecast raises the lower end of the guidance while leaving the upper end unchanged.
The company also adjusted its expected capital expenditure range to US$60 million–US$70 million, compared with its previous estimate of US$55 million–US$70 million.
Solstad Maritime announced a cash dividend of approximately US$56 million for the third quarter, equivalent to US$0.12 per share. The dividend will be paid in Norwegian kroner, with distribution expected on or around 17 November 2026.
The company’s improved results reflect stronger offshore vessel employment and market conditions, while its substantial contract backlog and revised annual guidance provide further visibility for the remainder of 2026.
