# Sea1 Offshore reports stronger quarterly earnings as charter rates improve

- **Source:** https://pelavox.com/sea1-offshore-quarterly-earnings-charter-rates/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-09T00:00:00+00:00
- **Updated:** 2026-11-08T11:37:25+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** AHTS, Offshore Fleet Development, Offshore Support Vessels, Offshore Vessel Charter Rates, Sea1 Offshore

Sea1 Offshore reported higher revenue and net profit for the third quarter of 2026, supported by improved charter rates across its offshore vessel segments, despite lower fleet utilisation and rising operating costs.

The Norwegian offshore vessel operator generated operating revenue of $79.7 million during the quarter, compared with $63.4 million in the corresponding period of 2025. EBITDA increased to $40.3 million from $34.2 million, while net profit rose to $20.1 million from $12.3 million.

The company attributed the revenue increase primarily to higher charter rates across its operating segments, alongside additional income from the bareboat employment of *Ben Viking* and *Odin Viking*. Operating expenses increased by $9.6 million, reflecting the vessels’ employment arrangements, inflation and the impact of a weaker US dollar on costs denominated in other currencies.

For the first nine months of 2026, operating revenue reached $231.9 million, compared with $203.3 million a year earlier. EBITDA increased to $119.4 million from $114.1 million, although net profit declined to $71.1 million from $99.3 million. The previous year’s results included substantial gains that were not repeated in 2026.

## Offshore fleet performance and newbuild programme

Sea1 Offshore operated 15 owned vessels at the end of September, with another four Offshore Energy Support Vessels under construction. Overall fleet utilisation reached 90% during the third quarter, compared with 93% in the same period last year.

The company’s subsea segment generated revenue of $30.1 million, up from $27.7 million, with its three vessels operating in Brazil maintaining full utilisation. The segment includes one Offshore Subsea Construction Vessel and two Well-Intervention Vessels.

The AHTS segment recorded revenue of $28.3 million, compared with $22.7 million a year earlier. Utilisation declined from 88% to 77%, but higher charter rates more than offset the reduction in operating activity, lifting the segment’s operating margin before administrative expenses to $16.3 million.

Sea1 Offshore’s two platform supply vessels in Brazil generated revenue of $7.6 million, while its four smaller fast crew and oil spill recovery vessels contributed $4.0 million.

Construction of the company’s four new Offshore Energy Support Vessels continued during the quarter. *Sea1 Diamond* was launched and completed a successful generator start-up, while keel laying began for *Sea1 Peridot* and steel cutting commenced for *Sea1 Coral*. Capitalised expenditure on the newbuild programme reached $127.6 million by the end of September.

## Contract backlog and market outlook

Sea1 Offshore reported a firm contract backlog of approximately $573 million at September 30, down from $701 million at the end of 2025. Including optional contract periods, the total potential backlog stood at approximately $1.08 billion, although the optional portion is not guaranteed revenue.

Net interest-bearing debt increased to $265.6 million from $208.5 million at the end of 2025, while cash and cash equivalents declined to $35.2 million. The company reported operating cash flow of $92.3 million for the first nine months and dividend payments totalling $63.2 million.

Looking ahead, Sea1 Offshore expects demand for subsea vessels to remain supported by offshore developments in South America, West Africa and parts of the Asia-Pacific region. However, the company cautioned that additional newbuild deliveries from 2027 could put pressure on charter rates and vessel utilisation in some segments.

The outlook for the AHTS market is more challenging in the near term. Sea1 Offshore expects the next six to nine months to be affected by increased vessel availability in the North Sea and relatively limited project activity across several regions.

The company nevertheless maintains a constructive longer-term view, supported by anticipated deepwater drilling activity, floating production developments and demand for offshore installation and mooring services.

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Cite as: "Sea1 Offshore reports stronger quarterly earnings as charter rates improve", pelavox., 9 November 2026, https://pelavox.com/sea1-offshore-quarterly-earnings-charter-rates/