Floatel International reports strong Q2 2025 results with full fleet utilization

Floatel International Ltd achieved 100% utilization across its active fleet, excluding Floatel Reliance, in Q2 2025, a significant increase from 84% last year. This operational success contributed to revenues of $70.4 million for the quarter and $91.6 million for the first half of 2025. Recurring EBITDA reached $34.2 million in Q2 and $30.3 million for the first half, demonstrating strong financial performance.

The company's total firm contract backlog stood at approximately $341 million as of June 30, 2025. Key contract updates include the extension of Floatel Superior's charter with Equinor Åsgard until October 2025 and Floatel Victory's contract with Equinor Peregrino until January 2026. Floatel Triumph secured a new contract offshore Australia, commencing in Q4 2026, while Floatel Victory is set to provide Maintenance and Safety Unit services offshore Brazil starting Q1 2026.

Floatel Endurance commenced its assignment at Cenovus Energy's White Rose field in Canada in early July, following its completion of the Vår Energi Jotun project. The sale of Floatel Reliance was finalized on May 27, 2025. As of June 30, 2025, Floatel International reported total assets of $692 million and total book equity of $296 million, maintaining compliance with all financial covenants.