Floatel secures new Brazil contracts, reports strong Q3 earnings

Floatel International Ltd has secured new assignments for its Floatel Victory vessel, including a four-month contract with Karoon Energy offshore Brazil for Maintenance and Safety Unit (MSU) services, with an option to extend, commencing early 2026. Additionally, the Floatel Victory received a Letter of Intent for 6-7 months of MSU services in Brazil, scheduled to start in autumn 2026.

Floatel International reported a fleet utilization of 100% during Q3 2025, with a firm order backlog of $324m as of September 30, 2025, excluding letters of intent and post-quarter contract extensions. For Q3 2025, revenues were $83.1m, an increase from $66.5m in Q3 last year. Recurring EBITDA stood at $44.3m, up from $35.2m in the previous year. Net results for the quarter were $21.2m. The company recorded $0m in capital expenditures and generated an operating cash flow of $28.9m.

The company's total assets reached $706m at the end of the quarter, with cash reserves of $56.2m after an $8.5m repayment. Equity was reported at $317m.