Solstad Offshore reports solid Q3, proposes dividend

Solstad Offshore ASA announced robust financial results for the third quarter of 2025, with chief executive Lars Peder Solstad highlighting solid operational performance and a growing future backlog. Adjusted EBITDA for the quarter reached $29 million, up from $28 million in the same period last year, with the year-to-date figure rising to $91 million from $89 million. The company's order backlog significantly increased to $280 million from $142 million in the prior year, driven by new long-term contracts in Brazil totaling $222 million.

Utilization remained high at 97% for the quarter and year-to-date, matching the previous year. AHTS utilization was 96%, while CSV utilization stood at 98%. However, short-term demand for offshore-energy services was lower than expected, particularly due to reduced activity in the North Sea in 2025, impacting the CSV and AHTS fleet. Despite this, the long-term demand outlook remains positive, with Brazil continuing to offer significant project opportunities.

Solstad Offshore proposes a cash dividend of $0.05 per share for Q3 2025, totaling approximately $4 million, which is subject to approval at an extraordinary general meeting on November 24, 2025. The company also adjusted its full-year 2025 Adjusted EBITDA guidance to approximately $115 million, reflecting a reduction by Solstad Maritime.