Floatel International reports strong Q3 2025 with 100% fleet utilization

Floatel International Ltd delivered a strong third quarter in 2025, achieving 100% fleet utilization across all units, an increase from 97% in the previous year. This performance contributed to revenues of $83.1 million for the quarter and $174.6 million year-to-date. Recurring EBITDA reached $44.3 million in Q3 2025 and $74.6 million year-to-date, indicating healthy operational profitability. The firm orderbook, excluding options and letters of intent, stood at approximately $324 million as of September 30, 2025.

The company also reported significant contract updates, including an award for Floatel Triumph offshore Australia and a 4–6-month Maintenance and Safety Unit (MSU) assignment for Floatel Victory offshore Brazil, commencing early 2026. Floatel Endurance secured a 9-month assignment (plus options) with Aker BP on the Norwegian Continental Shelf, scheduled to begin in spring 2029. Additionally, Floatel Victory secured a Letter of Intent for MSU services offshore Brazil for 6-7 months starting around Q3 2026.

Floatel's financial position remains robust, with total assets amounting to $706 million and cash and cash equivalents of $56.2 million as of September 30, 2025. The company complies with all financial covenants, supported by a healthy equity ratio of 45% and a net interest-bearing debt of $276 million. The global semi-submersible accommodation fleet's worldwide utilization was 75% in Q3 2025, with Floatel International's own utilization at 100%.