Skudeneshavn, 9 October 2025
Based on the latest projections, Solstad Maritime ASA (the "Company") has
adjusted its full-year 2025 Adjusted EBITDA guidance from USD 360 - 380 million
to approximately USD 290 million.
While the Company in its previous guidance expected the second half of 2025 to
show a notable improvement compared to the first half year, such improvement is
no longer considered realistic. The main drivers for the adjusted guidance are
related to the following:
· North Sea AHTS Spot market has been weaker than expected in Q3 2025
· Lower utilization of parts of the CSV "spot" fleet during Q3 2025 and
expected for Q4 2025
· Delays during Q3 2025 in CSV Class Renewal projects
· Mobilization for Brazil Petrobras contracts is expected to begin earlier in
Q4 2025, due to the earlier-than-planned commencement of these contracts in Q1
2026.
Based on a preliminary assessment of the unaudited consolidated management
accounts, the Company is expected to record an Adjusted EBITDA of approximately
USD 69 million for Q3 2025 and approximately USD 229 million for YTD Q3 2025.The
Company is still in the process of preparing and completing the financial
results for the third quarter of 2025, which is subject to finalization and
other potential adjustments, if any, and the information has not been audited or
reviewed by the auditor of the Company. The Company will provide further
information when releasing the quarterly results for Q3 2025 on 30 October 2025.
Lars Peder Solstad, CEO of Solstad Maritime ASA, says: "We have not seen the
offshore energy markets develop as guided for the second half of the year. This
has resulted in lower fleet utilization and reduced commercial margins. Earlier
mobilization of several vessels preparing to commence long-term contracts in
Brazil has also contributed to the picture. In these cases, lost revenue and
increased costs in Q4 2025 will result in earlier contract commencement and
hence be positive for the 2026 earnings.
It is disappointing that we must revise our EBITDA guiding for the full year
2025. This reflects the volatility in the markets we operate in, however, we
remain positive about the global offshore energy markets. We have a healthy and
substantial backlog and continue to see new market opportunities."
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89
Solstad Maritime ASA
www.solstad-maritime.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by CFO Kjetil Ramstad at the date and time set out
herein, on behalf of the Company.
This release contains forward-looking statements based on current assumptions
and forecasts made by the Company. Various known and unknown risks,
uncertainties and other factors could lead to material differences between the
actual future results, financial situation, development or performance of the
Company and the estimates given here.