Sea1 Offshore recorded operating revenue of $80.1 million for the second quarter ended June 30, up from $71.3 million in the same period last year.
Net profit for the three-month period reached $22.7 million, compared with $64.9 million in the second quarter of 2025, which included a $41 million gain from a vessel sale.
Operating expenses increased by $6 million compared with the second quarter of 2025, primarily because Ben Viking was on a bareboat contract during the period.
Administrative expenses also rose to $7.3 million from $6.4 million, mainly due to a weaker US dollar against non-US currencies.
The company's anchor-handling tug supply fleet generated $31.1 million in operating revenue with utilisation of 64 per cent. Average North Sea spot rates rose 45 per cent from the previous quarter to about $175,000 per day.
Subsea vessels generated $29.6 million in revenue at full utilisation, while platform supply vessels contributed $7.4 million.
During the quarter, steel cutting commenced for the third newbuild, Sea1 Peridot, while Sea1 Diamond was launched at the shipyard in July. Sea1 Offshore had capitalised $93.4 million towards its four-vessel newbuilding programme as of June 30.
The company's total contract backlog stood at $625 million at the end of June, down from $701 million at the end of December 2025.
Sea1 Offshore said demand for subsea tonnage was expected to remain strong, creating opportunities for longer-term charters. However, the delivery of additional vessels in 2027 and 2028 is expected to put pressure on dayrates for new contracts, according to the company.