Solstad Offshore has posted a strong financial performance for the first half of 2025, with a significant increase in net profit driven by higher revenues while operating costs remained stable.
The Norwegian offshore vessel operator benefited from high fleet utilisation and a growing order book, which it says positions it well for the remainder of the year despite a moderating market. The results were buoyed by what the company describes as high activity and a stable market, particularly in South America.
The company reported total operating income of $147 million for the six months ending 30 June, a 14 per cent increase from the $129 million recorded in the same period in 2024. This top-line growth translated directly to the bottom line, with net profit rising by over 50 per cent to $62 million, a substantial increase from the $41 million profit reported for the first half of the previous year. Meanwhile, total operating expenses for the period were largely unchanged, holding steady at approximately $72 million.
This positive financial outcome was underpinned by solid operational performance. Fleet utilisation for vessels in operation was 96 per cent for the first half of the year, a slight increase from 95 per cent in the same period in 2024.
The company’s future revenue stream also appears robust, with its firm order backlog growing to $771 million at the end of the period, a substantial rise from $469 million a year earlier. New long-term contracts entered into in Brazil contributed to a total order intake $415 million in the first half of 2025.
Looking forward, the company sees a continued positive market for offshore energy activities. It notes that several new offshore installations planned in key regions like Brazil, Guyana, and the North Sea are expected to generate further opportunities for vessel owners.
However, the report also strikes a note of caution, stating that while the market is growing, "there are less requirements in the market at this time of the year compared to last year." It also points to new vessels under construction in the construction support vessel (CSV) segment, which are planned for delivery in 2026 and 2027, observing that, “further activity growth is needed for the market to absorb this new capacity.”