Solstad Offshore posted an adjusted gross operating profit of US$30 million in the first quarter of 2025, compared to US$36 million in same quarter last year.
Q1 2024 included 16 days of Solstad Maritime until deconsolidation on January 16, 2024.
The company also recorded a net income of US$24 million in Q1 2025 compared to US$38 million in the same quarter last year.
Book equity meanwhile ended at US$311 million compared to US$189 million in the same quarter last year.
Based on the dividend announcement from Solstad Maritime, Solstad Offshore will receive approximately US$9.5 billion in the quarter. The company also intends to initiate quarterly dividends in Q3 2025.
Solstad Offshore said it is on track to meet previous adjusted gross operating profit guidance for the full year of US$120 million to US$150 million.
The Investment in Omega Subsea was also completed in Q1 2025. Solstad Offshore said this will further strengthen its position in the subsea services segment.