Sea1 Offshore Q2 2025 results decline after fleet reduction

Sea1 Offshore has reported a significant year-on-year decline in both revenue and profit for the second quarter of 2025, a change primarily driven by the company operating a smaller fleet following the sale of nine vessels in July 2024. The results were, however, bolstered by a significant gain from a separate vessel sale during the quarter.

For the three months ending June 30, the company posted operating revenues of $71.3 million, a substantial drop from the $107.6 million recorded in the second quarter of 2024. The company stated that the sale of the nine vessels accounted for $34 million of this variance. Net profit attributable to shareholders fell to $64.9 million from $131.9 million in the prior-year period.

The company's outgoings also decreased in line with its smaller operational footprint. Operating expenses fell by $23.5 million, which the company also attributed mainly to the vessel sales.

The second quarter profit was significantly supported by a $41.4 million gain recorded on the sale of the offshore subsea construction vessel (OSCV) Sea1 Spearfish in May. The comparative 2024 profit had been inflated by a large one-off reversal of impairment amounting to $159.1 million.

In its market outlook, the company described the long-term demand fundamentals for the construction support vessel market as remaining strong. However, it noted that the North Sea anchor-handling tug supply (AHTS) market had "cooled off" at the end of the quarter, with expectations for this region remaining "low for the remainder of the year" due to softening spot activity and a lower rig count.