Solstad Offshore has reported an adjusted EBITDA of $29 million for the third quarter of 2025, a slight increase from $28 million in the same quarter last year. The company's fleet achieved a high utilisation rate of 97 per cent for the quarter, matching its performance in Q3 2024.
The company announced several new long-term contracts in Brazil, contributing to a total order intake of $222 million for the quarter. This included a new three-year contract for the Normand Turmalina and a one-year option declaration for the Normand Superior.
The firm backlog for Solstad Offshore vessels now stands at $280 million, with an additional $640 million in backlog related to Solstad Maritime vessels operated by Solstad Offshore.
Based on the quarterly performance, the company has proposed a dividend payment for Q3 2025 of $0.05 per share, totalling approximately $4 million. This is supported by a dividend of approximately $4 million received from Solstad Offshore's 27.3 per cent ownership in Solstad Maritime.
Despite the solid quarter, Solstad Offshore recently updated its full-year 2025 adjusted EBITDA guidance to approximately $115 million, down from a previous range of $120-$150 million, citing a reduction in the full-year guidance from Solstad Maritime.
The company noted that while the long-term demand for offshore energy services remains positive, short-term demand has been lower than previously expected, and reduced activity in the North Sea has impacted the CSV and AHTS fleets in 2025.
