Norwegian offshore vessel owner Solstad Offshore reported adjusted EBITDA of $41 million for the third quarter of 2026, up from $29 million a year earlier, when it published its results on Wednesday, November 4.
The company's share of results from joint ventures and associated companies drove the increase, rising to $24 million from $10 million.
Operational adjusted EBITDA, which excludes those contributions, fell to $17 million from $19 million. Fleet utilisation was 92 per cent, compared with 97 per cent a year earlier.
Operating income rose to $125 million from $73 million. The figure includes a $24 million accounting gain on the sale of Normand Tonjer, which was delivered to its new owners in September. Solstad held a 56 per cent stake in the vessel. Net result for the quarter was $63 million.
The board approved a dividend of $0.30 per share, totalling about $25 million. Of this, $0.12 per share is an extraordinary payment linked to the Normand Tonjer sale. The dividend will be paid in Norwegian kroner on or about November 20.
The company has also converted a May letter of intent for the construction support vessel (CSV) Normand Maximus into a firm 26-month contract with Saipem. The contract includes an 11-month option. Work will follow the vessel's 10-year class renewal, with drydocking scheduled for January–February 2027 and firm employment running from March 2027 to May 2029.
Solstad declared the $125 million purchase option for the 178-metre vessel in October, with delivery in October 2027. It intends to finance the purchase through external debt.
Firm backlog for Solstad Offshore's own vessels stood at $404 million. The company kept its full-year operational adjusted EBITDA guidance at $60–70 million, with $51 million recorded to the end of September.
