Solstad Offshore reported a fourth quarter adjusted EBITDA of $35 million, compared to $44 million in the same period during 2024. The company proposed a dividend payment of $0.05 per share for the quarter, which totals approximately $4 million.
Chief Executive Officer Lars Peder Solstad noted that, “the demand within offshore energy services remains positive with several opportunities for the fleet.” Market conditions showed improvement in the final quarter of 2025 and this trend has continued into the first quarter of 2026, the company observed.
Fleet utilisation for the fourth quarter fell to 71 per cent from 91 per cent in the previous year. Solstad Offshore attributed this decrease to the construction subsea vessel Normand Tonjer and the anchor handling tug supply vessel Normand Topazio being idle for the main portion of the period.
The Normand Tonjer was awarded a new contract of approximately 225 days following the end of the quarter, with commencement scheduled for February 2026. Meanwhile, the Normand Topazio is scheduled to start a new long-term contract in March or April 2026.
Total order intake for the fourth quarter reached $84 million, supported by a new four-year contract for the Normand Topazio and a one-year extension for the Normand Turquesa. For the full year of 2025, the order intake reached $722 million, with a substantial portion consisting of long-term contracts.
Solstad Offshore reported that Brazil continues to offer opportunities for both the construction subsea vessel and anchor handling tug supply segments. The company maintained that local presence in main regions is necessary to utilise market opportunities.
Full-year adjusted EBITDA for 2025 was $126 million, down from $132 million in 2024. The company initially provided guidance of $120 million to $150 million before updating the figure to approximately $115 million in October 2025.
Regarding financial guidance for 2026, Solstad Offshore indicated that the operational adjusted EBITDA is expected to reach between $50 million and $70 million. It added that the final result is expected to fall towards the lower end of that range if a ten-year class renewal for the Normand Maximus occurs in 2026.
The company noted it is preserving cash for the Normand Maximus purchase option. Solstad Offshore’s share of dividends from parent Solstad Maritime for the fourth quarter amounted to approximately $4 million.
The joint venture company Normand Installer, which is 50 per cent owned alongside SBM Offshore, saw the Normand Installer complete its 20-year class renewal in 2025. This vessel is booked on projects for the majority of 2026, the Group reported.
