SEA1.OL Sea1 Offshore
Offshore · Subsea / AHTS / PSV / Crew_OSRV · 77 documents
Sea1 Offshore's 15-vessel offshore fleet — 6 AHTS, 4 Crew Osrv, 3 Subsea and 2 across 1 other class — should earn about $52,731 a day in 2026Q3.
Yields annualise each quarter ×4 at the last close, $2.95 (2026-10-19). Our model is not company guidance.
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Subsea · 3 | $108,3922026Q2 · class | —none printed | —no open $/day series | |
| Ahts · 6 | $57,0022026Q2 · class | —none printed | —no open $/day series | |
| Psv · 2 | $40,3962026Q2 · class | —none printed | —no open $/day series | |
| Crew_Osrv · 4 | $10,7452026Q2 · class | —none printed | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for ahts, crew_osrv, psv, subsea: no off-hire or drydock days are deducted there. |
1,380 | 1,380 | |||||||||||||||||||||
By class
| |||||||||||||||||||||||
| Fleet TCE, $/day assumed | 52,731 | 52,731 | |||||||||||||||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
72.8 | 72.8 | |||||||||||||||||||||
Vessel opex, $m assumed2026Q2: $31.3m over 1,380 vessel-days, held per day. |
(31.3) | (31.3) | |||||||||||||||||||||
G&A, $m assumed2026Q2: $7.3m over 1,380 vessel-days, held per day. |
(7.3) | (7.3) | |||||||||||||||||||||
| EBITDA, $m assumed | 34.2 | 34.2 | |||||||||||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||||||||||||||
Interest expense, $m assumed2026Q2: $4.6m over 1,380 vessel-days, held per day. |
(4.6) | (4.6) | |||||||||||||||||||||
Scheduled debt amortisation, $m stated2026Q2: $16.6m over 1,380 vessel-days, held per day (the issuer’s scheduled principal). |
(16.6) | (16.6) | |||||||||||||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||||||||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
43,319 | 43,319 | |||||||||||||||||||||
| Cushion vs fleet TCE, $/day | 9,412 | 9,412 | |||||||||||||||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
13.0 | 13.0 | |||||||||||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||||||||||||||
Dividend policy
No stated payout policy on file.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, $/share | — | ||
| Forward yield, run-rate % | — |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $2.95 close on 2026-10-19.
No dividend is modelled for 2026Q3: every input is on file, but its declared dividends do not yet explain its earnings — too few quarters pair a rate with a dividend, or they do not move together — and it states no quantified payout policy.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model
Why no forward dividend next step: forward DPS
This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: every input is on file, but its declared dividends do not yet explain its earnings — too few quarters pair a rate with a dividend, or they do not move together — and it states no quantified payout policy. More quarters of dividends beside a reported rate, or a quantified payout policy, unblocks it.
What is on file:
- 15-vessel fleet — 6 AHTS, 4 Crew Osrv, 3 Subsea and 2 across 1 other class
- realized fleet TCE of $58,714/day in 2026Q2
- latest declared distribution NOK4.00
Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share. Model estimate — not issuer guidance.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where SEA1.OL departs from that
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
- Dividends are declared in NOK while the share price is converted to USD, so a yield is only shown where both sides can be put on the same currency.
What drives it — fleet TCE, 2026Q3
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
6× ahts · 4× fast crew / oil-spill recovery · 2× psv · 3× subsea current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Subsea | 3 | — | — | — | — | — | 108,392 | — | 29.9 |
| Ahts | 6 | — | — | — | — | — | 57,002 | — | 31.5 |
| Psv | 2 | — | — | — | — | — | 40,396 | — | 7.4 |
| Crew_Osrv | 4 | — | — | — | — | — | 10,745 | — | 4.0 |
| Total | 15 | 52,731 | — | 72.8 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.
Expected DPS suppressed: no verbatim payout policy located in the corpus — the cash walk cannot derive a DPS without a payout policy.
Expected DPS suppressed: no verbatim payout policy located in the corpus.
Model gaps & assumptions
subsea: no index and no guidance — priced at the issuer's own last realized subsea rate $108,392/day (2026Q2, derived: per-segment operating revenue per calendar vessel-day — Note 4, 2Q 2026), held flat (owner ruling 2026-09-26; per-type where printed) · ahts: no index and no guidance — priced at the issuer's own last realized ahts rate $57,002/day (2026Q2, derived: per-segment operating revenue per calendar vessel-day — Note 4, 2Q 2026), held flat (owner ruling 2026-09-26; per-type where printed) · psv: no index and no guidance — priced at the issuer's own last realized psv rate $40,396/day (2026Q2, derived: per-segment operating revenue per calendar vessel-day — Note 4, 2Q 2026), held flat (owner ruling 2026-09-26; per-type where printed) · fast crew / oil-spill recovery: no index and no guidance — priced at the issuer's own last realized fast crew / oil-spill recovery rate $10,745/day (2026Q2, derived: per-segment operating revenue per calendar vessel-day — Note 4, 2Q 2026), held flat (owner ruling 2026-09-26; per-type where printed) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files); share count
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $80.1M | $72.0M | +12.4% |
| Opex | $31.3M | $26.7M | +23.7% |
| Net income | $22.7M | $28.3M | -65.0% |
reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 80.1 | 72.0 | 68.2 | 63.4 | 71.3 | 68.5 |
| Voyage expenses $M | — | — | — | — | — | — |
| Vessel opex $M | 31.3 | 26.7 | 24.7 | 22.8 | 25.3 | 22.4 |
| G&A $M | 7.3 | 7.8 | 8.1 | 6.4 | 6.4 | 5.8 |
| Depreciation $M | — | — | — | — | — | — |
| Interest expense, gross $M | 4.6 | — | — | — | — | — |
| Net income $M | 22.7 | 28.3 | 14.4 | 12.3 | 64.9 | 22.2 |
| Declared DPS | — | NOK 4.00 | — | — | — | NOK 7.00 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 58,714.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Benchmark index — monthly average
Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-14T09:28:32 SEA1: Changes to the Board of Directors (2026-10-14)
- newsweb 2026-10-14T07:28:32Z Changes to the Board of Directors (2026-10-14)
- mfn 2026-08-14T07:00:00 SEA1: Results for the second quarter 2026 (2026-08-14) presentationreport
- newsweb 2026-08-14T05:00:00Z Results for the second quarter 2026 (2026-08-14) presentationreport
- mfn 2026-08-12T11:35:13 SEA1: Presentation of second quarter results 2026 (2026-08-12)
- newsweb 2026-08-12T09:35:13Z Presentation of second quarter results 2026 (2026-08-12)
- mfn 2026-04-30T07:00:00 SEA1: Results for the first quarter 2026 (2026-04-30) presentationreport
- newsweb 2026-04-30T05:00:00Z Results for the first quarter 2026 (2026-04-30) presentationreport
- mfn 2026-04-28T13:17:24 SEA1: Presentation of first quarter results 2026 (2026-04-28)
- newsweb 2026-04-28T11:17:24Z Presentation of first quarter results 2026 (2026-04-28)
- mfn 2026-04-24T11:35:05 SEA1 - Annual General Meeting held on 24 April 2026 (2026-04-24)
- newsweb 2026-04-24T09:35:05Z SEA1 – Annual General Meeting held on 24 April 2026 (2026-04-24)