# SEA1 Q2 2026 Presentation.pdf

- Press release: Results for the second quarter 2026 (2026-08-14)
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**TL;DR —** Sea1 Offshore reported a strong Q2 2026 with increased revenue and EBITDA year-over-year, driven by high activity and a robust market outlook, despite a lower fleet utilization rate.

## Takeaways
- **Revenue:** Increased to $80.1 million in Q2 2026 from $71.3 million in Q2 2025.
- **EBITDA:** Rose to $41.5 million in Q2 2026 from $39.6 million in Q2 2025, achieving a 52% margin.
- **Fleet Utilization:** Overall fleet utilization was 83% in Q2 2026, down from 92% in Q2 2025 (excluding vessels in lay-up).
- **Contract Backlog:** Firm contract backlog stood at $625 million as of June 30, 2026, with an additional $504 million in options.
- **Financial Position:** Maintained a solid financial position with a book equity ratio of 53% and net interest-bearing debt of $260 million.
- **AHTS Spot Rates:** Average AHTS spot rates in the North Sea reached $175,000 per day, a 45% increase over Q1 2026 and 130% higher than Q2 2025.

*Generated 2026-09-25 via google/gemini-2.5-flash*