# SEA1 Q2 2026 Report.pdf

- Press release: Results for the second quarter 2026 (2026-08-14)
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**TL;DR —** SEA1 Offshore Inc. reported a strong Q2 2026 with increased operating revenues and EBITDA, driven by higher charter rates and strategic fleet management, despite a lower net profit compared to Q2 2025 due to the absence of a significant vessel sale gain.

## Takeaways
- Operating revenues increased to $80.1 million in Q2 2026, up from $71.3 million in Q2 2025.
- EBITDA rose to $41.5 million in Q2 2026, compared to $39.6 million in Q2 2025, with an EBITDA margin of 52%.
- Net profit for Q2 2026 was $22.7 million, significantly lower than $64.9 million in Q2 2025, primarily due to a $41 million gain from a vessel sale in the prior year.
- AHTS spot rates averaged around $175,000 per day, a 45% increase over Q1 and 130% higher than Q2 2025, with the highest recorded daily rate exceeding $400,000.
- The firm contract backlog stood at $625 million as of June 30, 2026, with an additional $504 million in options backlog.
- The owned fleet consists of 15 vessels, plus 4 vessels under construction, with an overall fleet utilization of 83% in Q2 2026.

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