Solstad Offshore As Aktie

Good morning, and welcome to the Solstad Offshore Second Quarter Presentation. It has been a strong and active quarter for the company with improved operational performance, important contract wins, increased backlog visibility and a continued capital distribution to our shareholders. We have also taken important strategic steps through the new joint venture we have established with SBM Offshore and the ordering of a specialized mooring and installation vessel further strengthen our long-term position in an attractive offshore market.

This presentation will be held by CFO, Kjetil Ramstad; and myself, CEO, Lars Peder Solstad, and there will be a Q&A session after the presentation. So please send in your questions in the chat. We take a quick look at the disclaimer before we move over to the business update for the quarter.

It has been a solid quarter with increased utilization and earnings from the vessels as well as good performance from the JVs and the associated companies. We entered into a long-term contract with SBM Offshore for a newbuild specialized mooring and installation vessel, and this vessel will be jointly owned with SBM and start operation in 2029.

We have also signed an MOA for the sale of the vessel, Normand Tonjer. We own 56% of the vessel, and we expect a cash effect for Solstad Offshore of around USD 19 million when the vessel is delivered to new owners sometime during the next 6 months.

During this quarter, we have also won an arbitration case, which will give the company a positive liquidity effect of around $14.5 million when received. And a P&L effect of USD 7 million has been booked in second quarter.

On the earnings, we delivered a total adjusted EBITDA of USD 41 million compared to $32 million in the same quarter last year. This is divided between operational adjusted EBITDA of $22 million compared to $17 million same quarter last year and share of results from JVs and associated companies of $19 million compared to $15 million same quarter last year.

We have had an order intake of around $216 million in the quarter, where the letter of intent for the Normand Maximus is the most significant. We are in the process of transferring the LOI to a firm contract, and this will keep the vessel occupied until first quarter of 2029 with further options thereafter. This contract will also be favorable for the financing of the upcoming purchase option Solstad Offshore had on the vessel.

We continue to return capital to shareholders and are increasing the dividend for the quarter to USD 0.15 per share, corresponding to approximately $12 million, more or less the same amount as Solstad Offshore receives in dividend from Solstad Maritime.

And then I will hand the word over to you, Kjetil, and take a closer look on the numbers.

Thank you, Lars. So if we start looking at the financial and operational summary for the second quarter and the first half year. Second quarter of 2026 had a fleet utilization of 85%, lower than the same quarter last year, which was 100%. For the first half, the fleet utilization was 82%, down from 96% last year. The lower utilization for the quarter and for the first half year is mainly driven by 2 vessels. The Normand Topazio started on a 4-year contract with Petrobras in late May, and Normand Tonjer was idle until mobilizing for a new contract in Asia Pacific in the quarter. The rest of the fleet was fully utilized.

Operating income for the second quarter was $105 million versus $78 million last year. For the half year, operating income was $191 million versus $147 million last year. The increase is driven by 4 Solstad Maritime vessels on bareboat to Solstad Offshore, which all commenced their 4-year contracts in February, and recognition of approximately $5 million related to successful outcome of the arbitration regarding disputed hire from 2024.

The operational adjusted EBITDA was $22 million in the quarter, an improvement from $17 million last year. For the first half, the operational adjusted EBITDA was $34 million, which is in line with last year. The $10 million improvement from first quarter this year is driven by the mentioned $5 million in disputed charter hire and all owned vessels now being on contract.

In terms of adjusted EBITDA, share of results from joint ventures and associated companies came in at $19 million, an increase by $4 million from the same quarter last year. For the first half, the adjusted EBITDA was $75 million, an improvement of $13 million or 21% compared to last year.

The net result for the quarter was $38 million versus $39 million last year. For the first half year, the net result improved from $62 million last year to $67 million this year.

Book equity at the end of second quarter was $478 million, up from $349 million last year. This reflects an increase -- reflecting an increase of almost $130 million and it gives an equity ratio of 44%. Book equity has increased by the net result in the period, offset by dividends paid to shareholders, approximately $16 million.

The adjusted net interest-bearing debt of $28 million at the end of second quarter, down from $83 million last year. The cash position at the year-end was $83 million versus $60 million last year. The main reason for the higher cash position is strong operational performance and limited CapEx the past 12 months.

Firm backlog for Solstad Offshore owned vessels of $432 million at quarter end versus $238 million last year. This is an increase of approximately 82%, driven by improved visibility for Normand Maximus and anchor handlers in Brazil.

Then if we go to the next slide then have a look at the debt overview in Solstad Offshore. As Solstad Offshore has a term loan of $70 million, paid down $10 million in the quarter. This facility was drawn in November '24, a 5-year amortization profile and maturity in November '27. And then we have the $40 million financing of the 4 Brazilian-built vessels with BNDES. This loan matures between '26 and '31, with low scheduled amortization over the coming years.

The lease commitments includes the present value of the Normand Maximus bareboat charter, $36 million until October '27, and $112 million, which represent the present value of the purchase option that we have at $125 million. The other lease payments of $246 million is mainly consists of commitments from Solstad Maritime vessels operating through Solstad Offshore's Brazil setup. These lease payments -- these commitments increased significantly in the first quarter this year due to commencement of contracts for Solstad Maritime investments going on a 4-year contract in that quarter. Solstad Offshore has external backlog covering the lease commitments of those vessels.

In summary, Solstad Offshore has a net interest-bearing debt of $422 million. And adjusted for the leases from Solstad Maritime, the adjusted net interest-bearing debt amounts to $28 million.

On the next slide, we will have a look at the dividends for the second quarter. And as a consequence of the improved earnings visibility and the financial performance, the company will increase the cash dividends in the second quarter from $0.1 per share to $0.15 per share, totaling approximately $12 million. This represents a dividend yield of approximately 8.5% based on yesterday's share price. The dividend will be paid in NOK and the NOK amount will be announced prior to the dividend payment.

Key dates for the second quarter dividend. Last day of trading, inclusive of the right to receive dividend, 16th of July '26; ex-date, 17th of July; the record date, 20th of July; and then distribution date will be on or about the 29th of July 2026.

So with this, I will give the word back to you again, Lars.

Yes. Thank you, Kjetil. And I will take a closer look at the investments we have into JVs and associated companies. And this comes, of course, in addition to the fleet, the owned fleet. And first, Solstad Maritime, where Solstad Offshore holds 27.3%, has had a strong quarter. And Solstad Offshore will receive about $13 million in dividend for this quarter. And now Solstad Offshore's share of SOMA's market cap is about -- as per second quarter is about $313 million.

NISA is the JV we have with SBM Offshore. This JV owns the moving installation vessel, Normand Installer. The vessel had full utilization in the quarter, and SOFF's part of the result for the quarter is about $1.4 million. The vessel is nearly fully booked for the second half of the year, and the booking for next year is also already solid. The frame agreement with SBM Offshore, where they commit to hire the vessel for around 200 days per year, has also now been extended to 2034. And NISA is a debt-free company.

SOFF owns around 36% of Omega Subsea, who owns and operates ROVs, survey and associated equipment. And Omega Subsea now have 16 ROVs in operation and further 14 for delivery in second half of this year and beyond. The majority of the ROVs are mobilized on Solstad vessels, but the company have also entered into contracts with other companies lately. During the last 12-month period, Omega Subsea have had a revenue of around $96 million and an EBITDA of $27 million. And SOFF's combined book value of its shares in the 3 companies are about $295 million.

As mentioned before, we have ordered a -- or entered into to a new contract with -- for a newbuild that requires a newbuild vessel. And in more detail, SBM Offshore and Solstad Offshore has established a new joint venture that has ordered a specialized mooring and installation vessel with CIMC Raffles in China, and the vessel will start on a 14-year contract with SBM upon delivery from yard in 2029.

This follows the same basic partnership model that has worked well with SBM through NISA over the last 20 years, and it allows Solstad Offshore to participate in a high-end long-term contracted assets with limited equity contribution. And the rationale is supported by expected long-term demand for mooring services, including new FPSO developments, maintenance on existing systems and potentially floating wind opportunities into the next decade. And the new vessel has unique installation capabilities, down to 4,000 meters of water depth.

And if we continue and take a closer look on the market, I would say the overall activity level in our markets remains high and the outlook continues to be positive. For Solstad Offshore, the anchor handling exposure is limited to Brazil, where all 3 of our owned vessels are on long-term contracts, where Normand Topazio commenced a 4-year contract with Petrobras around 20th of May in the second quarter. Globally, the anchor handling market is strong, especially for the largest vessels with project capabilities and with spot exposure to the North Sea market.

For the CSV segment, the activity is good, but it's very project oriented, with a few exceptions. And Petrobras is one exception, where a number of medium-sized vessels have or are about to start on 2- to 4-year contracts within the RSV and Walk-to-Work segments.

In the Solstad Offshore fleet, we have a few vessel updates during the quarter. Normand Maximus has transferred from Brazil to Guyana, and from there to mobilizing in Las Palmas and is now on her way to the next project in the Black Sea. And she will be on that project until the planned dry dock starts late this year and continues into first quarter '27.

Normand Superior continues on her contract in Angola until first quarter next year, and the client has an option to extend the contract with 1 more year. And during third quarter, it will be clear if that option is exercised or not.

As mentioned, we have an MOA for sale of the Normand Tonjer. The vessel will be handled over to new owners after the present contract she is now on, and that will be at the latest early next year. The sale will have a positive cash effect for Solstad Offshore of around $19 million.

The utilization in the CSV segment in general is at a high level, but there are also some vessels that are idle and/or have available capacity going forward. And I would have liked to see a bit more activity, especially taking into consideration the newbuildings that will be delivered from yards the coming 18 months or so. Geographically, the story is the same as earlier, where South America, including Guyana, West Africa and the North Sea is the busiest areas as we see it.

Taking a closer look at the backlog for the company. The backlog -- or our backlog provides good visibility for the coming years, with very limited vessel availability. During second quarter, the backlog increased substantially, mainly driven by the new Normand Maximus contract. And the total backlog is now close to USD 1 billion, of which approximately $430 million relates to the owned vessels, with the remaining backlog is related to Solstad Maritime vessels on contracts through Solstad Offshore in Brazil.

And if we then move to the guidance. On the -- based on our performance so far this year and the current operational outlook, we are narrowing our operational adjusted EBITDA guidance range from USD 50 million to $70 million and then up to $60 million to $70 million for the full year. This reflects, among other things, the expectation that the dry dock of the Normand Maximus will predominantly take place in the first quarter of 2027. And it is important to note that this guidance excludes the contributions from the joint ventures and the associated companies.

We are also increasing the quarterly dividend to USD 0.15 per share, corresponding to a total distribution of approximately $12 million for the quarter.

So to summarize the first half year and second quarter for Solstad Offshore. We delivered a solid quarter, both operational and financial and with improvement in most of the key parameters year-over-year. We have secured important new contracts, ordered a new CSV with long-term contract already in hand and our investments in the JVs and associated companies are performing well. The activity in our markets is at a high level and the visibility for the company in the coming years is solid. We are narrowing the guidance range to an operational adjusted EBITDA of USD 60 million to USD 70 million for the year. And finally, we are increasing the quarterly dividend to USD 0.15 per share.

And this concludes our presentation, and we will now open for questions.

All right. Let's see if we have some questions. There's -- we have one question. And how do you see dividend distributions from the NISA joint venture and Omega Subsea going forward?

I think if we start with Omega Subsea, it's a company that is delivering very solid results, but it's also a company that are in steep growth. So it's -- it will mainly be the organic growth of the company that will require capital the next, let's say, year or 1.5 years or so. And thereafter, the company will come into a dividend position most likely.

On the NISA, it's a debt-free company. The -- there will be, as it looks, solid utilization for the vessel going forward, and the company will come in a dividend position for sure going forward.

Thank you. And then on the Normand Maximus, the dry docking. For how long do you estimate that this dry docking will take?

I will estimate around 60 days.

Okay. Thank you. And I think that concludes the questions for Solstad Offshore.

Okay. So -- thanks a lot for listening in, everyone, and I wish you all a nice summer ahead. Thank you very much.

Good morning, everyone, and thank you for joining the Solstad Offshore's First Quarter 2026 Presentation. This presentation will be held by Kjetil Ramstad, CFO; and myself, CEO, Lars Peder Solstad. We will take you through the financial and operational performance for the quarter and also share some thoughts about the market outlook. And if you have any questions, please send them in the chat, and we will answer them in the Q&A session after this presentation. A quick look at the disclaimer before we move on to the highlights of the quarter. We delivered a solid financial performance in the quarter supported by strong contributions from our joint ventures and associated companies, Solstad Maritime, Omega Subsea and NISA.

Operational adjusted EBITDA was lower than the same quarter last year, primarily due to 2 vessels being between contracts. And during the quarter, we secured a 225-day contract for the Normand Tonjer. This includes the mobilization time to the Asia Pacific region. And in total, we had an order intake of $28 million in the quarter. This morning, we announced a very important contract for the company where we have signed an LOI for the Normand Maximus for a 2-year contract, and this will add significant backlog to the company for the coming years.

Solstad Offshore will receive about $11 million in dividend from Solstad Maritime for the quarter. And based on the quarter's performance and the company's cash position, the Board intends to distribute a dividend of $0.1 per share for the quarter to the shareholders. So then Kjetil, can you take us through some of the key numbers for the quarter?

Yes. Thank you, Lars Peder. If we start with the financial and operational summary, the first quarter 2026 had a fleet utilization of 79%, lower than the same quarter last year, which had 93%. The lower utilization for the quarter is mainly driven by 2 vessels, Normand Topazio that will start on a 4-year contract with Petrobras in May this year and Normand Tonjer that started on a 225-day contract mid-February. Rest of the fleet was fully utilized.

The operating income for the first quarter was $86 million versus $69 million in first quarter last year. The increase is driven by 4 Solstad Maritime vessels on bareboat to Solstad Offshore, which all commenced their 4-year contracts in February. The operational adjusted EBITDA was $12 million in the quarter, down from $16 million last year. The main reason for the lower operational adjusted EBITDA was the lower utilization on the mentioned vessels, Topazio and Tonjer and lower service contribution from Normand Maximus compared to last quarter. In terms of adjusted EBITDA, this is offset by higher earnings from joint ventures and associated companies of $22 million, an increase of $9 million from same quarter last year. This gives an adjusted EBITDA of $34 million in the first quarter.

The main driver for the increase is earnings from Solstad Maritime as associated company. Net result in the quarter was $29 million versus $24 million last year. Book equity at the end of first quarter was $448 million, up from $311 million last year, reflecting an increase of $137 million, giving equity ratio of 41%. Book equity has increased by the net result in the period, offset by dividends paid to the shareholders. Cash position at the year-end was $77 million versus $52 million last year. The main reason for the higher cash position is strong operational performance and limited CapEx in the last 12 months.

The company continued to maintain a cash -- high cash position to be in a position to exercise the Maximus purchase options. The adjusted net interest-bearing debt was $49 million at the quarter end, down from $107 million last year. The firm backlog for the Solstad Offshore owned vessels was $306 million versus $190 million last year, which is an increase of approximately 61%. Then if we move over to Solstad Offshore debt overview. Solstad Offshore has a regular bank facility of $80 million drawn in November 2024. It's a 5-year amortization profile and maturity in November 2027.

We also have $43 million financing of our owned Brazilian-built vessels with BNDES matures between 2026 and 2031. And as you can see in the graph, it's a low scheduled amortization for the next coming years. The lease commitments includes the present value of the Norman Maximus bareboat, as you can see of $42 million until October 2027 and the present value of the purchase option, which is the $125 million and the present value will then be $110 million. The other leases of $266 million mainly consists of commitments from Solstad Maritime vessels operating through Solstad Offshore Brazil setup. These leases has increased significantly from the last quarter, fourth quarter '25 due to commencement of lease contracts for the 4 vessels entering into 4-year contracts in Brazil.

Solstad Offshore has external client backlog to cover these commitments. In summary, Solstad Offshore has a net interest-bearing debt of $467 million and adjusted for all leases from Solstad Maritime, the adjusted net interest-bearing debt is USD 49 million. Then if we move on to dividend. As mentioned by Lars Peder, there is an intention to increase the dividend in the first quarter to $0.1 per share, totaling $8 million. The dividend will be paid in NOK and the NOK amount will be announced prior to the dividend payment.

And if we look at the key dates, there will be a general meeting in Solstad Offshore 13th of May. And then there will be Board approval 15th of May, last day to receive dividend 15th of May. The ex date will be 18th of May, record date 19th of May and then distribution date will be on or about 27th of May this year. So with this, I hand the word back over to you, Lars.

Thank you, Kjetil. And I will say a few words about the investment that Solstad Offshore has in other companies. And these investments represent a significant and growing contribution to our earnings and to our value creation. And if we start with Solstad Maritime, where Solstad Offshore is the second largest shareholder, holding 27.3%. This is by far Solstad Offshore's largest investment. And Solstad Maritime, as presented earlier today, they deliver strong and stable results. And for first quarter, Solstad Offshore's share of Solstad Maritime result is about USD 20 million.

And Solstad Maritime distributes $40 million in -- to its shareholder, where Solstad Offshore share then is about $11 million. And if we look at Solstad Offshore's share of Solstad Maritime's market value, this is about $375 million. On the other 2 companies we are invested in, if we look at the NISA first, Norman Installer SA, that is a 50% joint venture between SBM Offshore and Solstad Offshore and the company owns the specialized CSV Norman Installer. The company is debt-free and benefits from a long-term frame agreement with SBM, securing a minimum annual utilization through 2030.

The vessel is presently doing the mooring installation for the Raia project in Brazil and is more or less booked for the remainder of this year. And the Solstad Offshore's share of NISA's first quarter result is about USD 1.4 million. OmegaSubsea is owned 36% by Solstad Offshore is a specialized owner and operator of ROVs, tooling and survey services, where 12 ROVs currently are in operation and further deliveries are planned. And during this year, 8 more ROVs will be employed on Solstad vessels and on third-party vessels.

And on -- for the first quarter, Solstad Offshore's share of the first quarter result for Omega Subsea is about USD 1 million. Turning then briefly to the market. In general, we see that the demand for offshore energy services continues to be positive. And if we look at the various segments we are in, we see that the -- in general, the anchor handling segment or the positivity environment is driven by a busy North Sea market, a global project market and also the fact that there has been a better balance between the regions where mainly Brazil has contributed with many long-term contracts for the anchor handling fleet given -- or giving a much better balance globally and thereby better commercial terms.

For the anchor handlers in the Solstad offshore fleet, we have 3 and 2 of them are during first quarter continued on their term contracts in Brazil, while the third Normand Topazio is expected to start on a 4-year contract with Petrobras just within a few days from now. In the CSV segment, we see some long-term opportunities, but the demand is largely project-based. We managed to fix the Normand Tonjer to a contract in Asia Pacific during the quarter, and this contract will continue until fourth quarter this year.

And when it comes to our largest vessel, the Normand Maximus, she has changed her geographical operational area from Brazil to Guyana. The present contract expires by the end of this year. But as we have announced this morning, there is a new contract in place that will start first quarter '27, 2 more years and also with options thereafter. So this will add significantly to our backlog and increase the visibility further going forward.

If we look at the geography, we see -- still see the strongest demand from South America, from West Africa and from the North Sea. And that brings us to the backlog. And Brazil continued to be a key market for the company. All owned anchor handlers are operating in Brazil, and they are on firm contract through 2028 and beyond that, providing solid earnings visibility for the coming years. Solstad Offshore also has a substantial backlog with the Brazilian clients based on vessels on bareboat in from Solstad Maritime. And the available days in 2026 are very limited, especially when also we secured the contract for the Maximus that potentially could have expired in fourth quarter.

And then for Normand Tonjer, there are a firm period, but also some options in the fourth quarter. Other than that, the vessels are on contract. So at the quarter end, we have a backlog of just over $300 million for the owned vessels in Solstad Offshore and $570 million more if we add on the Solstad Maritime vessels. That brings us to the guidance for the year. And the guidance on operational EBITDA has been -- or we have kept that unchanged since last quarter. And for the full year, we guide an operational adjusted EBITDA, excluding joint ventures and associated companies in the range of $50 million to $70 million.

The outcome as earlier also communicated, will be influenced by the timing of the 10-year classing of the Norman Maximus that could be in fourth quarter or it could be in first quarter '27, and this is not -- has not been decided yet. We have a high proportion of fixed contracted base for the year, and this gives us a solid earnings visibility. While we are preserving -- also preserving cash for the Normand Maximus purchase option that is well known by the market, we still intend to distribute dividends to shareholders, and now we are increasing that to USD 0.1 per share, and that gives a total of $8 million for distribution to shareholders for the quarter.

So to sum up, first quarter, a solid quarter, mainly driven by strong contributions from our joint ventures and associated companies. We have 2 vessels between contract that temporarily reduces our utilization, but the market activity in general remains high, and that goes for both anchor handling and for the CSV segment. It was very important for the company that we secured a new 2-year contract for the Normand Maximus. This will add significantly to our backlog, and it will increase the visibility for our earnings going forward. And as mentioned, we continue to distribute dividend to our shareholders. And this time, we increased from -- from around NOK 0.45 to around NOK 0.9 per share. So by that, this concludes our presentation, and we move over to Q&A.

Yes. We have received some questions. With the new contract on Normand Maximus, can you comment on the purchase option that Solstad Offshore has? And is it more likely now after the new contract than we have with the visibility that these contracts give?

I would say given the purchase option price, I would say that it has always been likely that we will exercise that option. But of course, to have secured more time charter earning is, of course, even more positive. So yes.

And there is a lot of interest in Maximus. So -- and next question is -- is there a plan for the upcoming docking of Normand Maximus? Will it happen before the new contract starts?

I think I mentioned that in the presentation that it can still be either end of this year or beginning of next, and that is not yet decided. So I guess we will have a better overview of the timing when we come to next quarterly presentation.

And then Normand Installer, you mentioned it the vessel is -- or the company is debt free. Do you -- what is the plan for this going forward? Do you plan to do a refinancing? Or what is the plan going forward?

I think the main plan is to -- I mean, -- the vessel is -- will likely continue with a high utilization going forward, which is then should be a good dividend contributor to Solstad Offshore going forward. So it's more likely that it's -- that we will receive dividend than that we -- sort of that we will refinance the company.

Thank you. And then we have a question on Normand Tonjer. Did Normand Tonjer contribute on a meaningful EBITDA? Or is mobilization for Q1 just cost coverage? I can answer that if you want to. The way Normand Tonjer mobilization is reflected in the first quarter numbers is that it's not reflected at all. So there is no EBITDA contribution for Tonjer in the first quarter. So the way it is, is that when the mobilization has been complete, the mobilization fee will be distributed over the operational days of the contract. So in Q1, no EBITDA contribution that will come later.

Even if we have -- in reality, we have a significant mobilization fee.

Yes. And then can you provide some more color on the Normand Maximus contract? It seems it will not use its full capabilities in '27. And can you say what kind of areas it will operate within for '27 and '28?

Well, I think we can go more into the details when the final contract is signed. But what I can say is that the -- it's a 2-year contract where the earnings are higher in year 2 than in year 1. But on average, it's a very nice contract, but we have to come back to more of the details there when the final contract has been signed.

With the new contract announcement, is the plan for continued dividends for Solstad Offshore more likely now? Or -- and will it increase going forward?

We have -- I mean, we increased significantly this quarter. And of course, our ambition is to continue to, let's say, to have a nice quarterly dividend to shareholders. Of course, with the more we do on the contracts, the better visibility we have, the more likely it is to continue to pay quarterly dividends on a stable and increasing level. That is, of course, the ambitions.

With that, that was the last question.

Okay. So thanks a lot for listening in, and have a nice day ahead. Thank you.

Thank you.

Good morning, and welcome to the Presentation Fourth Quarter and Full Year 2025 from Solstad Offshore. This presentation will be held by CFO, Kjetil Ramstad; and myself, Lars Peder Solstad, CEO of the company. There will be a Q&A session after the presentation. [Operator Instructions]

We take a quick look at the disclaimer before we move on to the business update for the quarter and for the full year. And the adjusted EBITDA for the year came in better than we guided in October 2025, mainly due to improved results from Solstad Maritime. Operationally, we had a lower utilization and EBITDA in fourth quarter than you have seen in previous quarters.

And this is due to two vessels being between contracts. And that is the Normand Tonjer, which is -- came off a contract in early October, has been doing some upgrades and are preparing now for a contract that starts next week that we announced recently, and that will secure utilization for the vessel up till the end of 2026. And that contract is, as we have announced in Asia Pacific. So -- and a good improvement will be seen there on the utilization side from mid-February and onwards.

The other vessel is the Normand Topazio. That came off a contract with -- in Brazil in early fourth quarter. We have done some upgrades and some class work on the vessel, and then the vessel will start on its new 4-year contract with Petrobras at the end of March. So utilization-wise, you will -- and EBITDA-wise starts to contribute from second quarter '26 and onwards. But as I said, those two vessels are the reason for the lower utilization in fourth quarter.

We have -- also from Solstad Maritime side, we have -- there are four vessels fixed to Petrobras through the Solstad Offshore setup in Brazil. So those vessels will also start on their new 4-year contracts in -- some has already started and the fourth one will start very, very soon.

We have, in general, experienced an increase in demand for our services in the last 4 to 5 months. And this seems to continue also into 2026. This goes for project-related work, but also for longer-term opportunities. And the main focus for Solstad Offshore is, of course, to secure a new contract for the large CSV Normand Maximus after the present contract which is expiring by the end of this year. And it's good to see that there is a firm interest already now, and we are quite confident to secure further work well ahead of present contract expires. Also, for your information and also to keep in mind that the vessel will have its main class renewed either at the end of this year or at the beginning of 2027.

Looking at some of the numbers, utilization in fourth quarter, for reasons already explained, was lower than the previous quarters and also the year before. This also affected the adjusted EBITDA. This having said, we deliver within the original EBITDA guidance range of USD 120 million to USD 150 million for the year both operationally and financially. And that is also thanks to a solid contribution from -- in fourth quarter from the ownership in Solstad Maritime.

The order intake has been solid in fourth quarter with two contracts signed in Brazil. And for the year and including the Solstad Maritime vessels with Petrobras, the contract value signed in 2025 was more than USD 700 million. Solstad Offshore will receive about $4 million in dividend from Solstad Maritime for fourth quarter and suggest paying the same amount as dividend to Solstad Offshore shareholders for the fourth quarter meaning that $8 million has been distributed to shareholders the last 2 quarters.

If we move on to the market outlook and take a look at the fourth quarter and despite a volatile oil price, we did not experience any slowdown from our clients, more the opposite. And it seems like that the record high backlog held by the subsea contractors starts to give an increased positive effect now to the shipowners.

We also see that there has been a much more or much better supply-demand balance on the anchor handling side by reducing the fleet in the North Sea by mobilizing to other regions, also in combination with quite high project activity, which is then benefiting the utilization and, of course, also then the rates in the spot market in the North Sea for those who has spot exposure there.

We see that -- see Brazil as still very active. From the Solstad side, we have -- and the combined fleet, Solstad Offshore, Solstad Maritime, we have about half the fleet in Brazil at the moment. Some are on long-term contracts, some are there for project-related work. But about 20 vessels from the Solstad fleet is in Brazil at the moment. And in -- if we combine the present order book that we have and the bidding activity that we see, that is strong indications of a decent year ahead for the company.

Looking at the backlog, we have nearly all the capacity sold out for 2026, especially if we include the newly announced contract for Normand Tonjer, that is not included in the graph you have -- you see on the screen right now. So the main focus when it comes to new contracts and to building backlog is for 2027 and onwards. And as I already mentioned, the Normand Maximus is presently uncommitted after year-end '26 and a new contract for that vessel will have a massive impact on the 2027 and beyond backlog. We are working on it, and we see some interesting opportunities for longer-term work for the vessel from '27 and onwards.

For the three Brazilian-owned anchor handlers, they are all fixed on long-term contracts now, all on healthy rates, and they will contribute significantly to the company earnings in the coming years, as also shown on the graph to the left. And if we take a look at the backlog to the -- or the graph to the right, you see that we have the -- quarter-by-quarter, we have steadily increased the backlog of the company, which gives, let's say, a solid foundation for the company into '27 and also onwards.

Then I leave it to you, Kjetil, to take us through the key numbers for the company.

Thank you, Lars. So if we start with the financial highlights for Solstad Offshore for the fourth quarter and full year, we had in the quarter, lower utilization of the fleet of 71% compared to 91% last year. And the main driver for the lower utilization is that both Normand Tonjer and Normand Topazio was idle for majority of the quarter. For the full year, we had an overall utilization of 90% compared to 95% last year.

Revenue for the fourth quarter was $70 million, up from $65 million last year. The revenue for the full year was $290 million compared to $262 million in '24. The adjusted EBITDA for the fourth quarter was $35 million compared to $44 million last year. The year-to-date 2025 adjusted EBITDA came in at $126 million compared to $132 million last year. Net result for the fourth quarter was $53 million compared to $66 million in '24. 2025 net result was $141 million compared to $118 million last year.

The firm backlog of $325 million at year-end compared to $227 million last year, an increase of almost $100 million. And the figures here excludes the backlog from the vessels on bareboat from Solstad Maritime on the Brazilian contracts.

Book equity at the end of the year was $425 million, up from $288 million last year, representing an equity ratio of almost 50%. The cash position at year-end was $74 million compared to $34 million last year. The adjusted net interest-bearing debt is reduced to $51 million compared to $124 million last year. This is a result of prepayment of debt in combination with increased cash position. The company will distribute approximately $4 million to its shareholders, subject to the general meeting approval. And for 2025, the company has distributed approximately $8 million to its shareholders.

Then if we go and look at the debt and lease structure in Solstad Offshore, Solstad Offshore has a regular bank facility of $80 million drawn in November '24 with a 5-year amortization profile maturity in November '27. Also has $44 million financing on -- for Brazilian built vessel with BNDES, matures between 2026 and 2031. The lease commitments in Solstad Offshore includes the present value of the Normand Maximus bareboat charter, approximately $49 million, until October 27. And the present value of the purchase option of $125 million and the present value there is $107 million. Other leases of $96 million mainly consists of commitments for the Solstad Maritime vessel operate through the Solstad Offshore Brazil setup.

Yes. And then we also have a graph showing the net interest-bearing debt overview as of the year-end and also the amortization overview for the two mentioned loans at the bottom.

If we go to the investment in associated companies and joint venture in Solstad Offshore, we start with Solstad Maritime, where Solstad Offshore owns 27.3%. And as we see, Solstad Maritime has declared a dividend of approximately $15 million, and that means that Solstad Offshore's share of this will be $4 million -- approximately $4 million in fourth quarter. So share of result in the quarter from Solstad Maritime is $25 million and $61 million for the full year. The book value of the shares is $233 million and the market value was, the fourth quarter, around $230 million.

And then we have the Normand Installer, which is a 50-50 joint venture with SBM Offshore. The vessel Normand Installer is predominantly utilized on SBM's FPSO projects. First half of the year, the vessel had low commercial utilization. And for the second half, the vessel was in dry dock in the third quarter. However, it had good utilization in fourth quarter. The financial result in the fourth quarter was negative $0.4 million and negative $2.3 million for the full year of 2025. We believe that the vessel has a good backlog and good visibility for '26. So it looks to be a strong year ahead. The net -- the company has a net cash positive position, and the book value of the shares is around $20 million.

Solstad Offshore also owns 35.8% of the shares in a company called Omega Subsea with Omega 365 as the majority shareholder. Omega Subsea owns and operates 12 ROVs as of end of '25 with 12 more ROVs to be delivered in '26 and early '27. Solstad share of results in the quarter was $0.1 million and total for the year, $4.3 million. The book value of the shares in Omega Subsea was $16 million.

Then if we move to the financial outlook and guidance for '26. Solstad Offshore will from '26 and onwards only provide financial guiding on operational EBITDA. This means that guidance excludes the share of results from associated companies and joint ventures, which is included in the reported adjusted EBITDA.

The 2026 operational adjusted EBITDA guiding is between $50 million and $70 million. One important factor to take into consideration is that the timing of the 10-year class renewal of Normand Maximus will be in a lower range if the docking takes place late 2026 and in the higher range if it takes place early '27. As mentioned, proposed dividend payment for the fourth quarter of $0.05 per share, totaling $4 million. It's also worth mentioning that Solstad is preserving cash for the Normand Maximus purchase option to be exercised fourth quarter 2027.

So then we move to the dividend dates. And as mentioned, we proposed to -- the company proposed to distribute cash dividends for the fourth quarter of $0.05 per share, totaling $4 million. The dividend will be paid in NOK, and the NOK amount will be announced prior to the payment. The key dates for the fourth quarter dividend, we need to issue summons to the EGM, will be done 16th of February, and then the EGM will be held at the 9th of March '26. And the last day right to dividend is also 9th of March. The ex-date is the 10th of March, record date 11th and then the distribution date on or about 13th of March 2026.

So with that, I leave the word to you, Lars, to summarize the presentation.

Thank you, Kjetil. And as mentioned a few times already, we have had a fourth quarter that ended better than we guided back in October '25 and we ended up with an EBITDA for the year of $126 million, which is then also within the original guided range from -- that we gave early '25. And despite the weak utilization due to two out of seven vessels being between contracts, the full fourth quarter, we experienced market improvements. And this was also reflected in the order intake we had of USD 84 million in the fourth quarter. And those are on good EBITDA margins, and these are also giving increased visibility for '26 and beyond.

The positive market trend we have seen has also continued into 2026 and where we already have signed an important contract for the Normand Tonjer with immediate commencement. And we see several opportunities in the market for the vessels we have with availability from 2027 and beyond. And as Kjetil said, we continue to distribute dividend to our shareholders on a quarterly basis, $4 million in total for fourth quarter.

And that concludes our presentation, and we then move over to Q&As. Any questions so far, Kjetil?

Yes, we have one question on Normand Maximus. Do you expect to exercise the option on Normand Maximus? And how do you plan to finance the option if it's exercised?

Yes. Well, it's -- the optional price is well in the money compared to the value of the vessel. It will be very natural that we use that option. But we -- and that has to be declared by fourth quarter this year and with effect from fourth quarter '27. And on finance, it will be a combination, if we do it, of most likely of bank debt, but also some equity. And that is also the reason why we are preserving cash in the company to contribute with the equity part of the financing of that purchase option.

And of course, with the short -- at the moment, the contract we have on the vessel is expiring by the end of the year. If we manage to secure a longer-term contract on that vessel, we can also look a bit differently on how much cash we need to preserve for the equity part of the financing. So that is -- those are linked together.

And a little bit same question on Maximus and Tonjer. How do you consider the market opportunities for those two vessels from '27 and onwards?

I think the -- I mean, the Maximus is a field installation vessel, a key enabler for deepwater subsea projects, one of very few in the market. And we are positive to a contract extension beyond what we see today. We have -- we have interest from clients already, and I'm not concerned about the commercial future for the vessel after its main class renewal coming up end of the year. I'm not concerned about that at all.

When it comes to Tonjer, what we do now is that we are repositioning the vessel to Asia Pacific, taking on an okay contract there. The plan is to keep the vessel in that part of the world. And we see some interesting opportunities also there. So yes.

Thank you. That concludes the Q&A for today.

Okay. So thanks for listening in, everyone, and have a nice day ahead. Thank you.

Good morning, and welcome to Solstad Offshore's Third Quarter 2025 presentation. It has been another quarter of solid operational and financial performance and with a continued high activity across our fleet.

Today's presentation will be held by myself, CEO, Lars Peder Solstad; and CFO, Kjetil Ramstad. And after the presentation, we will open up for Q&A. So please submit your questions in the chat.

If we take a quick look at the disclaimer before we move over to the third quarter highlights and our business update.

It has been another quarter of solid operational performance for Solstad Offshore with a fleet utilization of 97% in the quarter, and that is also the number for year-to-date. So 97% utilization year-to-date. And while the long-term demand remains positive and we see several longer-term opportunities, we also see that in the short-term market, we experienced a slower or lower demand than we previously expected. And that is also in line with what we communicated in the business update in October 9.

Following the Solstad Maritime's reduction in full year 2025 adjusted EBITDA guidance, we have then also updated the Solstad Offshore guidance for the year accordingly with operational guidance still intact, while the share of associated companies and joint ventures are slightly reduced as earlier communicated.

If we look at this quarter and earnings. Has then been adjusted EBITDA of $29 million, and that is compared to $28 million in the same quarter last year. We have secured several new long-term contracts in Brazil, contributing to a total order intake of $222 million in the quarter, and that includes 1 Solstad Maritime vessel that will go on long-term contract to Petrobras.

In addition, we signed a 3-year contract for Normand Turmalina, one of our Brazilian-built anchor handlers, for a 3-year contract starting in first quarter '26. And also our client on CSV Normand Superior exercised their option to extend the contract with 1 more year.

It is also nice to mention that the Board proposes a third quarter 2025 dividend of USD 0.05 per share, totaling approximately $4 million, which is more or less equal to Solstad Offshore's share of the Solstad Maritime third quarter dividend.

If we take a closer look at the market. Solstad Offshore maintains a very strong foothold in Brazil, where long-term demand for offshore energy services remains robust. And Brazil continues to offer both long-term and project opportunities for the CSV and the anchor handling fleet. Globally and in addition to Brazil, the activity is good and offers more opportunities for our fleet. In 2025, it has been the North Sea that has had lower than expected activity.

And as we continue to underline, to be able to sign contracts and to be a part of the global markets, it is essential to have a local presence. And Solstad Offshore has particularly in Brazil a very, very strong position. The long-term offshore energy services remain positive globally, but we have to keep in mind that the oil price development seen in the last months could introduce some uncertainties into activity level going forward.

If we look at our backlog and earnings visibility. Solstad Offshore divides its backlog in two. One is the backlog we have on the owned fleet. The other is the backlog on Solstad Maritime vessels that utilize the Solstad Offshore structure for Brazilian contracts. And both continue to strengthen.

The new 3-year contract for Normand Turmalina and 1-year option for Normand Superior have increased our direct backlog this quarter. And there was also a material increase in the backlog for Solstad Maritime vessels due to a new 4-year contract for the CSV Normand Commander with Petrobras that starts early next year. So the firm backlog for Solstad Offshore vessels is $280 million, which is a doubling of the backlog compared to last year. And for Solstad Maritime vessels, it is at USD 640 million.

In fourth quarter this year, we will have some vessel availability. That is due to one vessel has come off a contract and is now exposed to the short-term market, while one is at a planned yard stay. So that will influence the utilization fourth quarter '25. But looking into 2026, the earnings visibilities are very good. And we also see that for the available vessels we have, we see that there are quite a few market opportunities that we are chasing for those vessels.

So Kjetil, can you take us through the financial highlights?

I will, Lars. So let's start with the third quarter financial highlights for Solstad Offshore. It has been a quarter with high activity in third quarter with 97% utilization for the fleet compared to 97% last year. Year-to-date, we have an overall utilization of 97% versus 96% last year.

On the revenue side. For the quarter, $73 million compared to $68 million last year. Year-to-date revenue was $220 million compared to $197 million. Adjusted EBITDA for the third quarter was $29 million compared to $28 million last year. Year-to-date, adjusted EBITDA of $91 million compared to $89 million last year. The net result was for the quarter $26 million compared to $11 million last year. Year-to-date, $88 million versus $52 million last year.

Firm backlog for the Solstad Offshore owned vessels of $280 million compared to $42 million last year. This, of course, excludes the vessels on bareboat from Solstad Maritime. Book equity in the third quarter of $375 million, up from $203 million last year. And it gives an equity ratio of 44% for the company.

Adjusted net interest-bearing debt of $57 million compared to $206 million last year. And the large reduction is mainly caused by Normand Maximus residual claim, which was approximately $185 million. Cash position at the quarter end was $87 million compared to $60 million last year. Plan to distribute dividend of $4 million in the quarter.

Then if we have a closer look at the net interest-bearing debt and lease commitments in Solstad Offshore. We see that we have the regular bank facility of $90 million. That was drawn in November '24. That has a 5-year amortization profile with the majority in November '27. And then we have the financing for our Brazilian fleet, $51 million with BNDES, with maturity between '26 and '31.

The lease commitments in the debt side of the balance sheet includes the Normand Maximus bareboat charter lease of $55 million and also the purchase options that is at $125 million and included in leasing with $105 million at the present value. Other leases is mainly the vessels that Solstad Maritime bareboats to Solstad Offshore for Brazilian operations and contracts. And the operational risk for these vessels are with the shipowner, Solstad Maritime.

Then if we move over to the financial investments that we have in Solstad Offshore and start with Solstad Maritime, which Solstad Offshore owns 27.3% of. There will be paid a dividend of approximately $150 million in Solstad Maritime, and the share that Solstad Offshore will receive is $4 million. Share of the result in the quarter is $9.3 million compared to $13.1 million last year. Book value of the shares is $212 million.

Then if we move to Normand Installer, which is a joint venture, owned 50-50 with SBM Offshore. The vessel is predominantly utilized on SBM Offshore's FPSO projects. First half of the year, the vessel had low utilization. And in the third quarter, the vessel had a planned maintenance dry dock. We expect that the rest of the year will be fully utilized.

NISA is in a net cash position. And the share of the result in the quarter was negatively $0.3 million compared to positive $0.6 million last year. The book value of the shares is $20 million.

And the last investment that Solstad Offshore has is Omega Subsea, where Solstad Offshore owns 35.8% of the shares. And Omega Subsea has 12 ROVs per the quarter end and 12 more scheduled to be delivered in 2026 and beyond. Share of the result in the quarter was $1.4 million and $4.2 million year-to-date. The book value of the shares is $16 million.

Then if we go to financial guidance for Solstad Offshore. As mentioned and communicated 9th of October, we adjusted the financial guiding based on the change in guidance from Solstad Maritime. So the overall guidance on adjusted EBITDA is $150 million. The operational part of the guidance was unchanged at $60 million to $70 million, $53 million year-to-date. And the share of the results from associated companies and joint ventures was adjusted to around $50 million compared to the previous of $60 million to $80 million.

As mentioned, there is a proposed dividend payment in the third quarter of USD 0.05 per share, totaling $4 million. And then if we go to the dividend dates. The summons to the AGM will be 3rd of November, and then the AGM will be 24th of November. Last day of trading to receive dividend is 24th of November. The ex date will be the 25th. Record date, the day after the 26th and then distribution date will be on or about the 28th of November this year.

So with that, I leave the word back to you, Lars Peder, to summarize.

Yes. Thank you, Kjetil. And to summarize our presentation and the third quarter. We have had or a quarter with solid operational -- yes, sorry about that. Now we have the correct slide.

To summarize the presentation, another solid quarter operationally and financially for Solstad Offshore. We have had a strong order intake that increases the visibility for 2026 and beyond. We also see several market opportunities for the available vessels we have into 2026. But as I have said already, we have to also keep in mind that the recent oil price development represents a source of uncertainty going into the coming quarter and beyond.

We are also very pleased to announce that the Board proposed a dividend payment for the quarter, which is also in line with earlier indications. So all in all, a solid quarter for Solstad Offshore and also the visibility for the coming year is solid.

So by that, we conclude the presentation. And let's see if there are some questions, Kjetil.

Yes. Let's take the first one. What is the plan for Normand Tonjer and Normand Topazio?

Yes. That is a relevant question. And those are the 2 vessels that we have availability or idle time on in fourth quarter. If we take the Normand Topazio first, that is one of the Brazilian-built anchor handlers we have operating in Brazil. That vessel is on a planned yard stay at the moment that will influence the utilization in fourth quarter.

It is officially known that we were on top of the list on the Petrobras auction for a long-term contract. Those discussions are ongoing, and let's see how that develops in the coming weeks and months. But we are positive to achieve a good utilization for that vessel either on that contract or on alternative opportunities in Brazil.

For the Normand Tonjer, that is a vessel that Solstad Offshore owns 56% of and has been operated on a contract for TGS on seismic projects for several years. That vessel is now redelivered to us, and we operate the vessel in the -- or we are preparing for operations in the short-term market in the North Sea right now. But we are also in some discussions for longer-term opportunities for the vessel, let's say, into '26. So that's what I can announce on those 2 vessels.

Thank you. Then there's a general question on the market of the fleet that we have in Solstad Offshore. How do you see the rate development on the contracts that we have? Is there escalations? Do we see a development from '25 to '26? Or what to expect on the secured contracts?

Yes. I think, I mean, on the contracts we have, they are sort of going on their, let's say, original terms with the natural cost escalation process included. On the rate level, we see for vessels that we have available, I would say it's quite stable on a high level, I would say. So I don't see much difference or, let's say, downward pressure on the day rates for the vessel types that we have availability on.

And then there is a question on Petrobras and cost cutting. Can you update on the discussion on Petrobras with reference to the exposure that we have there with the 4 vessels -- the 3 vessels?

Yes. I mean, Petrobras is a large client of us and we have had discussions with them, as most other in this business. And I would say it's very constructive discussions where it's about, are there any place where it's naturally to cut cost? That could be for mobilizations or preparations for new contract. It could be on manning level. It could be on other specialties that you see on Petrobras contracts. So constructive dialogue and no sort of red light are linked to those contracts in terms of uncertainty, if that's -- yes, so I think that answers the question, I hope.

Yes. Thank you. And then on Normand Maximus, it's on contract to the end of 2026. Can you say something about the plans for Maximus below this? And how do you see the market for a vessel like this long term?

Yes, it's correct. The vessel is still committed for another 14 months or so. We have discussions ongoing with the present client but also with some others. So this is, in a way, one of a kind, let's say, one project enabler and one of the few that has availability into '27 in the market. So the position we have on that vessel is very solid and quite confident that we will be able to secure some interesting work for the vessel also beyond '26.

Thank you. Let's see. We have some more questions here. In the backlog for Solstad Offshore, we are showing a portion of Solstad Maritime vessels. Can you just explain why we look at Solstad Maritime vessels on the backlog of Solstad Offshore?

Yes. That is simply because Solstad Offshore is the contract holder with Petrobras or other clients in Brazil. And so the Solstad Maritime vessels are then bareboated to Solstad Offshore.

So you will get, let's say, a bareboat backlog into Solstad Maritime while you will get also the, let's say, backlog into Solstad Offshore due to the structure where we in Solstad Offshore are the contract holder with Petrobras.

So that's the reason. And it's a back-to-back. So the operational risk, even if it's a bareboat, lays with the vessel owner and not with Solstad Offshore on those vessels.

Thank you. And then let me have a look. I think that concludes the questions for today.

Okay. So thank you very much for listening in, and have a nice day ahead.