Solstad Offshore As Aktie

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.

Good morning, and welcome to Solstad Offshore's Second Quarter and First Half Presentation. And this has been a quarter with a very high activity and solid operational and financial results.

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

If we take just a quick look at the disclaimer before we move on to the second quarter highlights and a business update. Obviously, the listing of Solstad Maritime where Solstad Offshore owns 27.3% in mid-May was an important milestone for the company. And I'm happy to see that Solstad Maritime has been well received by investors and analysts.

The outlook for our industry and the market fundamentals are still positive but the steep activity increase that we saw earlier has now leveled out for now, and it has leveled out on a relatively high level and with day rates we achieved still being on healthy levels.

We have had a quarter with 100% utilization on our fleet and the EBITDA has improved to $32 million. We continue to sign new contracts, and we signed 4x 4-year contracts in the quarter with Petrobras, whereof 1 directly owned by Solstad Offshore and 3 bare-boated in from Solstad Maritime.

And these contracts will contribute very positively to the company from first quarter '26 and onwards. And in total, we signed new contracts for above $400 million in the quarter and that also confirms our very strong position in Brazil.

Solstad Offshore will receive about $9.5 million in dividend from Solstad Maritime for the quarter. And the plan is still that Solstad Offshore will start to distribute dividends to shareholders on a quarterly basis based on third quarter '25 results.

If we take a closer look at the market, the outlook -- the long-term outlook for our industry remains positive and especially South America, which includes, of course, Brazil, but also Guyana and other countries, and West Africa offers opportunities for the subsea fleet. And the feedback we have from several of our clients is that 2026 has more activity than we have seen in 2025.

In first half of this year, we have experienced a more competitive subsea market, and the market continues to be very project related with typical duration of projects of about 1 to 6 months. But still, rate levels for CSV are on a stable high level. And during the last month, we have also seen an increase again in the number of new requirements.

Brazil is different and continues to offer opportunities for both CSVs and for anchor handlers. That goes for long-term contracts, and it goes for shorter projects. And we have a strong position in Brazil and the contract we have signed this year will have effect from first quarter next year and build visibility into the next decade.

And there are many more opportunities in the country for Petrobras and for others. And the key to be able to win contracts is to have a strong local presence. From the Solstad side, we have invested into our position in Brazil for nearly 30 years, and that definitively pays off now.

If we look at the backlog and also for the visibility going forward, we see that we have a firm backlog on -- for Solstad Offshore vessels of $238 million. In addition, we include in -- also in the Solstad Offshore backlog, several of the Solstad Maritime vessels that are chartered in to be -- to cover contracts in Brazil.

And in the quarter 3 of the Solstad Maritime vessels was announced on new contracts and thereby was bare-boated in or will be bare-boated in and this increases the Solstad Offshore backlog substantially and brings the backlog for Solstad Maritime vessels via SOFF up to more than $500 million in the second quarter and then the total combined backlog in Solstad Offshore is than $770 million.

The visibility for the remainder of this year is strong as most of the vessel days are already firmed up. A new contract for the anchor handler Normand Turquesa was announced last week. And there are also ongoing prospects for the 3 other vessels that has potentially or can potentially have some availability at the end of this year. Also for '26 and beyond, the contract coverage for Solstad Offshore is strong.

Kjetil, I leave the word to you to say a few words about the financial highlights.

Thanks, Lars. If we start with the second quarter financial highlights, the vessel -- it was a good quarter for Solstad Offshore. Vessel utilization was 100% in the quarter and all vessels have been working full. Year-to-date utilization has been 96%.

Revenue for the second quarter of $78 million compared to $58 million same quarter last year. Revenues of $147 million year-to-date, increase of approximately 14% compared to last year.

Adjusted EBITDA of $32 million compared to $25 million the same quarter last year, which is a 28% increase compared to second quarter last year. First half adjusted EBITDA of $62 million.

The net result of $39 million in second quarter compared to $4 million same quarter last year. First half net result of $62 million compared to $41 million last year.

Solstad Offshore has a firm backlog of $238 million for the Solstad-owned vessels. Approximately $84 million was added in the quarter, and if we also include the backlog for Solstad Maritime chartered vessels, the total backlog is $771 million.

Book equity of $349 million compared to $193 million same quarter last year. This gives an equity ratio of 40% at the end of second quarter.

The adjusted net interest-bearing debt in the financials are $83 million, down from $211 million last year. The reduction is mainly related to the settlement of Maximus residual claim that was resolved end of last year. Cash position in Solstad Offshore, $60 million, excluding RCF.

Then if we go to the next slide, and then we will look closer into the debt structure of the company to hopefully give a clear view on the debt side of the balance sheet.

If we start with the right -- if we start with the waterfall on the right-hand side, Solstad Brazil or BNDES interest-bearing debt of $52 million. This is the financing of the 4 Brazilian-built vessels owned by Solstad Offshore. Maturity on this facility is between 2026 and 2031. The Brazilian vessels are performing better than planned, and that is being paid down faster than we anticipate.

The SOFF ASA interest-bearing bank loan, currently, $90 million was established when we refinanced SOFF in connection with Maximus residual claim settlement in November '24. This debt has a 5-year amortization profile with a 3-year tenure. If we then accrue -- adjust for accrued interest and the cash on hand, the net interest-bearing debt before leases is $82 million. This is what we call adjusted NIM.

We have 2 large components of leasing debt. Normand Maximus lease of $164 million. This leasing that consists of $62 million in leasing obligation throughout the firm bareboat charter period. In addition, SOFF has a purchase option of $125 million and this option is included with the present value of $102 million. And SOFF can choose if they want to exercise the option or extend the bareboat contract.

The second lease primarily consists of the bareboat charters from Solstad Maritime to SOFF Brazil and Solstad Maritime utilized the SOFF setup in Brazil for some of its vessels. This is Solstad Maritime vessels that are being chartered to Brazilian end clients. All bareboat charters and contracts are back to back with very limited exposure for SOFF, SOFF being compensated for rendering this service at market terms.

The adjusted EBITDA is also after lease payments. This is the EBITDA that is available to service the adjusted net interest-bearing debt. As of second quarter, the adjusted net interest-bearing debt of $83 million over the long-term adjusted EBITDA was 0.8. It illustrates the low leverage in Solstad Offshore.

Then if we go to the financial investments and investments in associates and joint ventures in Solstad, we will go through the three that we have. Solstad Offshore has an ownership of 27.3% in Solstad Maritime and the ownership of this stake is recorded by using the equity method and the share of the result in the second quarter was $12.6 million.

Book value of the shares as of second quarter was $212 million. And if you look at the Solstad Offshore share of the Solstad Maritime market cap. this was approximately $300 million at the end of second quarter.

Then if we move to the middle one, that is the joint venture Normand Installer S.A. It's a long-lasting cooperation with our business partner, SBM. The joint venture is owned by Solstad and SBM 50-50. And the joint venture is in a net cash position at the end of second quarter.

It has been a slow start for the joint venture, giving a result of $0.6 million in the second quarter. And Normand Installer will also -- the vessel will also have its main class renewal in third quarter. But except for that, we -- the utilization going forward will be strong. Book value of NISA shares in SOFF was $21 million per end of second quarter.

Then the last investment that we have in Solstad Offshore is Omega Subsea, an owner of ROVs, rental equipment and survey services. Omega continues to deliver strong operational and commercial performance and continue its growth.

For second quarter, Omega owned 12 working class ROVs and 12 -- further 12 is scheduled to be delivered in '26 and beyond. Solstad Offshore currently owns 35.8% of the shares in Omega Subsea. And the ownership is also being recorded by using the equity method and the share of the result in second quarter was $1.5 million. The book value of the shares in Omega Subsea was $15 million at the end of the second quarter.

Then if we move to the next slide, financial guiding for Solstad Offshore. Solstad Offshore maintains its previous guiding for second quarter at the same levels. And we -- the range is $120 million to $150 million. And lastly, we have -- as mentioned by Lars as well, we have an intention to commence quarterly dividends based on the third quarter results this year.

With that, I hand the word over to you, Lars, to summarize.

Thank you, Kjetil. And to summarize this presentation, Solstad Offshore has had a good first half year and a solid both operational and financial performance, 100% utilization in the second quarter and a net result that is significantly up compared to last year.

The market is still robust and -- but has leveled out on a healthy level, I would say. SOFF has a very strong position in Brazil. And with this as a fundament, we continue to sign new long-term profitable contracts with Brazilian clients that gives us visibility into the next decade.

I would also like to highlight the investments we have into associated companies and joint ventures, and they continue to create shareholder value for Solstad Offshore. So all in all, a strong quarter, a strong first half year and the outlook for the industry we operate in, particularly in Brazil, looks still very positive.

So this concludes our presentation, and we move now over to Q&As. And Kjetil, have we received any questions?

Yes. We have received quite a few. So let's start with the first one. With Turquesa secured until 2030, what are the plans for Normand Turmalina and Normand Topazio?

Those are the 2 -- I mean, we have -- as you well know, we have 3 Brazilian-built anchor handlers that operates on contract with Petrobras and others in Brazil. And now one is secured a 4-year contract. The others are also -- will potentially come available end of the year.

But we are participating in Petrobras tenders, that is public knowledge. We have -- we are in negotiations for one of them there. And also there are some prospects for the other one. So we foresee that we will be able to continue to have a high utilization on those vessels and potentially also win longer-term work for the vessels.

Thank you, Lars. And then there is a question on Maximus. Will Maximus get an increased rate from second half and onwards?

We have a rate model that is firm, but there are some adjustments, but it's not -- it will more be linked to the next project after the present one, more than a firm date. So I suspect the -- or we will expect that an adjustment there will be probably by the end of the year. But still, the vessel is on very good terms on present contract.

And then the next question is on NISA. NISA delivered a low first half being between jobs and with mobilization. What are the prospects for NISA for second half?

Well, it's, first of all, influenced by the first quarter where we had a -- the vessel was idle in the first quarter, has been working more or less full quarter, the second quarter in Guyana. Now the vessel is on the Rosebank project West of Shetland here in this part of the world.

And we then go for dry docking in August. And then the vessel is also nearly fully booked for the remaining period of this year and also have a very strong firm commitments also beyond '25 on projects globally.

Thanks, Lars. And then we have a question on dividend. How much dividend are you planning to pay out based on third quarter results?

Well, we have said that we -- our intention is to start to pay quarterly dividends, but we will come back to the level when we present the third quarter numbers. So that is something we will share with you later on.

And then it's a general question on the market. Do you see demand for floating wind offshore projects with our high-end anchor handlers or CSVs?

Yes. I think the floating wind is, of course, interesting. But timing-wise, it's still -- it's moving to the right. So I suspect that, let's say, a substantial activity within floating wind is probably more by the very end of this decade or maybe even into next decade before we see some really substantial activity within floating wind. Our vessels are very relevant for floating wind, both anchor handlers and CSVs.

And then a little bit general question on the market again. Can you elaborate on the softening of the market momentum as you commented on? Is this in terms of new opportunities in terms of day rates or in terms of contract durations?

I think it's a combination. And as I said, the exception is Brazil, where it's a lot of opportunities, long-term contracts. So Brazil is still very solid. We see that the number of requirements in the market has slowed down a bit over the last, let's say, 3 to 6 months, meaning also that competition on the various projects that are out there is higher.

That having said, the vessel rates that we achieved is still on a good level. But I think the -- and we have seen also that the number of requirements has actually increased the last month, but in general, I would say it has leveled out. There are a few less requirements in the market in general than we saw a year ago.

But -- and that also has resulted in -- the typical contract duration is somehow shorter. But the market is not a -- I would not see it as a strong negative signal. It's still high activity. Rates are being kept up on a good level. And -- but it has leveled out, I would say, and not continue to grow as we saw a year ago.

And we have a question on Brazil and the recent awards in the region. The new contracts that we have entered into, are they representing a step-up in the rates and will increase the EBITDA from '26 and onwards.

Yes. The -- all the contracts we have announced recently will improve the earnings on those vessels compared to what they have today. So they are -- that will give improved margins.

Then we have a question on Omega Subsea. Do you have any plan to increase the ownership in Omega Subsea going forward?

No, we have a 36% ownership now, and we are happy with that. It gives us access to ROVs, to people, to survey, to tools and so on. And it enables us to offer services on top of the vessel itself. And that is the most important. That is more important than how much we own of Omega Subsea. But we're happy with the ownership we have, and we are very happy with the partners we have in Omega Subsea.

And then the last question of today. You mentioned the Normand Maximus option that is approaching. Is it a strategy for the company to exercise this option?

Well, the option is well in the money. We can purchase the vessel for $125 million. It's -- so I would say the plan A is to exercise that option. But it's -- we don't have to exercise until I think it's third quarter next year and then with effect from third quarter '27. So as it looks now, it's very likely that, that option will be exercised.

Okay. That was the questions for today.

Okay. So thank you very much, everyone, for listening in, and I wish you all a nice day ahead. Thank you very much.