Solstad Offshore delivers record quarter

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Solstad delivered the strongest quarter in the Company’s history in terms of Operating Income and EBITDA, and achieving a strong EBITDA margin at 49%.

  • CSV segment concluded a quarter with high utilization and improved commercial terms across geographical region.
  • AHTS segment contributed improved commercial terms in the quarter. Spot utilization primarily in the North Sea turned out weaker compared to 2Q 2022.
  • Operating income from continued operations for 2Q 2023 increased by 44 percent to MNOK 1,914 compared to MNOK 1,325 in 2Q 2022.
  • EBITDA adjusted from continued operations increased by 77 percent to MNOK 934 compared to MNOK 528 in 2Q 2022.
  • High utilization during the quarter at 89 percent for vessels in operation.
  • The agreement with Tidewater for the sale of 37 PSVs was closed on 5 July 2023. The transaction is considered a strategic repositioning of the Company as one of the main global owners and operators of high-end tonnage of AHTS and subsea vessels.
  • Order intake of MNOK 2,100 in 2Q 2023, equivalent to a book-to-bill ratio of 1.1.

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