# SEA1 Q1 2026 Presentation.pdf

- Press release: Results for the first quarter 2026 (2026-04-30)
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**TL;DR —** Sea1 Offshore reported a strong Q1 2026 with $72 million in revenue and a net profit of $28.3 million, driven by high fleet utilization and a robust contract backlog, leading to a dividend payment and solid financial positioning despite some regional market softening.

## Takeaways
- Revenue for Q1 2026 increased to $72.0 million from $68.5 million in Q1 2025.
- Net profit rose to $28.3 million in Q1 2026, up from $22.2 million in Q1 2025.
- The company maintained a strong financial position with a book equity ratio of 49% and net interest-bearing debt of $217.5 million.
- Overall fleet utilization for the quarter was 90%, excluding vessels in lay-up, up from 88% in Q1 2025.
- Sea1 Offshore secured a firm contract backlog of $665 million as of March 31, 2026, with an additional $551 million in options.
- A dividend payment of NOK 4 per share was authorized and paid in April 2026 due to solid results and a strong balance sheet.

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