Financial report for the 1st quarter 2023

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  • A quarter with high utilization and improved commercial terms across all geographical regions and vessel segments
  • The market continues to strengthen despite a challenging macroeconomic environment.
  • Operating income from continued operations for 1Q 2023 increased by 55 percent to MNOK 1,363 compared to MNOK 882 in 1Q 2022.
  • EBITDA adjusted from continued operations increased by 226 percent to MNOK 583 compared to MNOK 179 in 1Q 2022.
  • The quarter experienced a negative impact on equity following the weakening of NOK against USD, offset by gain on the sale of assets and reversal of impairments.
  • High utilization during the quarter at 88 percent for vessels in operation, historically strong for the winter-season.
  • The CSV Normand Jarl was sold in February 2023 at a gain of MNOK 450.
  • The Company has signed an agreement with Tidewater Inc., dated 7 March 2023, for the sale of 37 PSVs. 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.

Skudeneshavn, June 1st, 2023

Lars Peder Solstad CEO, at +47 91 31 85 85
Kjetil Ramstad CFO, at +47 90 75 94 89

Solstad Offshore ASA

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12.